Related News

Home » Business » Finance

Financial firms drag down market in morning session

SHANGHAI'S key stock index lowered in the morning trade with as banks and financial shares dropped among speculation there will be stricter rules concerning the trading of financial derivatives.

The benchmark Shanghai Composite Index was down 0.67 percent, or 23.21 points, to close at 3,439.38 points. Turnover was 132 billion yuan (US$19.3 billion). Losers outnumbered gainers 558 to 299 and 51 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.25 percent to close at 1,137.65 points.

The Shanghai-based newspaper China Business News today cited an unnamed official close to the China Securities Regulatory Commission as saying that the commission is considering carrying out stricter regulations about tradings of financial derivatives.

Industrial & Commercial Bank of China, the nation's biggest lender, dropped 2.04 percent to 5.29 yuan. Shanghai Pudong Development Bank lowered 2.80 percent to 26.34 yuan. China Construction Bank was down 2.45 percent to close at 6.38 yuan. Bank of Communications retreated 3.28 percent to 10.60 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, dropped 2.06 percent to 31.80 yuan. China Pacific Insurance (Group) Co Ltd slid 3.73 percent to 26.55 yuan. Ping An Insurance (Group) Co retreated 2.29 percent 61.35 yuan.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, added 1.13 percent to 15.20 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, lowered 0.31 percent to 15.93 yuan. Huadian Power International Co Ltd retreated 3.45 percent to 6.43 yuan.

Steel producers were among the gainers. Baoshan Iron and Steel Co, China's biggest steel maker, rose 0.50 percent to 10.15 yuan. Angang Steel Co Ltd was up 0.85 percent to 19.06 yuan. Xinjiang Bayi Iron&Steel Co Ltd surged 5.77 percent to 15.76 yuan.

Property developers recovered from yesterday's loss. China Vanke Co, the biggest listed domestic real estate developer, added 0.53 percent to 13.31 yuan. Gemdale Corporation rose 0.70 percent to 17.29 yuan. Poly Real Estate Group advanced 1.87 percent to 27.28 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend