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Financial plays lead decliners in Shanghai
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SHANGHAI stocks closed lower today as heavyweights like oil companies and financial chips remained weak. Market sentiment stayed stable after the rally following newly-announced reform measures at the beginning of the week.
The benchmark Shanghai Composite Index closed 0.43 percent lower at 2,196.4 points, finishing the week 2.84 percent higher from a week ago. Turnover was 102.4 billion yuan (US$16.5 billion).
Industrial Bank retreated 1.82 percent to 10.81 yuan. Industrial and Commercial Bank of China was down 0.77 percent to 3.86 yuan.
Agricultural companies were among the gainers after media reports said the State Council is expected to release a directive to support the agricultural industry and call on innovative technology to be employed to lift the efficiency of the sector.
Xinjiang Tianye Co surged the daily limit of 10 percent to 7.24 yuan. Jiangsu Lanfeng Bio-chemical Co also advanced 10 percent to 10.23 yuan.
Property developers continued yesterday's weak performance.
China Merchants Property Development Co was down 1.71 percent to 21.82 yuan. Poly Real Estate Group lowered 1.34 percent to 8.84 yuan.
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