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Futures trading brings Shanghai bourse to 3-month low
By Feng Jianmin |
April 16, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks today dropped by the most in a month after the launch of index futures.
The benchmark Shanghai Composite Index fell 1.1 percent, or 34.7 points to close the week at 3,130.3 points. Turnover stood at 104.8 billion yuan (US$15.3 billion). Losers outnumbered gainers by 576 to 327, and 201 shares remained unchanged.
The CSI 300 index, the futures' underlying benchmark tracking the 300 largest stocks on the Shanghai and Shenzhen bourses, trailed 1.13 percent to close at 3,356.3 points today.
The Shenzhen Composite Index, which tracks the smaller market on the mainland, edged down 0.15 percent to 1,229.7 points.
Futures trading attracted over 9,000 traders by Thursday, according to China Financial Futures Exchange. The amount is only fraction of an estimated 100 million stocks trading accounts opened in China. The derivative is expected to curb stock fluctuation and tame asset bubbles, analysts said.
Haitong Securities fell 2.23 percent to 16.19 yuan. Sinolink Securities Co dropped 3.46 percent to 21.18 yuan. China Construction Bank closed 1.07 percent lower to 5.55 yuan. Industrial and Commercial Bank of China lost 1.01 percent to 4.90 yuan.
Property developers yielded mix results after the government raised the downpayment to 50 percent for families buying a second property, and set loan interests at 110 percent of benchmark interest rates.
Huayuan Property Co advanced the most by 5.67 percent to 8.39 yuan. China Vanke Co declined 0.77 percent to 9.04 yuan. Poly Real Estate Group gained 0.59 percent to 18.65 yuan. Gemdale Corp fell 0.94 percent to 12.82 yuan.
China Shenhua Energy Co closed 1.71 percent lower at 29.24 yuan after the nation's largest coal producer said coal sales rose 14.2 percent in the first quarter from a year earlier.
China Yangtze Power Co, owner of the world's largest hydropower project, dropped 1.6 percent to 12.95 yuan, after it predicted a drop of profit in the first quarter due to low water level in the Yangzte River.
The country is planning to raise prices for electricity, water, and natural gas this year, said the National Development and Reform Commission yesterday.
China's consumption of electricity rose 24 percent year on year in 2010 while power use by heavy industries will rise as production recovers, according to a note by Guosen Securities.
The benchmark Shanghai Composite Index fell 1.1 percent, or 34.7 points to close the week at 3,130.3 points. Turnover stood at 104.8 billion yuan (US$15.3 billion). Losers outnumbered gainers by 576 to 327, and 201 shares remained unchanged.
The CSI 300 index, the futures' underlying benchmark tracking the 300 largest stocks on the Shanghai and Shenzhen bourses, trailed 1.13 percent to close at 3,356.3 points today.
The Shenzhen Composite Index, which tracks the smaller market on the mainland, edged down 0.15 percent to 1,229.7 points.
Futures trading attracted over 9,000 traders by Thursday, according to China Financial Futures Exchange. The amount is only fraction of an estimated 100 million stocks trading accounts opened in China. The derivative is expected to curb stock fluctuation and tame asset bubbles, analysts said.
Haitong Securities fell 2.23 percent to 16.19 yuan. Sinolink Securities Co dropped 3.46 percent to 21.18 yuan. China Construction Bank closed 1.07 percent lower to 5.55 yuan. Industrial and Commercial Bank of China lost 1.01 percent to 4.90 yuan.
Property developers yielded mix results after the government raised the downpayment to 50 percent for families buying a second property, and set loan interests at 110 percent of benchmark interest rates.
Huayuan Property Co advanced the most by 5.67 percent to 8.39 yuan. China Vanke Co declined 0.77 percent to 9.04 yuan. Poly Real Estate Group gained 0.59 percent to 18.65 yuan. Gemdale Corp fell 0.94 percent to 12.82 yuan.
China Shenhua Energy Co closed 1.71 percent lower at 29.24 yuan after the nation's largest coal producer said coal sales rose 14.2 percent in the first quarter from a year earlier.
China Yangtze Power Co, owner of the world's largest hydropower project, dropped 1.6 percent to 12.95 yuan, after it predicted a drop of profit in the first quarter due to low water level in the Yangzte River.
The country is planning to raise prices for electricity, water, and natural gas this year, said the National Development and Reform Commission yesterday.
China's consumption of electricity rose 24 percent year on year in 2010 while power use by heavy industries will rise as production recovers, according to a note by Guosen Securities.
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