Related News

Home » Business » Finance

Heavyweight blues sink market

SHANGHAI'S key stock index was down more than 1 percent today as financial shares and heavyweights dropped.

The benchmark Shanghai Composite Index lost 1.07 percent, or 33.38 points, to close at 3,080.56 points. Turnover was 172.8 billion yuan (US$25.3 billion). Gainers outnumbered losers 527 to 324 and 57 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.41 percent to close at 1,047.07 points.

Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.53 percent to 5.16 yuan. Shanghai Pudong Development Bank lost 3.22 percent to 23.44 yuan. China Construction Bank retreated 2.11 percent to close at 6.03 yuan. China Merchants Bank Co lowered 2.67 percent to 17.86 yuan.

"The market may go through a period of adjustment with risks brought by the resumption of initial public offerings and the performance of heavyweights will have big impact on the index," Shenyin & Wanguo Securities wrote in a research report.

China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, dipped 0.51 percent to 11.77 yuan. PetroChina, the biggest index component, was down 0.89 percent to 14.43 yuan.

Wuliangye Yibin Co, the second-biggest liquor maker by market value, said it will set up a venture to promote sales. The shares surged the daily limit of 10 percent to 22.69 yuan.

China Eastern Airlines yesterday announced details of its merger with its smaller local rival Shanghai Airlines in a share swap deal. Shares of both companies resumed trading today after they were suspended on June 8. China Eastern Airlines jumped 5.07 percent to 5.60 yuan and Shanghai Airlines hiked 5.07 percent to 6.22 yuan.

Hebei Jinniu Energy Resources Co Ltd dropped 4.84 percent to 41.30 yuan. Datong Coal Industry Co Ltd retreated 5.25 percent to 38.60 yuan. Shanxi Xishan Coal and Electricity Power Co Ltd was down 3.97 percent to 32.40 yuan. China Shenhua Energy Co Ltd retreated 3.81 percent to 31.79 yuan.

China Vanke Co, the biggest listed domestic real estate developer, lost 1.61 percent to 14.04 yuan. Gemdale Corporation lowered 2.58 percent to 17.39 yuan. Poly Real Estate Group Co dropped 3.69 percent to 29.20 yuan.

Brokerages were also weak. Haitong Securities was down 3.22 percent to 17.44 yuan. Changjiang Securities lost 3.65 percent to 21.10 yuan. Hongyuan Securities lost 3.32 percent to 25.05 yuan. China Citic Securities was down 3.64 percent to 31.48 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