Heavyweight sell-outs pull down index

By Ding Yining | May 15, 2009, Friday |

Online Edition

SHANGHAI'S key stock index closed lower after the morning session as heavyweights faced sell-outs.

The benchmark Shanghai Composite Index dipped 0.31 percent, or 8.16 points, to close at 2,631.73 points. Turnover was 58.2 billion yuan (US$8.5 billion). Losers outnumbered gainers 454 to 348 and 106 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, ended almost unchanged to close at 880.84 points.

Real estate developers were weak. China Vanke, the nation's biggest developer, dipped 0.48 percent to 10.36 yuan. Gemdale Corporation retreated 2.65 percent to 16.18 yuan. China Merchants Property Development Co Ltd was down 1.82 percent to 29.06 yuan.

Brokerages were also among the losers. Haitong Securities, China's second-largest listed brokerage by market value, lost 0.78 percent to 14.08 yuan. Sinolink Securities was down 0.99 percent to 35.99 yuan. Hongyuan Securities was down 0.75 percent to 19.95 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.47 percent to 4.27 yuan. Shanghai Pudong Development Bank edged up 0.64 percent to 24.98 yuan. Bank of Communications rose 2.13 percent to 7.20 yuan. China Construction Bank was up 0.22 percent to 4.59 yuan.

PetroChina, the biggest component index, lost 0.08 percent to 13.10 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, was down 1.32 percent to 10.46 yuan.

Finance

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Heavyweight sell-outs pull down index

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