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Wan LixinOpinion deputy editor of Shanghai Daily
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Heavyweights give market the slip
By Ding Yining |
June 23, 2009, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index dipped today with weak performances by heavyweights and brokerages.
The benchmark Shanghai Composite Index was down 0.12 percent, or 3.61 points, to close at 2,892.70 points. Turnover was 144.5 billion yuan (US$21.2 billion). Losers outnumbered gainers 533 to 315 and 60 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.22 percent to close at 936.73 points.
The global economy will retract 2.9 percent this year, compared with a previous prediction of 1.7 percent, the World Bank said in a report yesterday.
Haitong Securities buckled 3.68 percent to 16.21 yuan. Ping An Insurance Group Co was down 1.86 percent to 45.85 yuan and China Life Insurance Co Ltd, the country's largest life insurance company, edged up 0.41 percent to 26.88 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, decreased 2.38 percent to 10.27 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, tumbled 2.81 percent to 13.84 yuan.
Banks rebounded in the afternoon. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.31 percent to 5.42 yuan. Shanghai Pudong Development Bank edged up 1.40 percent to 22.45 yuan. China Construction Bank advanced 3.31 percent to close at 6.24 yuan. Bank of Communications was up 1.00 percent to 9.08 yuan.
Steel producers were among the gainers. Baoshan Iron and Steel Co, China's biggest steel maker, rose 2.64 percent to 6.99 yuan. Xinjiang Bayi Iron and Steel Co advanced 5.07 percent to 11.61 yuan. Nanjing Iron and Steel Co jumped 8.18 percent to 5.42 yuan.
Real estate developers were among the losers. China Vanke Co lost 0.80 percent to 12.35 yuan. Poly Real Estate Group tumbled 2.17 percent to 25.29 yuan. China Merchants Property Development Co Ltd lost 2.95 percent to 28.63 yuan.
Metal producers were also weak. Jiangxi Copper Co, the country's biggest producer of the metal, was down 1.51 percent to 29.45 yuan. Zijin Mining Co retreated 1.37 percent to 9.37 yuan. Shandong Gold Mining Co Ltd buckled 3.21 percent to 53.90 yuan.
The benchmark Shanghai Composite Index was down 0.12 percent, or 3.61 points, to close at 2,892.70 points. Turnover was 144.5 billion yuan (US$21.2 billion). Losers outnumbered gainers 533 to 315 and 60 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.22 percent to close at 936.73 points.
The global economy will retract 2.9 percent this year, compared with a previous prediction of 1.7 percent, the World Bank said in a report yesterday.
Haitong Securities buckled 3.68 percent to 16.21 yuan. Ping An Insurance Group Co was down 1.86 percent to 45.85 yuan and China Life Insurance Co Ltd, the country's largest life insurance company, edged up 0.41 percent to 26.88 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, decreased 2.38 percent to 10.27 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, tumbled 2.81 percent to 13.84 yuan.
Banks rebounded in the afternoon. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.31 percent to 5.42 yuan. Shanghai Pudong Development Bank edged up 1.40 percent to 22.45 yuan. China Construction Bank advanced 3.31 percent to close at 6.24 yuan. Bank of Communications was up 1.00 percent to 9.08 yuan.
Steel producers were among the gainers. Baoshan Iron and Steel Co, China's biggest steel maker, rose 2.64 percent to 6.99 yuan. Xinjiang Bayi Iron and Steel Co advanced 5.07 percent to 11.61 yuan. Nanjing Iron and Steel Co jumped 8.18 percent to 5.42 yuan.
Real estate developers were among the losers. China Vanke Co lost 0.80 percent to 12.35 yuan. Poly Real Estate Group tumbled 2.17 percent to 25.29 yuan. China Merchants Property Development Co Ltd lost 2.95 percent to 28.63 yuan.
Metal producers were also weak. Jiangxi Copper Co, the country's biggest producer of the metal, was down 1.51 percent to 29.45 yuan. Zijin Mining Co retreated 1.37 percent to 9.37 yuan. Shandong Gold Mining Co Ltd buckled 3.21 percent to 53.90 yuan.
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