High-tech gains fail to boost index
By Feng Jianmin and Pan Xiaoyi |
June 4, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI stocks fell to a 13-month low yesterday as heavyweights offset gains in the high-tech sector.
The Shanghai Composite Index edged down 0.73 percent, or 18.77 points, to close at 2552.66, the lowest since April 30, 2009. Turnover was 76.5 billion yuan (US$11.2 billion).
The gauge has slumped 22 percent this year, which has cut the average price of stocks to 19.4 times earnings, nearly the lowest since February 2009.
The property sector fell on media reports that Shanghai is studying a pilot property tax program. China Merchants Property Development Co fell 2.07 percent to 15.17 yuan. China State Construction Engineering Co dipped 0.56 percent to 3.56 yuan.
Software firms led the gainers after news of a draft submitted to the State Council to encourage development of the software industry.
China National Software and Service Co jumped by the daily limit of 10 percent to 19.43 yuan. Shandong Inspur Software Co surged 9.74 percent to 11.94 yuan.
Metals were flat as prices dropped in the United States. Zijin Mining Group Co went down 1 percent to 7.01 yuan. Aluminum Corp of China shed 0.02 yuan to 10.19 yuan.
The Shanghai Composite Index edged down 0.73 percent, or 18.77 points, to close at 2552.66, the lowest since April 30, 2009. Turnover was 76.5 billion yuan (US$11.2 billion).
The gauge has slumped 22 percent this year, which has cut the average price of stocks to 19.4 times earnings, nearly the lowest since February 2009.
The property sector fell on media reports that Shanghai is studying a pilot property tax program. China Merchants Property Development Co fell 2.07 percent to 15.17 yuan. China State Construction Engineering Co dipped 0.56 percent to 3.56 yuan.
Software firms led the gainers after news of a draft submitted to the State Council to encourage development of the software industry.
China National Software and Service Co jumped by the daily limit of 10 percent to 19.43 yuan. Shandong Inspur Software Co surged 9.74 percent to 11.94 yuan.
Metals were flat as prices dropped in the United States. Zijin Mining Group Co went down 1 percent to 7.01 yuan. Aluminum Corp of China shed 0.02 yuan to 10.19 yuan.
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