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Index dips but gains 9.9% in July
By Ding Yining |
July 30, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S market closed lower on the last trading of the week as bank shares dropped amid liquidity concerns ahead of China Everbright Bank's initial public offering next month.
The benchmark Shanghai Composite Index was down 0.40 percent, or 10.61 points, to close at 2,637.50 points. Turnover lowered to 94 billion yuan (US$13.8 billion) from Thursday's 122 billion yuan.
The gauge gained a total of 9.9 percent this months, the largest monthly gain in a year, as the market was less concerned about possible tightening measures and weak economic outlook in the second half.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.13 percent to close at 1,075.44 points.
Airlines showed mixed results after yesterday's gain. China Eastern Airlines edged up 0.75 percent to 8.11 yuan. Air China lost 0.24 percent to 12.26 yuan. Hainan Airlines added 1 percent to 6.06 yuan.
Banks also dragged down the index. Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.15 percent after China Everbright Bank said it would list on the Shanghai market on August 18, adding liquidity pressure. Bank of Communications lost 0.30 percent to 6.56 yuan. Shanghai Pudong Development Bank was down 0.66 percent to 14.98 yuan.
Real estate developers rebounded from morning losses. Shanghai Merchants Real Estate Group surged 3.78 percent to 19.76 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd jumped 2.86 percent to 19.45 yuan. Gemdale Corporation added 1.41 percent to 7.21 yuan.
Aluminum Corp of China has agreed to pay Rio Tinto US$1.35 billion for a stake in an iron ore joint venture in the West African country Guinea. The stock surged 6.66 percent to 10.89 yuan.
Other metal companies were weak. Yunnan Copper was down 0.39 percent to 20.42 yuan. Ningbo Fubang Jingye Group lost 0.99 percent to 8.01 yuan.
The benchmark Shanghai Composite Index was down 0.40 percent, or 10.61 points, to close at 2,637.50 points. Turnover lowered to 94 billion yuan (US$13.8 billion) from Thursday's 122 billion yuan.
The gauge gained a total of 9.9 percent this months, the largest monthly gain in a year, as the market was less concerned about possible tightening measures and weak economic outlook in the second half.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.13 percent to close at 1,075.44 points.
Airlines showed mixed results after yesterday's gain. China Eastern Airlines edged up 0.75 percent to 8.11 yuan. Air China lost 0.24 percent to 12.26 yuan. Hainan Airlines added 1 percent to 6.06 yuan.
Banks also dragged down the index. Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.15 percent after China Everbright Bank said it would list on the Shanghai market on August 18, adding liquidity pressure. Bank of Communications lost 0.30 percent to 6.56 yuan. Shanghai Pudong Development Bank was down 0.66 percent to 14.98 yuan.
Real estate developers rebounded from morning losses. Shanghai Merchants Real Estate Group surged 3.78 percent to 19.76 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd jumped 2.86 percent to 19.45 yuan. Gemdale Corporation added 1.41 percent to 7.21 yuan.
Aluminum Corp of China has agreed to pay Rio Tinto US$1.35 billion for a stake in an iron ore joint venture in the West African country Guinea. The stock surged 6.66 percent to 10.89 yuan.
Other metal companies were weak. Yunnan Copper was down 0.39 percent to 20.42 yuan. Ningbo Fubang Jingye Group lost 0.99 percent to 8.01 yuan.
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