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Index ends flat as blue chip gains eroded
By Feng Jianmin |
September 30, 2010, Thursday
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Print Edition
Print Edition
SHANGHAI'S key stock index closed almost unchanged yesterday as gains by heavy weights were overshadowed by losses of smaller firms.
The Shanghai Composite Index dipped 0.03 percent, or 0.67 point, to end at 2,610.68. Turnover grew to 105.8 billion yuan (US$ 8.8 billion) from Tuesday's 93.1 billion.
Investors turned cautious ahead of the week-long National Day holiday which starts tomorrow, said Soochow Securities in a note. It further cautioned that the stock market may decline after the holiday when formerly untradeable stocks will be unlocked in the first trading week of October.
PetroChina, the nation's largest oil producer and the index's biggest component, rose 1.11 percent to 10.05 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, gained 0.88 percent to 8.02 yuan.
Metal producers extended previous gains on rising prices of commodities prices rose as the US dollar weakened. Aluminum Corp of China jumped by 7.54 percent to 11.70 yuan. Jiangxi Copper Co, the nation's biggest producer of the metal, added 4.15 percent to 30.13 yuan and Yunnan Copper Co climbed 2.83 percent to 21.78 yuan.
Paper firms and airlines that previously gained on hopes of a rise in the yuan fell.
China Eastern Airlines Co lost 2.59 percent to 7.52 yuan and Air China dipped 0.92 percent to 11.79 yuan. Shandong Sun Paper Industry Joint Stock Co, China's largest privately-run paper firm, declined 4.56 percent to close at 11.50 yuan.
The Shanghai Composite Index dipped 0.03 percent, or 0.67 point, to end at 2,610.68. Turnover grew to 105.8 billion yuan (US$ 8.8 billion) from Tuesday's 93.1 billion.
Investors turned cautious ahead of the week-long National Day holiday which starts tomorrow, said Soochow Securities in a note. It further cautioned that the stock market may decline after the holiday when formerly untradeable stocks will be unlocked in the first trading week of October.
PetroChina, the nation's largest oil producer and the index's biggest component, rose 1.11 percent to 10.05 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, gained 0.88 percent to 8.02 yuan.
Metal producers extended previous gains on rising prices of commodities prices rose as the US dollar weakened. Aluminum Corp of China jumped by 7.54 percent to 11.70 yuan. Jiangxi Copper Co, the nation's biggest producer of the metal, added 4.15 percent to 30.13 yuan and Yunnan Copper Co climbed 2.83 percent to 21.78 yuan.
Paper firms and airlines that previously gained on hopes of a rise in the yuan fell.
China Eastern Airlines Co lost 2.59 percent to 7.52 yuan and Air China dipped 0.92 percent to 11.79 yuan. Shandong Sun Paper Industry Joint Stock Co, China's largest privately-run paper firm, declined 4.56 percent to close at 11.50 yuan.
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