Index ends lower on sluggish blue chips
By Joyce Pan |
October 17, 2009, Saturday
|
Print Edition
Print Edition
HEAVYWEIGHT chips, such as Sinopec, which freed its unlocked shares, pulled Shanghai's benchmark index to close slightly lower yesterday.
The Shanghai Composite Index edged down 0.11 percent to 2,976.63 points after touching a low of 2,931.92 earlier in the day. Turnover shrank to 104.8 billion yuan (US$15.4 billion) from 110.5 billion yuan on Thursday.
"The unlocking of the shares was the biggest pressure encountered by the index, which also has to contend with the coming Growth-Enterprise Market, acceleration of share sales on the main board and freeing up of non-tradable shares by other companies," said Wu Kuo, an Industrial Securities Co analyst.
Sinopec, Asia's biggest oil refiner, declined 1.3 percent to 11.82 yuan after unlocking 57 billion shares, or 65.8 percent of its total capital.
With the unlocking, Sinopec became the largest listed company by market value across the mainland's two bourses with a market value of 820 billion yuan.
Financial chips also declined. The Bank of China lost 1.2 percent to 3.99 yuan while The Industrial and Commercial Bank of China, the nation's biggest listed lender, shed 1.2 percent to 4.95 yuan.
"The index is likely to experience fluctuations around 3,000 through next week," said Cai Huawei, an analyst at Shenyin and Wanguo Securities Co.
But he said that the economic data to be released next week "may show the country recovering further and give a boost to the stock market."
The Shanghai Composite Index edged down 0.11 percent to 2,976.63 points after touching a low of 2,931.92 earlier in the day. Turnover shrank to 104.8 billion yuan (US$15.4 billion) from 110.5 billion yuan on Thursday.
"The unlocking of the shares was the biggest pressure encountered by the index, which also has to contend with the coming Growth-Enterprise Market, acceleration of share sales on the main board and freeing up of non-tradable shares by other companies," said Wu Kuo, an Industrial Securities Co analyst.
Sinopec, Asia's biggest oil refiner, declined 1.3 percent to 11.82 yuan after unlocking 57 billion shares, or 65.8 percent of its total capital.
With the unlocking, Sinopec became the largest listed company by market value across the mainland's two bourses with a market value of 820 billion yuan.
Financial chips also declined. The Bank of China lost 1.2 percent to 3.99 yuan while The Industrial and Commercial Bank of China, the nation's biggest listed lender, shed 1.2 percent to 4.95 yuan.
"The index is likely to experience fluctuations around 3,000 through next week," said Cai Huawei, an analyst at Shenyin and Wanguo Securities Co.
But he said that the economic data to be released next week "may show the country recovering further and give a boost to the stock market."
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