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Index sinks to lowest in 15 months
By Ding Yining |
June 30, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S market continued yesterday's slump and ended more than 1 percent lower today, sinking to the lowest level in nearly 15 months on the last trading day of the first half as concerns remain over economic recovery and the debt crisis.
The benchmark Shanghai Composite Index lost 1.18 percent, or 28.68 points, to close at 2,398.37 points. Turnover was 51.2 billion yuan (US$7.5 billion). The gauge lost 26.8 percent in the first six months.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.31 percent to close at 945.29 points.
Real estate developers were flat among concern that tighter policies to prevent the market from overheating will continue. China Vanke Co, the biggest listed property developer, lost 1.02 percent to 6.78 yuan. Gemdale Corporation dropped 1.94 percent to 6.06 yuan. Poly Real Estate Group tumbled 3.76 percent to 10.23 yuan.
Banking sector also went down among liquidity concerns. Bank of Communications lost 0.99 percent to 6.01 yuan. China Construction Bank lowered 0.84 percent to 4.70 yuan. Shanghai Pudong Development Bank sank 1.16 percent to 13.60 yuan. Bank of China retreated 2.31 percent to 3.39 yuan.
Metal companies and oil producers also dragged down the index. Yunnan Copper tumbled 5.74 percent to 17.90 yuan. Zhongjin Gold Mining Co was down 0.62 percent to 51.66 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dropped 2.49 percent to 7.82 yuan. Crude oil lost 3 percent to 75.94 per barrel in New York on Tuesday.
Citic Securities said it is offering to sell a 53 percent stake in China Securities Co for 8.59 billion yuan. The brokerage sank 2.58 percent to 11.70 yuan. Changjiang Securities lost 2.44 percent to 10.80 yuan. Haitong Securities retreated 3.51 percent to 9.06 yuan.
Sany Heavy Industry advanced 2.01 percent to 18.27 yuan after saying its parent group has increased its stake to 56.3 percent and will continue to increase its holding of the listed unit in the next six months.
Shenzhen Overseas Chinese Town Holdings Co slumped 9.84 percent to 11 yuan after an accident in the "Space Journey" project in one of its amusement parks run by its controlling unit in Shenzhen killed at least six people and injured nine others.
Pharmaceutical companies bucked the downward trend. Zhuzhou Qianjin Pharmaceutical Co advanced 4.48 percent to 14 yuan. Guilin Layn Natural Ingredients Corp rose 3.24 percent to 25.14 yuan. Chengdu Huasun Group Inc Ltd hiked 6.15 percent to 11.05 yuan.
The benchmark Shanghai Composite Index lost 1.18 percent, or 28.68 points, to close at 2,398.37 points. Turnover was 51.2 billion yuan (US$7.5 billion). The gauge lost 26.8 percent in the first six months.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.31 percent to close at 945.29 points.
Real estate developers were flat among concern that tighter policies to prevent the market from overheating will continue. China Vanke Co, the biggest listed property developer, lost 1.02 percent to 6.78 yuan. Gemdale Corporation dropped 1.94 percent to 6.06 yuan. Poly Real Estate Group tumbled 3.76 percent to 10.23 yuan.
Banking sector also went down among liquidity concerns. Bank of Communications lost 0.99 percent to 6.01 yuan. China Construction Bank lowered 0.84 percent to 4.70 yuan. Shanghai Pudong Development Bank sank 1.16 percent to 13.60 yuan. Bank of China retreated 2.31 percent to 3.39 yuan.
Metal companies and oil producers also dragged down the index. Yunnan Copper tumbled 5.74 percent to 17.90 yuan. Zhongjin Gold Mining Co was down 0.62 percent to 51.66 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dropped 2.49 percent to 7.82 yuan. Crude oil lost 3 percent to 75.94 per barrel in New York on Tuesday.
Citic Securities said it is offering to sell a 53 percent stake in China Securities Co for 8.59 billion yuan. The brokerage sank 2.58 percent to 11.70 yuan. Changjiang Securities lost 2.44 percent to 10.80 yuan. Haitong Securities retreated 3.51 percent to 9.06 yuan.
Sany Heavy Industry advanced 2.01 percent to 18.27 yuan after saying its parent group has increased its stake to 56.3 percent and will continue to increase its holding of the listed unit in the next six months.
Shenzhen Overseas Chinese Town Holdings Co slumped 9.84 percent to 11 yuan after an accident in the "Space Journey" project in one of its amusement parks run by its controlling unit in Shenzhen killed at least six people and injured nine others.
Pharmaceutical companies bucked the downward trend. Zhuzhou Qianjin Pharmaceutical Co advanced 4.48 percent to 14 yuan. Guilin Layn Natural Ingredients Corp rose 3.24 percent to 25.14 yuan. Chengdu Huasun Group Inc Ltd hiked 6.15 percent to 11.05 yuan.
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