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Insurers and gold miners drop in Shanghai
By Feng Jianmin |
January 6, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped in the morning session, as drops of insurers and gold miners overshadowed gains of metal producer and grid firms.
The Shanghai Composite Index edged down 0.24 percent, or 6.72 points, to 2,831.87. Turnover fell to 66.5 billion yuan (US$11.5 billion) from yesterday morning's 76.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.14 percent at 1,308.30.
Ping An Insurance Co, China's second-largest insurer, tumbled 4.1 percent to 52.60 yuan after a CITIC Securities report said that the company may need to raise up to 40 billion yuan to improve its payment capacity. This will reduce the company's earnings per share by up to 15 percent, the report said.
China Pacific Insurance Group Co lost 0.6 percent to 22.64 yuan. China Life Insurance Co dipped 0.5 percent to 21.36 yuan.
Metal producers gained after copper and aluminum prices rebounded on both Shanghai and overseas markets. Jiangxi Copper Co rose 1 percent to 45.40 yuan. Aluminum Corp of China added 1.5 percent to 10.38 yuan.
But gold miners remained weak as gold bullion prices struggled at around US$1,375 per ounce. Shandong Gold Mining Co fell 1 percent to 50.15 yuan.
Grid builders rallied after Premier Wen Jiabao said yesterday that the central government will "increase financial support" to upgrade grids in rural areas. Guodian Nanjing Automation Co rose 1.7 percent to 27.94 yuan. Shenzhen Clou Electronics Co added 2.1 percent to 30.55 yuan.
The Shanghai Composite Index edged down 0.24 percent, or 6.72 points, to 2,831.87. Turnover fell to 66.5 billion yuan (US$11.5 billion) from yesterday morning's 76.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.14 percent at 1,308.30.
Ping An Insurance Co, China's second-largest insurer, tumbled 4.1 percent to 52.60 yuan after a CITIC Securities report said that the company may need to raise up to 40 billion yuan to improve its payment capacity. This will reduce the company's earnings per share by up to 15 percent, the report said.
China Pacific Insurance Group Co lost 0.6 percent to 22.64 yuan. China Life Insurance Co dipped 0.5 percent to 21.36 yuan.
Metal producers gained after copper and aluminum prices rebounded on both Shanghai and overseas markets. Jiangxi Copper Co rose 1 percent to 45.40 yuan. Aluminum Corp of China added 1.5 percent to 10.38 yuan.
But gold miners remained weak as gold bullion prices struggled at around US$1,375 per ounce. Shandong Gold Mining Co fell 1 percent to 50.15 yuan.
Grid builders rallied after Premier Wen Jiabao said yesterday that the central government will "increase financial support" to upgrade grids in rural areas. Guodian Nanjing Automation Co rose 1.7 percent to 27.94 yuan. Shenzhen Clou Electronics Co added 2.1 percent to 30.55 yuan.
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