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Insurers drag down Shanghai index
By Joyce Pan |
February 23, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped for a second day after the holiday break, led by insurers after Ping An Insurance (Group) Co said previously locked-up shares will become tradable next month.
The benchmark Shanghai Composite Index dropped 0.69 percent, or 20.82 points, to close at 2,982.57 points. Turnover rose to 98.2 billion yuan (US$14.4 billion) from 78.7 billion yuan. Gainers outnumbered losers 531 to 340 and 15 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.11 percent to close at 1,128.08 points.
Ping An said late last night that 859.8 million shares will become tradable on March 1, equivalent to 11.5 percent of its total share capital. The stock closed 8.9 percent lower to end at 44.72 yuan after diving by the 10 percent daily cap.
Insurers were dragged down. China Life Insurance Co, the nation's biggest insurer, slid 3.1 percent to 26.83 yuan and China Pacific Insurance (Group) Co retreated 3.4 percent to 23.91 yuan.
Nonferrous metals were among the losers on lower commodity prices. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, withdrew 1.3 percent to 12.49 yuan. Jiangxi Copper Co decreased 3 percent to 34.84 yuan.
Gold producers lost after the bullion price slid the most in two weeks. Zijin Mining Group Co, the country's largest gold producer, eased 1.5 percent to 8.44 yuan. Zhongjin Gold Corp, the second biggest by market value, was off 2.4 percent to 49.47 yuan. Shandong Gold Mining Co fell 2 percent to 67.9 yuan.
The benchmark Shanghai Composite Index dropped 0.69 percent, or 20.82 points, to close at 2,982.57 points. Turnover rose to 98.2 billion yuan (US$14.4 billion) from 78.7 billion yuan. Gainers outnumbered losers 531 to 340 and 15 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.11 percent to close at 1,128.08 points.
Ping An said late last night that 859.8 million shares will become tradable on March 1, equivalent to 11.5 percent of its total share capital. The stock closed 8.9 percent lower to end at 44.72 yuan after diving by the 10 percent daily cap.
Insurers were dragged down. China Life Insurance Co, the nation's biggest insurer, slid 3.1 percent to 26.83 yuan and China Pacific Insurance (Group) Co retreated 3.4 percent to 23.91 yuan.
Nonferrous metals were among the losers on lower commodity prices. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, withdrew 1.3 percent to 12.49 yuan. Jiangxi Copper Co decreased 3 percent to 34.84 yuan.
Gold producers lost after the bullion price slid the most in two weeks. Zijin Mining Group Co, the country's largest gold producer, eased 1.5 percent to 8.44 yuan. Zhongjin Gold Corp, the second biggest by market value, was off 2.4 percent to 49.47 yuan. Shandong Gold Mining Co fell 2 percent to 67.9 yuan.
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