Key index dips as losses offset gains
Source: Shanghai Daily |
May 15, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market closed slightly lower yesterday, the last trading day of the week, with gains in pharmaceutical companies overshadowed by a weak performance of financial and property shares.
The Shanghai Composite Index dipped 0.51 percent, or 13.88 points, to close at 2,696.63.
But the gauge ended this week up 0.31 percent.
Citing an unidentified person close to the matter, the 21st Century Business Herald reported yesterday that the State Administration of Taxation may announce as early as Thursday that it will extend its property tax on commercial properties to residences.
Property shares remained weak. Shanghai Shimao Co fell 1.8 percent to 10.37 yuan, and Gemdale Corp fell 2.08 percent to 6.11 yuan. Shanghai AJ Corp lost 1.8 percent to 10.37 yuan, and China Merchants Property Development Co shed 2.27 percent to 15.96 yuan.
"Most heavyweights and financial shares are still weak with investors uncertain of the macro-economic policy," Greatwall Securities wrote in a research note.
Ping An Insurance (Group) Co, the country's second-largest insurer, fell 2.19 percent to 48.30 yuan. China Life Insurance Co dipped 0.9 percent to 25.38 yuan.
The Bank of Communications lost 1.43 percent to 6.87 yuan, and Shanghai Pudong Development Bank declined 1.57 percent to 19.40 yuan.
Biopharmaceutical companies bucked the downward trend. Jiangzhong Pharmaceutical Co surged by the daily limit of 10 percent to 34.87 yuan, and Jinling Pharmaceutical Co jumped 4.49 percent to 11.40 yuan.
The Shanghai Composite Index dipped 0.51 percent, or 13.88 points, to close at 2,696.63.
But the gauge ended this week up 0.31 percent.
Citing an unidentified person close to the matter, the 21st Century Business Herald reported yesterday that the State Administration of Taxation may announce as early as Thursday that it will extend its property tax on commercial properties to residences.
Property shares remained weak. Shanghai Shimao Co fell 1.8 percent to 10.37 yuan, and Gemdale Corp fell 2.08 percent to 6.11 yuan. Shanghai AJ Corp lost 1.8 percent to 10.37 yuan, and China Merchants Property Development Co shed 2.27 percent to 15.96 yuan.
"Most heavyweights and financial shares are still weak with investors uncertain of the macro-economic policy," Greatwall Securities wrote in a research note.
Ping An Insurance (Group) Co, the country's second-largest insurer, fell 2.19 percent to 48.30 yuan. China Life Insurance Co dipped 0.9 percent to 25.38 yuan.
The Bank of Communications lost 1.43 percent to 6.87 yuan, and Shanghai Pudong Development Bank declined 1.57 percent to 19.40 yuan.
Biopharmaceutical companies bucked the downward trend. Jiangzhong Pharmaceutical Co surged by the daily limit of 10 percent to 34.87 yuan, and Jinling Pharmaceutical Co jumped 4.49 percent to 11.40 yuan.
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