Key index falls more than 2%
By Ding Yining |
March 5, 2010, Friday
|
Print Edition
Print Edition
PROFIT-TAKING and weak bank and financial shares yesterday pulled Shanghai's key stock index to fall the most in five weeks.
The Shanghai Composite Index sank 2.38 percent, or 73.63 points, to close at 3,023.37, the biggest decline since January 26.
Turnover totaled 145 billion yuan (US$21 billion).
Among decliners were new energy-related shares including Hunan Corun New Energy Co which lost 7.82 percent to 16.75 yuan, Jiangsu Hengtong Photoelectric Co which sank 7.58 percent to 32.98 yuan and Jiangsu Guotai International Group off 6.34 percent to 25.99 yuan.
"Sectors like low-carbon technology and new energy are over-heated and investors are taking profits, but institutions are still cautious about the market, so the market remains rather weak," Guoyuan Securities wrote.
Banks also fell. The Bank of Communications lost 1.57 percent to 8.15 yuan, China Merchants Bank dropped 2.24 percent to 16.12 yuan and China Construction Bank shed 1.76 percent to 5.59 yuan.
Baoshan Iron and Steel Co, China's biggest steel maker, lost 1.34 percent to 8.07 yuan, Huaneng Power International Inc was off 1.70 percent to 7.51 yuan and Angang Steel Co retreated 2.54 percent to 11.88 yuan.
China Railway Construction Corp said it plans to raise as much as 8 billion yuan through a private placement of as many as 1.035 billion A-shares. The stock lost 2.31 percent to 8.46 yuan.
The Shanghai Composite Index sank 2.38 percent, or 73.63 points, to close at 3,023.37, the biggest decline since January 26.
Turnover totaled 145 billion yuan (US$21 billion).
Among decliners were new energy-related shares including Hunan Corun New Energy Co which lost 7.82 percent to 16.75 yuan, Jiangsu Hengtong Photoelectric Co which sank 7.58 percent to 32.98 yuan and Jiangsu Guotai International Group off 6.34 percent to 25.99 yuan.
"Sectors like low-carbon technology and new energy are over-heated and investors are taking profits, but institutions are still cautious about the market, so the market remains rather weak," Guoyuan Securities wrote.
Banks also fell. The Bank of Communications lost 1.57 percent to 8.15 yuan, China Merchants Bank dropped 2.24 percent to 16.12 yuan and China Construction Bank shed 1.76 percent to 5.59 yuan.
Baoshan Iron and Steel Co, China's biggest steel maker, lost 1.34 percent to 8.07 yuan, Huaneng Power International Inc was off 1.70 percent to 7.51 yuan and Angang Steel Co retreated 2.54 percent to 11.88 yuan.
China Railway Construction Corp said it plans to raise as much as 8 billion yuan through a private placement of as many as 1.035 billion A-shares. The stock lost 2.31 percent to 8.46 yuan.
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