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October 22, 2009

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Key index gives up 2 days of increases

THE weak performance of metals producers and some financial firms pulled Shanghai's key stock index to close lower yesterday after a two-day rise.

Meanwhile the market awaits China's macroeconomic figures for the third quarter that will be announced today.

The Shanghai Composite Index shed 0.45 percent, or 13.87 points, to close at 3,070.59. Turnover dropped to 155.2 billion yuan (US$22.7 billion) from 167.2 billion yuan Tuesday.

"The market will not suffer very large losses in the near future as earnings are seen to improve and macroeconomic figures are set to be positive," Yi Wenbin, an analyst at United Securities, wrote in a research note.

China Minsheng Banking Corp, the country's first privately owned lender, said third-quarter profit rose 18 percent from a year ago to 2.83 billion yuan, boosted by increasing household and corporate loans. Its shares rose 1.57 percent to 7.75 yuan.

China Merchants Bank gained 1.02 percent to 16.90 yuan and the Industrial and Commercial Bank of China rose 0.59 percent to 5.14 yuan. Shanghai Pudong Development Bank shed 0.70 percent to 22.65 yuan.

Metal producers retreated. Jiangxi Copper dipped 0.77 percent to 41.41 yuan, Shandong Gold Mining Co shed 3.07 percent to 69.42 yuan and Zhongjin Gold Co lost 3.09 percent to 59.68 yuan.

GD Midea Holding Co said it will sell a 69.47 percent stake in its washing machine unit for 720 million yuan in exchange for shares in Hong Kong-listed Wuxi Little Swan Co at 8.63 yuan each. GD Midea surged by the daily 10 percent cap to 19.03 yuan after a 10-day suspension.


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