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Key stock index falls over 1%
By Ding Yining |
July 14, 2009, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index tumbled more than 1 percent yesterday as financial shares and heavyweights took a hit.
The Shanghai Composite Index lost 1.07 percent, or 33.38 points, to close at 3,080.56 points. Turnover was 172.8 billion yuan (US$25.3 billion). Gainers outnumbered losers 527 to 324 and 57 stocks were flat.
The Industrial and Commercial Bank of China, the nation's biggest lender, shed 1.53 percent to 5.16 yuan, Shanghai Pudong Development Bank lost 3.22 percent to 23.44 yuan, China Construction Bank retreated 2.11 percent to close at 6.03 yuan and China Merchants Bank Co sank 2.67 percent to 17.86 yuan.
"The market may go through a period of adjustment, with risks brought by the resumption of initial public offerings and the performance of heavyweights will have big impact on the index," Shenyin & Wanguo Securities wrote in a research report.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.51 percent to 11.77 yuan and PetroChina, the biggest component in the index, was down 0.89 percent to 14.43 yuan.
China Eastern Airlines announced details of a merger with its smaller rival Shanghai Airlines in a share swap deal over the weekend. Shares of both companies resumed trading yesterday after being suspended since June 8. China Eastern jumped 5.07 percent to 5.60 yuan and Shanghai Airlines rose 5.07 percent to 6.22 yuan.
China Vanke Co, the biggest listed domestic real estate developer, lost 1.61 percent to 14.04 yuan, Gemdale Corporation shed 2.58 percent to 17.39 yuan and Poly Real Estate Group Co dropped 3.69 percent to 29.20 yuan.
Brokerages also fell. Haitong Securities shrank 3.22 percent to 17.44 yuan, Changjiang Securities lost 3.65 percent to 21.10 yuan, Hongyuan Securities fell 3.32 percent to 25.05 yuan and China CITIC Securities sank 3.64 percent to 31.48 yuan.
The Shanghai Composite Index lost 1.07 percent, or 33.38 points, to close at 3,080.56 points. Turnover was 172.8 billion yuan (US$25.3 billion). Gainers outnumbered losers 527 to 324 and 57 stocks were flat.
The Industrial and Commercial Bank of China, the nation's biggest lender, shed 1.53 percent to 5.16 yuan, Shanghai Pudong Development Bank lost 3.22 percent to 23.44 yuan, China Construction Bank retreated 2.11 percent to close at 6.03 yuan and China Merchants Bank Co sank 2.67 percent to 17.86 yuan.
"The market may go through a period of adjustment, with risks brought by the resumption of initial public offerings and the performance of heavyweights will have big impact on the index," Shenyin & Wanguo Securities wrote in a research report.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.51 percent to 11.77 yuan and PetroChina, the biggest component in the index, was down 0.89 percent to 14.43 yuan.
China Eastern Airlines announced details of a merger with its smaller rival Shanghai Airlines in a share swap deal over the weekend. Shares of both companies resumed trading yesterday after being suspended since June 8. China Eastern jumped 5.07 percent to 5.60 yuan and Shanghai Airlines rose 5.07 percent to 6.22 yuan.
China Vanke Co, the biggest listed domestic real estate developer, lost 1.61 percent to 14.04 yuan, Gemdale Corporation shed 2.58 percent to 17.39 yuan and Poly Real Estate Group Co dropped 3.69 percent to 29.20 yuan.
Brokerages also fell. Haitong Securities shrank 3.22 percent to 17.44 yuan, Changjiang Securities lost 3.65 percent to 21.10 yuan, Hongyuan Securities fell 3.32 percent to 25.05 yuan and China CITIC Securities sank 3.64 percent to 31.48 yuan.
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