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December 17, 2009

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Key stock index finishes lower

SHANGHAI'S key stock index ended lower yesterday after shares in the financial sector declined as initial public offerings siphoned capital from the market.

The Shanghai Composite Index lost 0.59 percent, or 19.25 points, to close at 3,255.21. Turnover totaled 123.2 billion yuan (US$18.4 billion).

The second batch of companies to list on China's Nasdaq-style board, the ChiNext, seek to raise 4.9 billion yuan from their IPOs. The eight startups opened subscriptions from the public for a total of 198 million shares they issued via the IPOs yesterday.

"The adjustment may take more than one week but the index will remain between 3,200 and 3,300 as macroeconomic policies will not take a sudden turn in the first half of next year," China Merchant Securities wrote.

Financial and banking shares were flat.

China Pacific Insurance (Group) Co shed 2.54 percent to 25.37 yuan while Shanghai Pudong Development Bank lost 0.59 percent to 21.88 yuan and China Construction Bank dipped 0.82 percent to end at 6.06 yuan.

Property shares remained weak as investors see limited profitability after the State Council, China's Cabinet, pledged to curb soaring property prices.

China Vanke Co, the biggest listed domestic real estate developer, dipped 0.35 percent to 11.35 yuan and Gemdale Corp lost 0.88 percent to 14.61 yuan. Poly Real Estate Group declined 0.13 percent to 23.72 yuan.


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