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August 19, 2009

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Home » Business » Finance

Key stock index likely to stay weak

ALTHOUGH Shanghai's key stock index rebounded and ended above 2,900 points yesterday following Monday's decline, the barometer is still expected to stay weak as investors see a long period of fluctuation.

The Shanghai Composite Index rose 1.40 percent, or 40.25 points, to close at 2,910.88. Turnover declined to 117.9 billion yuan (US$17.3 billion).

"Financial and property shares are still weak and a declining turnover will limit the index from rebounding further," Chen Wei, an analyst at United Securities, wrote in a note.

The barometer has fallen 15.9 percent from the year's highest level of 3,471 reached on August 4 after it tumbled 5.79 percent on Monday. It is still 60 percent above the level at the beginning of this year.

Oil producers recovered from yesterday's loss. PetroChina, the country's largest oil producer and biggest heavyweight in the market, added 1.60 percent to 13.30 yuan. China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, climbed 3.78 percent to 12.64 yuan.

Zijin Mining Co rose 2.97 percent to 9.02 yuan, Shandong Gold Mining Co jumped 5.84 percent to 50.77 yuan and Yunnan Copper Co climbed 5.56 percent to 31.50 yuan.

Twelve domestic banks reported a net profit of 45.2 billion yuan in the first half of the year, down 19.3 percent from a year earlier, an official at the China Banking Regulatory Commission said.

The Industrial and Commercial Bank of China added 1.49 percent to 4.76 yuan, Shanghai Pudong Development Bank gained 0.13 percent to 22.37 yuan and the Bank of Communications rose 1.35 percent to 9.03 yuan. But China Merchants Bank lost 0.87 percent to 16.02 yuan.


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