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Key stock index slumps after investors grab some profits
By Ding Yining |
January 9, 2009, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index fell under 1,900 points yesterday as investors took profits after gains in the first two trading days of the week. Banks and financial shares declined.
The benchmark Shanghai Composite Index lost 2.38 percent, or 45.83 points, to close at 1,878.18 points.
Turnover dropped to 55.0 billion yuan (US$8.05 billion) from Wednesday's 63.9 billion yuan.
Losers outnumbered gainers 708 to 162 and 40 remained unchanged.
"The index is going through a period of adjustment as investors are selling for profits and we think it will rebound in the future," noted a research report by Shenyin & Wanguo Securities.
The price of crude oil dropped to below US$43 per barrel with rising US crude reserves and speculation demand for energy will drop.
PetroChina, the biggest component index, buckled 3.05 percent to 10.17 yuan. China Petroleum and Chemical Corp, Asia's largest refiner, lost 1.52 percent to 7.14 yuan.
Investors shunned the banking sector. The Industrial and Commercial Bank of China, the nation's biggest lender, was down 2.21 percent to 3.54 yuan. China Construction Bank sank 3.88 percent to 3.72 yuan.
Magnitico Holdings Ltd, owned by billionaire Li Ka-shing, is raising as much as US$524 million in selling the Bank of China's Hong Kong stocks. Bank of China's A shares in Shanghai dipped 2 percent to 2.94 yuan.
The long-expected 3G license was issued on Wednesday, signaling a boost for the telecommunications industry. The Ministry of Industry and Information Technology gave 3G licenses to China Mobile, China Unicom and China Telecom on Wednesday.
The benchmark Shanghai Composite Index lost 2.38 percent, or 45.83 points, to close at 1,878.18 points.
Turnover dropped to 55.0 billion yuan (US$8.05 billion) from Wednesday's 63.9 billion yuan.
Losers outnumbered gainers 708 to 162 and 40 remained unchanged.
"The index is going through a period of adjustment as investors are selling for profits and we think it will rebound in the future," noted a research report by Shenyin & Wanguo Securities.
The price of crude oil dropped to below US$43 per barrel with rising US crude reserves and speculation demand for energy will drop.
PetroChina, the biggest component index, buckled 3.05 percent to 10.17 yuan. China Petroleum and Chemical Corp, Asia's largest refiner, lost 1.52 percent to 7.14 yuan.
Investors shunned the banking sector. The Industrial and Commercial Bank of China, the nation's biggest lender, was down 2.21 percent to 3.54 yuan. China Construction Bank sank 3.88 percent to 3.72 yuan.
Magnitico Holdings Ltd, owned by billionaire Li Ka-shing, is raising as much as US$524 million in selling the Bank of China's Hong Kong stocks. Bank of China's A shares in Shanghai dipped 2 percent to 2.94 yuan.
The long-expected 3G license was issued on Wednesday, signaling a boost for the telecommunications industry. The Ministry of Industry and Information Technology gave 3G licenses to China Mobile, China Unicom and China Telecom on Wednesday.
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