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Large caps pull Shanghai index down
By Winny Wang |
March 9, 2011, Wednesday
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Online Edition
Online Edition
SHANGHAI stocks dipped below the 3,000-point level in the morning session amid weak performance by heavy-weighted chips, but shipping companies gained with eased oil prices.
The Shanghai Composite Index, which tracks the bigger of the Chinese mainland stock exchanges, dropped 0.14 percent, or 4.21 points, to 2,995.73 as of 11:30am. The index opened higher amid eased oil prices and a rally in United States equities after the US biggest bank said its home-loan business is in a "recovery mode."
The Shenzhen Composite Index, which tracks the smaller exchange, lost 0.2 percent, or 2.55 points, to close at 1,305.16 in the morning session.
Lenders performed mixed in the morning with the Industrial and Commercial Bank of China keeping unchanged at 4.41 yuan (67 US cents) and Bank of China rising 2.1 percent to 3.41 yuan.
Shipping companies gained in the morning after the global oil prices retreated as OPEC ministers discussed whether to ramp up oil production in the wake of the Libyan uprising.
China CSSC Holdings Ltd, a subsidiary of the nation's biggest shipbuilder, rallied 5.39 percent to 83.88 yuan and Cosco Shipping Co Ltd gained 1.47 percent to 8.95 yuan.
Changjiang Securities Co jumped 7.58 percent to 12.91 yuan. The company announced yesterday that it will cut back its additional share sale to 200 million shares from 600 million after an anonymous individual investor deliberately dumped large amounts of the stock to drag its price below the issuing price.
The Shanghai Composite Index, which tracks the bigger of the Chinese mainland stock exchanges, dropped 0.14 percent, or 4.21 points, to 2,995.73 as of 11:30am. The index opened higher amid eased oil prices and a rally in United States equities after the US biggest bank said its home-loan business is in a "recovery mode."
The Shenzhen Composite Index, which tracks the smaller exchange, lost 0.2 percent, or 2.55 points, to close at 1,305.16 in the morning session.
Lenders performed mixed in the morning with the Industrial and Commercial Bank of China keeping unchanged at 4.41 yuan (67 US cents) and Bank of China rising 2.1 percent to 3.41 yuan.
Shipping companies gained in the morning after the global oil prices retreated as OPEC ministers discussed whether to ramp up oil production in the wake of the Libyan uprising.
China CSSC Holdings Ltd, a subsidiary of the nation's biggest shipbuilder, rallied 5.39 percent to 83.88 yuan and Cosco Shipping Co Ltd gained 1.47 percent to 8.95 yuan.
Changjiang Securities Co jumped 7.58 percent to 12.91 yuan. The company announced yesterday that it will cut back its additional share sale to 200 million shares from 600 million after an anonymous individual investor deliberately dumped large amounts of the stock to drag its price below the issuing price.
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