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Last minute gains of banks and oil firms save Shanghai index
By Feng Jianmin |
June 10, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed flat today as heavyweights grew despite that China's customs revealed slower-than-expected growth of exports.
The Shanghai Composite Index edged up 0.07 percent to 2,705.14 points. Turnover fell to 84.1 billion yuan (US$6.7 billion) from yesterday's 95.13 billion yuan.
The index dropped 0.85 percent this week, touching the lowest in four months on Thursday, on concerns over possible an interest rate hike this month.
Data by China's customs showed that exports rose 16.6 percent in May from a year earlier, slower than an expected 21 percent. Import grew 28.4 percent, faster than market expectations of 22.5 percent.
Wang Jianhui, an economist with Southeast Securities, said that the weak export was due to a drop in domestic production as result of shortage of power and capital.
Car makers led the decliners after data showed that sales of automobiles dipped 4 percent in May and production was down 3.2 percent from a year earlier. SAIC Motor Co dropped 1.6 percent to 17.09 yuan.
A rally of banks and oil producers in the last trading hour lifted the index off a decline of as much as 1.15 percent. The valuation of banks was lower than that in 2008, when the market was hit by the financial crisis, market watchers said. Industrial and Commercial Bank of China rose 1.4 percent to 4.43 yuan.
Oil producers rose on news that the government will allow oil companies to set prices. PetroChina edged up 0.2 percent to 10.83 yuan.
An index measuring Shanghai's US dollar-denominated B shares extended yesterday's tumble by dropping another 2.7 percent. The index dropped as much as 7 percent in the morning session.
Zhang Gang, an analyst with Central China Securities, attributed the drop to the upcoming launch of the international board and recent accounting scandals that led to the tumbles of Chinese companies listed in the United States.
The Shanghai Composite Index edged up 0.07 percent to 2,705.14 points. Turnover fell to 84.1 billion yuan (US$6.7 billion) from yesterday's 95.13 billion yuan.
The index dropped 0.85 percent this week, touching the lowest in four months on Thursday, on concerns over possible an interest rate hike this month.
Data by China's customs showed that exports rose 16.6 percent in May from a year earlier, slower than an expected 21 percent. Import grew 28.4 percent, faster than market expectations of 22.5 percent.
Wang Jianhui, an economist with Southeast Securities, said that the weak export was due to a drop in domestic production as result of shortage of power and capital.
Car makers led the decliners after data showed that sales of automobiles dipped 4 percent in May and production was down 3.2 percent from a year earlier. SAIC Motor Co dropped 1.6 percent to 17.09 yuan.
A rally of banks and oil producers in the last trading hour lifted the index off a decline of as much as 1.15 percent. The valuation of banks was lower than that in 2008, when the market was hit by the financial crisis, market watchers said. Industrial and Commercial Bank of China rose 1.4 percent to 4.43 yuan.
Oil producers rose on news that the government will allow oil companies to set prices. PetroChina edged up 0.2 percent to 10.83 yuan.
An index measuring Shanghai's US dollar-denominated B shares extended yesterday's tumble by dropping another 2.7 percent. The index dropped as much as 7 percent in the morning session.
Zhang Gang, an analyst with Central China Securities, attributed the drop to the upcoming launch of the international board and recent accounting scandals that led to the tumbles of Chinese companies listed in the United States.
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