Losses offset gains to push index down
By Feng Jianmin |
January 7, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI shares yesterday fell for a second day as declines by insurers and gold miners offset gains made by metal producers and property developers.
The Shanghai Composite Index lost 0.51 percent, or 14.4 points, to end at 2,824.2. Turnover fell to 114.3 billion yuan (US$17.3 billion) from 136.6 billion yuan on Wednesday.
Ping An Insurance Co, China's second-largest insurer, shed 4.14 percent to 52.59 yuan after market rumors said it may need to raise up to 40 billion yuan to ensure that it has enough funds to meet its insurance obligations to its clients. This will cut the company's earnings per share by up to 15 percent, the report said.
China Pacific Insurance Group Co lost 1.6 percent to 22.42 yuan.
Gold miners were weak as bullion prices struggled at around US$1,378 per ounce in New York. Zijin Mining Co, China's largest gold miner, lost 1.5 percent to 7.99 yuan.
Property developers extended previous gains on speculation that sales will continue to be robust despite tightening measures as statistics showed strong home sales in December in major cities such as Shanghai, Chengdu and Nanjing.
Poly Real Estate Co, China's second-largest listed property developer, gained 2.6 percent to 14.38 yuan. Gemdale Corp rose 1.9 percent to 7.11 yuan.
The Shanghai Composite Index lost 0.51 percent, or 14.4 points, to end at 2,824.2. Turnover fell to 114.3 billion yuan (US$17.3 billion) from 136.6 billion yuan on Wednesday.
Ping An Insurance Co, China's second-largest insurer, shed 4.14 percent to 52.59 yuan after market rumors said it may need to raise up to 40 billion yuan to ensure that it has enough funds to meet its insurance obligations to its clients. This will cut the company's earnings per share by up to 15 percent, the report said.
China Pacific Insurance Group Co lost 1.6 percent to 22.42 yuan.
Gold miners were weak as bullion prices struggled at around US$1,378 per ounce in New York. Zijin Mining Co, China's largest gold miner, lost 1.5 percent to 7.99 yuan.
Property developers extended previous gains on speculation that sales will continue to be robust despite tightening measures as statistics showed strong home sales in December in major cities such as Shanghai, Chengdu and Nanjing.
Poly Real Estate Co, China's second-largest listed property developer, gained 2.6 percent to 14.38 yuan. Gemdale Corp rose 1.9 percent to 7.11 yuan.
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