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Machinery counters lead decline in Shanghai
By Lydia Chen |
January 11, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended losses this morning despite a strong rebound among developers and financial shares.
The Shanghai Composite Index traded 0.32 percent lower to 2,782.81. Turnover remained sluggish to drop to 49.87 billion yuan (US$7.52 billion) from yesterday morning's 56.91 billion yuan.
Shares in machinery manufacturing and construction sectors were among the biggest decliners.
Huaxin Cement Co was the worst performer this morning with a plunge of the daily cap of 10 percent to 26.34 yuan, followed by a fall of 9.22 percent of Beijing Sifang Automation Co, a high-tech enterprise engaged in manufacture of power system devices. Hangzhou-based machinery manufacturer Advance Gearbox Group Co was down 9.18 percent to 14.25 yuan.
Car makers performed weak as well this morning as experts predicted sales of automobiles in China may sow down this year as local governments act to ease traffic congestions.
FAW Car Co lost 3.48 percent to 15.83 yuan. Harbin Dongan Auto Engine Co decreased 2.88 percent to 32.66 yuan.
Rao Da, secretary general of China Passenger Car Association, estimated that expiry of a stimulus packages could cut car sales by more than 1 million units this year.
On the gaining side, banks and developers recovered from previous losses.
China Vanke, the biggest developer, jumped 2.75 percent to 8.98 yuan. Gemdale Corp surged 4.79 percent to 7.22 yuan.
The Shanghai Composite Index traded 0.32 percent lower to 2,782.81. Turnover remained sluggish to drop to 49.87 billion yuan (US$7.52 billion) from yesterday morning's 56.91 billion yuan.
Shares in machinery manufacturing and construction sectors were among the biggest decliners.
Huaxin Cement Co was the worst performer this morning with a plunge of the daily cap of 10 percent to 26.34 yuan, followed by a fall of 9.22 percent of Beijing Sifang Automation Co, a high-tech enterprise engaged in manufacture of power system devices. Hangzhou-based machinery manufacturer Advance Gearbox Group Co was down 9.18 percent to 14.25 yuan.
Car makers performed weak as well this morning as experts predicted sales of automobiles in China may sow down this year as local governments act to ease traffic congestions.
FAW Car Co lost 3.48 percent to 15.83 yuan. Harbin Dongan Auto Engine Co decreased 2.88 percent to 32.66 yuan.
Rao Da, secretary general of China Passenger Car Association, estimated that expiry of a stimulus packages could cut car sales by more than 1 million units this year.
On the gaining side, banks and developers recovered from previous losses.
China Vanke, the biggest developer, jumped 2.75 percent to 8.98 yuan. Gemdale Corp surged 4.79 percent to 7.22 yuan.
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