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Market cedes early gains as insurers, steel mills slump
By Feng Jianmin |
August 26, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher as gains on policy outlook were pared by losses of insurers and steel mills.
The benchmark Shanghai Composite added 0.27 percent, or 6.9 points, to close at 2,603.48 points. Turnover sank to 81.8 billion yuan (US$ 12 billion) from yesterday's 102 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.67 percent higher at 1,119 points.
Large coal producers led the gainers after Premier Wen Jiabao pushes merger and acquisition of coal corporations, so as to erase backward production facilities and reduce pollution. Datong Coal Industry Co grew 2 percent to 16.52 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 1.3 percent to 24.10 yuan. China Coal Energy Co added 2.28 percent to 9.85 yuan.
Six provinces in the central China including Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan are urged to release plans to develop urban construction, rural finance, manufacturing and transportation infrastructure by December.
Shares of companies located in these regions gained. Hefei Fengle Seed Co added 1.24 percent to 15.49 yuan. Henan Zhongyuan Expressway Co rose 0.77 percent to 3.91 yuan. Anhui Conch Cement Co gained 0.62 percent to 21.22 yuan. Fiberhome Telecommunication Technologies Co went up 0.93 percent to 28.15 yuan.
Insurers tumbled after China Life Insurance Co said its profit fell 27 percent in the second quarter from a year earlier. The company warned of more market uncertainty ahead amids weak stock market. Its share dropped 3.27 percent to 22.50 yuan. China Pacific Insurance Group Co declined 1 percent to 23.99 yuan.
Steel mills underperformed. Baoshan Iron & Steel Co dipped 0.63 percent to 6.28 yuan. Beijing Shougang Co was unchanged at 4.63 yuan. Angang Steel Co edged down 0.49 percent to 8.09 yuan.
The benchmark Shanghai Composite added 0.27 percent, or 6.9 points, to close at 2,603.48 points. Turnover sank to 81.8 billion yuan (US$ 12 billion) from yesterday's 102 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.67 percent higher at 1,119 points.
Large coal producers led the gainers after Premier Wen Jiabao pushes merger and acquisition of coal corporations, so as to erase backward production facilities and reduce pollution. Datong Coal Industry Co grew 2 percent to 16.52 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 1.3 percent to 24.10 yuan. China Coal Energy Co added 2.28 percent to 9.85 yuan.
Six provinces in the central China including Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan are urged to release plans to develop urban construction, rural finance, manufacturing and transportation infrastructure by December.
Shares of companies located in these regions gained. Hefei Fengle Seed Co added 1.24 percent to 15.49 yuan. Henan Zhongyuan Expressway Co rose 0.77 percent to 3.91 yuan. Anhui Conch Cement Co gained 0.62 percent to 21.22 yuan. Fiberhome Telecommunication Technologies Co went up 0.93 percent to 28.15 yuan.
Insurers tumbled after China Life Insurance Co said its profit fell 27 percent in the second quarter from a year earlier. The company warned of more market uncertainty ahead amids weak stock market. Its share dropped 3.27 percent to 22.50 yuan. China Pacific Insurance Group Co declined 1 percent to 23.99 yuan.
Steel mills underperformed. Baoshan Iron & Steel Co dipped 0.63 percent to 6.28 yuan. Beijing Shougang Co was unchanged at 4.63 yuan. Angang Steel Co edged down 0.49 percent to 8.09 yuan.
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