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Market dips ahead of holiday
By Ding Yining |
February 8, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S market closed lower today and trading remained flat as investore remained cautious ahead of the Lunar New Year holiday.
The benchmark Shanghai Composite Index dipped 0.14 percent, or 4.23 points, to close at 2,935.17 points. Turnover lowered to 73.2 billion yuan (US$10.7 billion) from 111 billion yuan on Friday. Gainers outnumbered losers 469 to 385, and 62 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.19 percent to close at 1,099.15 points.
The banking sector remained flat. Shanghai Pudong Development Bank lost 1.03 percent to 19.22 yuan. Bank of Communications was down 0.86 percent to 8.08 yuan. China Merchants Bank retreated 2.26 percent to 15.13 yuan.
China may stop the government's economic stimulus in the second quarter or earlier, Chen Dongqi, deputy head of the Chinese Academy of Macroeconomic Research, was cited by Shanghai Securities News as saying.
Metal producers showed mixed results. Shandong Gold Mining Co was up 0.75 percent to 64.33 yuan. Yunnan Copper Co edged up 0.29 percent to 24 yuan. Aluminum Corporation of China Ltd dipped 0.33 percent to 12.11 yuan.
Property developers were also weak. China Vanke Co, the biggest listed domestic real estate developer, lost 0.87 percent to 9.12 yuan. Gemdale Corporation lowered 1.60 percent to 11.66 yuan. Shanghai Shimao Co Ltd retreated 2.18 percent to 13.94 yuan. Poly Real Estate Group lowered 2.25 percent to 18.64 yuan.
Airlines were among the gainers after the oil price dropped 2.67 percent to US$71.19 per barrel. China Eastern Airlines advanced 3.43 percent to 6.03 yuan. Hainan Airlines rallied 4.78 percent to 7.89 yuan.
Consumer-related shares also bucked the downward trend led by expectations of strong holiday spending during the Lunar New Year. Shanghai Join Buy Co Ltd was up 0.43 percent to 11.73 yuan. TCL Group rose 0.38 percent to 5.24 yuan. Suning Appliance Co added 2.91 percent to 18.03 yuan.
The benchmark Shanghai Composite Index dipped 0.14 percent, or 4.23 points, to close at 2,935.17 points. Turnover lowered to 73.2 billion yuan (US$10.7 billion) from 111 billion yuan on Friday. Gainers outnumbered losers 469 to 385, and 62 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.19 percent to close at 1,099.15 points.
The banking sector remained flat. Shanghai Pudong Development Bank lost 1.03 percent to 19.22 yuan. Bank of Communications was down 0.86 percent to 8.08 yuan. China Merchants Bank retreated 2.26 percent to 15.13 yuan.
China may stop the government's economic stimulus in the second quarter or earlier, Chen Dongqi, deputy head of the Chinese Academy of Macroeconomic Research, was cited by Shanghai Securities News as saying.
Metal producers showed mixed results. Shandong Gold Mining Co was up 0.75 percent to 64.33 yuan. Yunnan Copper Co edged up 0.29 percent to 24 yuan. Aluminum Corporation of China Ltd dipped 0.33 percent to 12.11 yuan.
Property developers were also weak. China Vanke Co, the biggest listed domestic real estate developer, lost 0.87 percent to 9.12 yuan. Gemdale Corporation lowered 1.60 percent to 11.66 yuan. Shanghai Shimao Co Ltd retreated 2.18 percent to 13.94 yuan. Poly Real Estate Group lowered 2.25 percent to 18.64 yuan.
Airlines were among the gainers after the oil price dropped 2.67 percent to US$71.19 per barrel. China Eastern Airlines advanced 3.43 percent to 6.03 yuan. Hainan Airlines rallied 4.78 percent to 7.89 yuan.
Consumer-related shares also bucked the downward trend led by expectations of strong holiday spending during the Lunar New Year. Shanghai Join Buy Co Ltd was up 0.43 percent to 11.73 yuan. TCL Group rose 0.38 percent to 5.24 yuan. Suning Appliance Co added 2.91 percent to 18.03 yuan.
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