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Market dips as developers, banks drop
By Feng Jianmin and Pan Xiaoyi |
September 3, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped today, led by property developers and banks.
The benchmark Shanghai Composite dipped 0.01 percent, or 0.38 points, to close at 2,655.39 points. Turnover stood at 146 billion yuan (US$21.5 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.5 percent to 1,178.26 points.
Property developers dropped after China's top statistics bureau said that it would investigate home vacancy during the population census starting this November.
China Vanke dropped 0.8 percent to 8.5 yuan after reporting record high sales of 12 billion yuan in August, 150 percent higher than last year. China Merchants Property Development Co fell 2 percent to 18.55 yuan. Poly Real Estate Co trailed 0.5 percent to 11.77 yuan.
Banks were weak on concerns about bad loans after China's four state-owned banks reported an increase in special-mention loans, potentially weak loans or assets presenting an unwarranted credit risk, in the second half.
Bank of China retreated 0.6 percent to 3.35 yuan. Shanghai Pudong Development Co withdrew 0.9 percent to 13.95 yuan. Bank of Communications Co was off 0.8 percent to 5.98 yuan.
Car producers extended previous gains on strong sales prospect in the next two months. SAIC Motor Co, China's largest car maker, advanced 1.1 percent to 17.69 yuan. FAW Car Co rallied 4 percent to 19.09 yuan. DongFeng Automobile Co went up 3.3 percent to 6.01 yuan.
The benchmark Shanghai Composite dipped 0.01 percent, or 0.38 points, to close at 2,655.39 points. Turnover stood at 146 billion yuan (US$21.5 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.5 percent to 1,178.26 points.
Property developers dropped after China's top statistics bureau said that it would investigate home vacancy during the population census starting this November.
China Vanke dropped 0.8 percent to 8.5 yuan after reporting record high sales of 12 billion yuan in August, 150 percent higher than last year. China Merchants Property Development Co fell 2 percent to 18.55 yuan. Poly Real Estate Co trailed 0.5 percent to 11.77 yuan.
Banks were weak on concerns about bad loans after China's four state-owned banks reported an increase in special-mention loans, potentially weak loans or assets presenting an unwarranted credit risk, in the second half.
Bank of China retreated 0.6 percent to 3.35 yuan. Shanghai Pudong Development Co withdrew 0.9 percent to 13.95 yuan. Bank of Communications Co was off 0.8 percent to 5.98 yuan.
Car producers extended previous gains on strong sales prospect in the next two months. SAIC Motor Co, China's largest car maker, advanced 1.1 percent to 17.69 yuan. FAW Car Co rallied 4 percent to 19.09 yuan. DongFeng Automobile Co went up 3.3 percent to 6.01 yuan.
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