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Market falls 0.8% on economic fears
By Feng Jianmin |
July 5, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks fell today on a slowdown in economic outlook and liquidity concerns.
The benchmark Shanghai Composite Index dropped 0.8 percent, or 18.95 points, to close at 2363.95. Turnover stood at 44.7 billion yuan (US$ 6.6 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, dipped 0.47 percent to 921.34 points.
"The impact of the financial crisis has been more severe than expected, and the road to recovery is more zigzagging," said Premier Wen Jiabao on a tour to three southern provinces during the weekend.
Meanwhile, Bank of China announced its plan to raise as much as 60 billion yuan in a rights offer, adding to the liquidity concerns that the Agricultural Bank of China will start online subscription of its initial public offering tomorrow.
Banks were flat. Bank of China eased 0.88 percent to 3.37 yuan. China Merchants Bank fell 1 percent to 12.78 yuan. Industrial and Commercial Bank of China was unchanged at 4.06 yuan.
Coal producers led the losers after Shanghai Securities Journal reported a shrinking trend of power demand by heavy industries this summer. Datong Coal Industry Co slid 4.52 percent to 25.77 yuan. China Shenhua Energy Co, the nation's largest coal producer, went down 1.94 percent to 20.75 yuan.
Property developers and steel mills picked up after noon. China Vanke was 0.72 percent higher to 6.98 yuan. Poly Real Estage Co advanced 2.66 percent to 10.79 yuan. Shanghai Shimao Co went up 4.76 percent to 12.76 yuan.
Laiwu Steel Corp led the mills by climbing 6 percent to 9.12 yuan. Guangzhou Iron & Steel Co grew 2.61 percent to 5.12 yuan. Baoshan Iron & Steel Co remained unchanged at 5.85 yuan.
The benchmark Shanghai Composite Index dropped 0.8 percent, or 18.95 points, to close at 2363.95. Turnover stood at 44.7 billion yuan (US$ 6.6 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, dipped 0.47 percent to 921.34 points.
"The impact of the financial crisis has been more severe than expected, and the road to recovery is more zigzagging," said Premier Wen Jiabao on a tour to three southern provinces during the weekend.
Meanwhile, Bank of China announced its plan to raise as much as 60 billion yuan in a rights offer, adding to the liquidity concerns that the Agricultural Bank of China will start online subscription of its initial public offering tomorrow.
Banks were flat. Bank of China eased 0.88 percent to 3.37 yuan. China Merchants Bank fell 1 percent to 12.78 yuan. Industrial and Commercial Bank of China was unchanged at 4.06 yuan.
Coal producers led the losers after Shanghai Securities Journal reported a shrinking trend of power demand by heavy industries this summer. Datong Coal Industry Co slid 4.52 percent to 25.77 yuan. China Shenhua Energy Co, the nation's largest coal producer, went down 1.94 percent to 20.75 yuan.
Property developers and steel mills picked up after noon. China Vanke was 0.72 percent higher to 6.98 yuan. Poly Real Estage Co advanced 2.66 percent to 10.79 yuan. Shanghai Shimao Co went up 4.76 percent to 12.76 yuan.
Laiwu Steel Corp led the mills by climbing 6 percent to 9.12 yuan. Guangzhou Iron & Steel Co grew 2.61 percent to 5.12 yuan. Baoshan Iron & Steel Co remained unchanged at 5.85 yuan.
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