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Market flat as coal miners plunge

SHANGHAI'S key stock index remained flat today as gains in consumer sectors were overshadowed by losses of coal producers on lower prices.

The benchmark Shanghai Composite Index added 0.53 percent, or 15.9 points, to close at 2,992.84 points. Turnover shrank to 69.9 billion yuan (US$10.3 billion) from 74.8 billion yuan. Gainers outnumbered losers 697 to 176 and 22 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.65 percent to close at 1,142.77 points.

Suning Appliance Co gained 1.7 percent to 18 yuan after saying its full-year profit jumped 33.17 percent from a year earlier to 2.89 billion yuan. It made a successful entry into Hong Kong and Japan last year and is aiming for more than 25 percent market share in Hong Kong in the next three years by opening 30 more outlets.

GD Midea Holding Co added 1.2 percent to 20.18 yuan as net income soared 85 percent to 1.89 billion yuan and sales gained 4.3 percent to 47 billion yuan.

Bucking the upward trend, coal producers fell after China's benchmark Qinhuangdao coal prices plunged. China Shenhua Energy Co, the country's top coal producer, retreated 1.2 percent to 27.8 yuan. China Coal Energy Co eased 0.4 percent to 11.27 yuan.


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