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Market flat as miners soar, banks retreat
June 8, 2010, Tuesday
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Online Edition
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SHANGHAI stocks closed almost unchanged today as weak banks pared strong gold miners as financial worries drove up the gold price.
The benchmark Shanghai Composite Index edged up 0.09 percent, or 2.22 points, to close at 2513.95. Turnover was 70.3 billion yuan (US$10.3 billion). Gainers outnumbered losers by 713 to 218, and 177 shares remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 0.75 percent to 1,041.09.
Gold for August delivery in New York market rallied to a near record high yesterday as investors buy the metal as a hedge against financial deterioration.
Zijin Mining gained 1.9 percent to 6.98 yuan. Shandong Gold Mining Co. inched up 1.74 percent to 39.66 yuan. Zhongjin Gold Corp added 1.32 percent to 57.68 yuan.
Banks were weak on liquidity concerns as China's Securities Regulatory Commission is to review Agricultural Bank of China's huge public offering plan tomorrow to sell 22.24 billion A shares in Shanghai and 25.41 billion H shares in Hong Kong.
Bank of China lost 1.13 percent to 3.51 yuan. Industrial and Commercial Bank of China edged down 0.49 percent to 4.10 yuan. Shanghai Pudong Development Bank shed 1.36 percent to 17.40 yuan.
Metal producers went mixed among low commodity prices. Western Mining Co added 0.75 percent to 10.71 yuan. Jiangxi Copper Co edged up 0.29 percent to 27.57 yuan. Aluminum Corp. of China inched up 0.2 percent to 10.10 yuan.
Broadcasters gained after plans to combine Internet, telephone and television were finally settled. Details of the trial operation are still to be revealed. Shaanxi Broadcast & TV Network Intermediary Co jumped by a daily limit of 10 percent to 9.47 yuan. CEC Corecast Corp similarly soared 10 percent to 7.85 yuan.
The property sector remained low. Gemdale Corp went up 0.92 percent to 6.60 yuan. China Vanke dipped 0.28 percent to 7.10 yuan. China Merchants Property Development Co trailed 1.36 percent to 15.20 yuan.
The benchmark Shanghai Composite Index edged up 0.09 percent, or 2.22 points, to close at 2513.95. Turnover was 70.3 billion yuan (US$10.3 billion). Gainers outnumbered losers by 713 to 218, and 177 shares remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 0.75 percent to 1,041.09.
Gold for August delivery in New York market rallied to a near record high yesterday as investors buy the metal as a hedge against financial deterioration.
Zijin Mining gained 1.9 percent to 6.98 yuan. Shandong Gold Mining Co. inched up 1.74 percent to 39.66 yuan. Zhongjin Gold Corp added 1.32 percent to 57.68 yuan.
Banks were weak on liquidity concerns as China's Securities Regulatory Commission is to review Agricultural Bank of China's huge public offering plan tomorrow to sell 22.24 billion A shares in Shanghai and 25.41 billion H shares in Hong Kong.
Bank of China lost 1.13 percent to 3.51 yuan. Industrial and Commercial Bank of China edged down 0.49 percent to 4.10 yuan. Shanghai Pudong Development Bank shed 1.36 percent to 17.40 yuan.
Metal producers went mixed among low commodity prices. Western Mining Co added 0.75 percent to 10.71 yuan. Jiangxi Copper Co edged up 0.29 percent to 27.57 yuan. Aluminum Corp. of China inched up 0.2 percent to 10.10 yuan.
Broadcasters gained after plans to combine Internet, telephone and television were finally settled. Details of the trial operation are still to be revealed. Shaanxi Broadcast & TV Network Intermediary Co jumped by a daily limit of 10 percent to 9.47 yuan. CEC Corecast Corp similarly soared 10 percent to 7.85 yuan.
The property sector remained low. Gemdale Corp went up 0.92 percent to 6.60 yuan. China Vanke dipped 0.28 percent to 7.10 yuan. China Merchants Property Development Co trailed 1.36 percent to 15.20 yuan.
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