Related News

Home » Business » Finance

Market remains almost unchanged in morning

SHANGHAI'S key stock index dipped in the morning trade as most investors remain cautious over market outlook and weak performance of steel producers and property shares.

The benchmark Shanghai Composite Index lost 0.36 percent, or 10.48 points, to close at 2,900.40 points. Turnover was 51.7 billion yuan (US$7.57 billion). Losers outnumbered Gainers 583 to 275 and 52 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.74 percent to close at 961.20 points.

Steel producers were among the losers as price for steel products dropped. Baoshan Iron & Steel Co retreated 4.96 percent to 7.28 yuan. Maanshan Steel slid 5 percent to 4.94 yuan. Angang Steel Co Ltd dropped 4.46 percent to 13.50 yuan.

Property developers were also weak after Shanghai Mayor Han Zheng said Shanghai will provide another 1,200 hectares of land for new residential projects and the total land supply in the city will reach 1,600 hectares in this year, more than doubling last year's 700 hectares.

China Vanke Co, the largest listed property developer, lost 1.89 percent to 11.43 yuan. Gemdale Corporation dropped 3.38 percent to 15.14 yuan. Poly Real Estate Group was down 1.43 percent and Shanghai Shimao Co Ltd lowered 1.02 percent to 14.49 yuan.

China's Ministry of Health yesterday issued a list of 307 essential drugs as part of the medical system reform to create an essential medicine system to cut medical spending.

Pharmaceutical companies were among the gainers. Guilin Layn Natural Ingredients Corp advanced 5.95 percent to 38.27 yuan. Yunnan Baiyao Group Co jumped 6.08 percent to 39.97 yuan. Da An Gene Co Ltd hiked 4.78 percent to 12.94 yuan.

China Minsheng Banking said its first half profit rose 22 percent year on year to reach 7.4 billion yuan as a result of increasing demand for loans and investment gains. Its shares rose 1.39 percent to 7.31 yuan.

Crude oil for September delivery rose 3.7 percent to US$69.19 per barrel at New York yesterday. PetroChina, the country's largest oil producer and biggest heavyweight in the market, rose 0.83 percent to 13.41 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, advanced 3.09 percent to 13.03 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend