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Market stays flat
By Ding Yining |
April 28, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S market continued yesterday's flat performance after gains in steel makers were overshadowed by weak performance of metal producers, with investors cautious following a weak performance of the US market.
The benchmark Shanghai Composite Index lost 0.26 percent, or 7.60 points, to close at 2,900.33 points. Turnover shrank to 104.9 billion yuan (US$15.4 billion) from yesterday's 133.4 billion yuan. Losers outnumbered gainers by 538 to 330 and 54 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.6 percent to 1,161.55 points.
The Dow Jones Industrial Average fell more than 200 points on Tuesday after Standard & Poor's cut its rating on long-term sovereign credit of Greece as the government's high debt burden is growing. Nasdaq dropped 2.04 percent to 2,471.47 points and Dow Jones sank 1.9 percent to 10,991.99 points.
China Petroleum & Chemical Corp is said to be planning to issue no more than 20 billion yuan of corporate bonds in May to replenish capital, Dow Jones Newswires cited two sources familiar with the matter as saying. Sinopec, as the refiner is known, edged up 0.4 percent to 10.03 yuan. PetroChina, the biggest index component, increased 0.59 percent to 11.99 yuan.
Banks and financial shares remained flat. Ping An Insurance (Group) Co dropped 1.31 percent to 48.99 yuan. China Pacific Insurance (Group) Co Ltd retreated 2 percent to 24.44 yuan.
Bank of Communications dipped 0.14 percent to 6.98 yuan. Industrial Bank lost 0.42 percent to 28.73 yuan. Bank of China edged up 0.25 percent to 4.05 yuan.
Steel makers showed mixed results. Baoshan Iron & Steel, the country's largest steel maker, increased 1.88 percent to 6.50 yuan. Beijing Shougang Co Ltd lost 0.68 percent to 4.38 yuan. Wuhan Iron & Steel Co increased 0.54 percent to 5.60 yuan.
Jiangxi Copper dropped 1.46 percent to 33.81 yuan. Yunnan Copper sank 2.35 percent to 24.53 yuan. Aluminum Corporation of China Ltd was down 0.86 percent to 11.54 yuan. Ningbo Fubang Jingye Group Co retreated 3.55 percent to 8.96 yuan.
The benchmark Shanghai Composite Index lost 0.26 percent, or 7.60 points, to close at 2,900.33 points. Turnover shrank to 104.9 billion yuan (US$15.4 billion) from yesterday's 133.4 billion yuan. Losers outnumbered gainers by 538 to 330 and 54 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.6 percent to 1,161.55 points.
The Dow Jones Industrial Average fell more than 200 points on Tuesday after Standard & Poor's cut its rating on long-term sovereign credit of Greece as the government's high debt burden is growing. Nasdaq dropped 2.04 percent to 2,471.47 points and Dow Jones sank 1.9 percent to 10,991.99 points.
China Petroleum & Chemical Corp is said to be planning to issue no more than 20 billion yuan of corporate bonds in May to replenish capital, Dow Jones Newswires cited two sources familiar with the matter as saying. Sinopec, as the refiner is known, edged up 0.4 percent to 10.03 yuan. PetroChina, the biggest index component, increased 0.59 percent to 11.99 yuan.
Banks and financial shares remained flat. Ping An Insurance (Group) Co dropped 1.31 percent to 48.99 yuan. China Pacific Insurance (Group) Co Ltd retreated 2 percent to 24.44 yuan.
Bank of Communications dipped 0.14 percent to 6.98 yuan. Industrial Bank lost 0.42 percent to 28.73 yuan. Bank of China edged up 0.25 percent to 4.05 yuan.
Steel makers showed mixed results. Baoshan Iron & Steel, the country's largest steel maker, increased 1.88 percent to 6.50 yuan. Beijing Shougang Co Ltd lost 0.68 percent to 4.38 yuan. Wuhan Iron & Steel Co increased 0.54 percent to 5.60 yuan.
Jiangxi Copper dropped 1.46 percent to 33.81 yuan. Yunnan Copper sank 2.35 percent to 24.53 yuan. Aluminum Corporation of China Ltd was down 0.86 percent to 11.54 yuan. Ningbo Fubang Jingye Group Co retreated 3.55 percent to 8.96 yuan.
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