Related News

Home » Business » Finance

No good news and the market dips

SHANGHAI'S key stock index dipped today with weak performances by heavyweights and the finance sector with no obvious current signs of economic recovery.

The benchmark Shanghai Composite Index lowered 0.24 percent, or 5.14 points, to close at 2,133.88 points. Turnover shrank to 70.8 billion yuan (US$10.4 billion) from yesterday's 88.1 billion yuan. Losers outnumbered gainers 446 to 409 and 53 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.18 percent to close at 696.98 points.

"The index will continue to fluctuate as heavyweights are still weak and shrinking investment isn't likely to support another rebound. We suggest the market will not become active in the near future," a research note by Shenyin & Wanguo Securities said.

Oil producers were among the losers as crude oil for April delivery fell US$3.38, or 7.4 percent, to US$42.33 a barrel in New York yesterday with consumption dropping. PetroChina, the biggest component index, lost 0.65 percent to 10.62 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, dipped 0.49 percent to 8.17 yuan.

China Construction Bank lowered 0.49 percent to 4.07 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.54 percent to 3.68 yuan. Shanghai Pudong Development Bank buckled 1.67 percent to 18.28 yuan.

China Cosco Holdings Co, the world's largest operator of dry-bulk ships, lowered 1.90 percent to 10.32 yuan. China Shipping Development Co, a unit of China's biggest shipping group, was down 2.79 percent to 10.12 yuan. China CSSC Holdings Ltd dropped 2.57 percent to 48.55 yuan.

Real estate developers were among the gainers. China Vanke Co, the nation's largest listed property developer, added 1.69 percent to 7.83 yuan. Gemdale Corporation climbed 3.21 percent to 9.01 yuan. Poly Real Estate Group Co advanced 2.89 percent to 20.31 yuan.

Cement manufacturers suffered losses. Huaxin Cement Co Ltd sank 4.78 percent to 22.53 yuan. Xinjiang Tianshan Cement Co Ltd lost 0.81 percent to 14.68 yuan.

China Southern Airlines Co, the nation's biggest carrier by fleet size said its 2008 net income will be affected by impairment losses on the value of aircraft. Its shares however advanced 4.55 percent to 4.60 yuan. China Eastern Airlines Corp, the nation's third-largest carrier by fleet size, dipped 0.64 percent to 4.65 yuan.

China Railway Construction Corp said its units have won four contracts worth a combined 28 billion yuan in a filing today to Shanghai's stock exchange. The stock dipped 0.43 percent to 9.30 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