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Pharmacy gains fail to lift index
By Ding Yining |
May 14, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S market dipped today to close the week slightly lower, with gains in pharmaceutical companies overshadowed by weak performance of financial shares and the property sector as policy concerns still loomed.
The benchmark Shanghai Composite Index was down 0.51 percent, or 13.88 points, to close at 2,696.63 points. Turnover was 82.6 billion yuan (US$12.1 billion). A total of 430 shares gained and 426 dropped while 67 remained unchanged. The gauge added 0.31 percent in this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.14 percent to close at 1,039.64 points.
The 21st Century Business Herald reported that the tax bureau may announce as early as May 20 the expansion of its property tax on commercial-use properties to residences, citing an unidentified source.
Property shares remained weak. Shanghai Shimao Co dropped 1.80 percent to 10.37 yuan. Gemdale Corporation fell 2.08 percent to 6.11 yuan. Shanghai AJ Corporation lost 1.80 percent to 10.37 yuan. China Merchants Property Development Co Ltd retreated 2.27 percent to 15.96 yuan.
Ping An Insurance (Group) Co, the country's second largest insurer, retreated 2.19 percent to 48.30 yuan. China Life Insurance Co dipped 0.90 percent to 25.38 yuan. Bank of Communications lost 1.43 percent to 6.87 yuan. Shanghai Pudong Development Bank was down 1.57 percent to 19.40 yuan.
Oil producers and steel makers were also flat. Crude oil for June delivery extended Thursday's decline and dropped as much as 0.8 percent to US$73.98 a barrel in New York. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.08 percent to 9.20 yuan. PetroChina, the biggest index component, dropped 0.62 percent to 11.15 yuan.
Baoshan Iron & Steel Co was down 0.45 percent to 6.61 yuan. Maanshan Iron & Steel fell 2.18 percent to 8.51 yuan.
Biopharmaceutical companies bucked the downward trend. Jiangzhong Pharmaceutical Co surged the daily limit of 10 percent to 34.87 yuan. Jinling Pharmaceutical Co jumped 4.49 percent to 11.40 yuan.Shanghai Kehua Bio-Engineering Co rallied 7.34 percent to 20.03 yuan.
Metal producers showed mixed results. Jiangxi Copper lost 1.10 percent to 30.65 yuan. Yunnan Copper lowered 1.16 percent to 22.08 yuan. Shandong Gold Mining Co edged up 0.23 percent to 79.44 yuan.
The benchmark Shanghai Composite Index was down 0.51 percent, or 13.88 points, to close at 2,696.63 points. Turnover was 82.6 billion yuan (US$12.1 billion). A total of 430 shares gained and 426 dropped while 67 remained unchanged. The gauge added 0.31 percent in this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.14 percent to close at 1,039.64 points.
The 21st Century Business Herald reported that the tax bureau may announce as early as May 20 the expansion of its property tax on commercial-use properties to residences, citing an unidentified source.
Property shares remained weak. Shanghai Shimao Co dropped 1.80 percent to 10.37 yuan. Gemdale Corporation fell 2.08 percent to 6.11 yuan. Shanghai AJ Corporation lost 1.80 percent to 10.37 yuan. China Merchants Property Development Co Ltd retreated 2.27 percent to 15.96 yuan.
Ping An Insurance (Group) Co, the country's second largest insurer, retreated 2.19 percent to 48.30 yuan. China Life Insurance Co dipped 0.90 percent to 25.38 yuan. Bank of Communications lost 1.43 percent to 6.87 yuan. Shanghai Pudong Development Bank was down 1.57 percent to 19.40 yuan.
Oil producers and steel makers were also flat. Crude oil for June delivery extended Thursday's decline and dropped as much as 0.8 percent to US$73.98 a barrel in New York. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.08 percent to 9.20 yuan. PetroChina, the biggest index component, dropped 0.62 percent to 11.15 yuan.
Baoshan Iron & Steel Co was down 0.45 percent to 6.61 yuan. Maanshan Iron & Steel fell 2.18 percent to 8.51 yuan.
Biopharmaceutical companies bucked the downward trend. Jiangzhong Pharmaceutical Co surged the daily limit of 10 percent to 34.87 yuan. Jinling Pharmaceutical Co jumped 4.49 percent to 11.40 yuan.Shanghai Kehua Bio-Engineering Co rallied 7.34 percent to 20.03 yuan.
Metal producers showed mixed results. Jiangxi Copper lost 1.10 percent to 30.65 yuan. Yunnan Copper lowered 1.16 percent to 22.08 yuan. Shandong Gold Mining Co edged up 0.23 percent to 79.44 yuan.
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