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Ping An lead Shanghai shares down
By Feng Jianmin |
January 6, 2011, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell as drops of insurers and gold miners overshadowed gains of metal producers and property developers.
The Shanghai Composite Index lost 0.51 percent, or 14.39 points, to 2,824.20. Turnover fell to 114.3 billion yuan (US$11.5 billion) from yesterday's 136.6 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.64 percent at 1,301.79.
Ping An Insurance Co, China's second-largest insurer, shed 4.1 percent to 52.59 yuan amid market speculation that the company may need to raise up to 40 billion yuan to improve its payment capacity. This will reduce the company's earnings per share by up to 15 percent. The company said that a statement will be released in due course.
China Pacific Insurance Group Co lost 1.6 percent to 22.42 yuan. China Life Insurance Co added 0.3 percent to 21.44 yuan.
Metal producers outperformed after copper and aluminum prices rebounded on both Shanghai and overseas markets. Aluminum Corp of China added 0.5 percent to 10.28 yuan. Yunnan Copper Co edged up 0.4 percent to 28.25 yuan.
But gold miners remained weak as gold bullion prices struggled at around US$1,378 per ounce in New York. Zijin Mining Co, China's largest gold producer, lost 1.5 percent to 7.99 yuan.
Property developers extended previous gains on speculation that sales will continue to be robust after statistics showed strong home sales in December in Shanghai, Chengdu and Nanjing. Poly Real Estate Co, China's second largest property developer, went up 2.6 percent to 14.38 yuan. Gemdale Corp rose 1.9 percent to 7.11 yuan.
The Shanghai Composite Index lost 0.51 percent, or 14.39 points, to 2,824.20. Turnover fell to 114.3 billion yuan (US$11.5 billion) from yesterday's 136.6 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.64 percent at 1,301.79.
Ping An Insurance Co, China's second-largest insurer, shed 4.1 percent to 52.59 yuan amid market speculation that the company may need to raise up to 40 billion yuan to improve its payment capacity. This will reduce the company's earnings per share by up to 15 percent. The company said that a statement will be released in due course.
China Pacific Insurance Group Co lost 1.6 percent to 22.42 yuan. China Life Insurance Co added 0.3 percent to 21.44 yuan.
Metal producers outperformed after copper and aluminum prices rebounded on both Shanghai and overseas markets. Aluminum Corp of China added 0.5 percent to 10.28 yuan. Yunnan Copper Co edged up 0.4 percent to 28.25 yuan.
But gold miners remained weak as gold bullion prices struggled at around US$1,378 per ounce in New York. Zijin Mining Co, China's largest gold producer, lost 1.5 percent to 7.99 yuan.
Property developers extended previous gains on speculation that sales will continue to be robust after statistics showed strong home sales in December in Shanghai, Chengdu and Nanjing. Poly Real Estate Co, China's second largest property developer, went up 2.6 percent to 14.38 yuan. Gemdale Corp rose 1.9 percent to 7.11 yuan.
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