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Ping An news sends market plunging
By Joyce Pan |
February 23, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index plunged nearly 2 percent in the morning session, led by insurers after Ping An Insurance (Group) Co said previously locked-up shares will turn tradable next month.
The benchmark Shanghai Composite Index tumbled 1.73 percent, or 52.01 points, to close at 2,951.39 points. Turnover stood at 51.7 billion yuan (US$7.6 billion). Losers outnumbered gainers 632 to 240 and 14 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.51 percent to close at 1,112.33 points.
Ping An said late last night that a total of 859.8 million shares will become tradable on March 1, equivalent to 11.5 percent of its total share capital. The stock closed 8.7 percent lower to end at 44.81 yuan at midday break after diving by 10 percent daily cap during trading.
Insurers were dragged down. China Life Insurance Co, the nation's biggest insurer, slid 4 percent to 26.58 yuan and China Pacific Insurance (Group) Co retreated 3.9 percent to 23.78 yuan.
Nonferrous metals were among the losers on lower commodity prices. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, withdrew 2.3 percent to 12.36 yuan. Jiangxi Copper Co decreased 4.3 percent to 34.36 yuan.
Gold producers lost after the bullion price slid the most in two weeks. Zijin Mining Group Co, the country's largest gold producer, eased 2.1 percent to 8.39 yuan. Zhongjin Gold Corp, the second biggest by market value, was off 2.9 percent to 49.21 yuan. Shandong Gold Mining Co fell 3.6 percent to 66.84 yuan.
The benchmark Shanghai Composite Index tumbled 1.73 percent, or 52.01 points, to close at 2,951.39 points. Turnover stood at 51.7 billion yuan (US$7.6 billion). Losers outnumbered gainers 632 to 240 and 14 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.51 percent to close at 1,112.33 points.
Ping An said late last night that a total of 859.8 million shares will become tradable on March 1, equivalent to 11.5 percent of its total share capital. The stock closed 8.7 percent lower to end at 44.81 yuan at midday break after diving by 10 percent daily cap during trading.
Insurers were dragged down. China Life Insurance Co, the nation's biggest insurer, slid 4 percent to 26.58 yuan and China Pacific Insurance (Group) Co retreated 3.9 percent to 23.78 yuan.
Nonferrous metals were among the losers on lower commodity prices. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, withdrew 2.3 percent to 12.36 yuan. Jiangxi Copper Co decreased 4.3 percent to 34.36 yuan.
Gold producers lost after the bullion price slid the most in two weeks. Zijin Mining Group Co, the country's largest gold producer, eased 2.1 percent to 8.39 yuan. Zhongjin Gold Corp, the second biggest by market value, was off 2.9 percent to 49.21 yuan. Shandong Gold Mining Co fell 3.6 percent to 66.84 yuan.
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