Post-break blues as key index slips again
By Pan Xiaoyi |
February 24, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index continued its losing streak yesterday after the holiday break, led by insurers after Ping An Insurance (Group) Co said previously locked-up shares would become tradable next month.
The Shanghai Composite Index dropped 0.69 percent, or 20.82 points, to close at 2,982.57. Turnover rose to 98.2 billion yuan (US$14.4 billion) from 78.7 billion yuan.
Ping An said on Monday that 859.8 million shares would become tradable on March 1, equivalent to 11.5 percent of its total share capital. The stock closed 8.9 percent lower to end at 44.72 yuan after diving by the 10 percent daily cap.
"The expiration of the non-tradable period strengthened investor concerns over a tight market liquidity as more shares will be available," Central China Securities Co wrote in a research note.
China Life Insurance Co slid 3.1 percent to 26.83 yuan and China Pacific Insurance (Group) Co retreated 3.4 percent to 23.91 yuan.
"Investors will take a wait-and-see attitude before the annual session of the National People's Congress and the Chinese People's Political Consultative Conference due early March," Shenyin & Wanguo Securities Co said.
Nonferrous metals were among the losers on lower commodity prices. Aluminum Corp of China, the nation's biggest maker of the metal, withdrew 1.3 percent to 12.49 yuan. Jiangxi Copper Co was down 3 percent to 34.84 yuan.
Gold producers also fell after the bullion price slid the most in two weeks.
The Shanghai Composite Index dropped 0.69 percent, or 20.82 points, to close at 2,982.57. Turnover rose to 98.2 billion yuan (US$14.4 billion) from 78.7 billion yuan.
Ping An said on Monday that 859.8 million shares would become tradable on March 1, equivalent to 11.5 percent of its total share capital. The stock closed 8.9 percent lower to end at 44.72 yuan after diving by the 10 percent daily cap.
"The expiration of the non-tradable period strengthened investor concerns over a tight market liquidity as more shares will be available," Central China Securities Co wrote in a research note.
China Life Insurance Co slid 3.1 percent to 26.83 yuan and China Pacific Insurance (Group) Co retreated 3.4 percent to 23.91 yuan.
"Investors will take a wait-and-see attitude before the annual session of the National People's Congress and the Chinese People's Political Consultative Conference due early March," Shenyin & Wanguo Securities Co said.
Nonferrous metals were among the losers on lower commodity prices. Aluminum Corp of China, the nation's biggest maker of the metal, withdrew 1.3 percent to 12.49 yuan. Jiangxi Copper Co was down 3 percent to 34.84 yuan.
Gold producers also fell after the bullion price slid the most in two weeks.
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