Related News

Home » Business » Finance

Power stocks weaken morning market

SHANGHAI'S key stock index dipped in morning trade after three days of gains with weak performances by power stocks.

The benchmark Shanghai Composite Index was down 0.11 percent, or 2.87 points, to close at 2,510.83 points. Turnover was 87.4 billion yuan (US$12.8 billion). Losers outnumbered gainers 455 to 388 and 65 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.49 percent to close at 840.00 points.

China's power output in March fell about 2 percent from a year earlier as the world's third-biggest economy slowed, an official from the China Electricity Council said, citing preliminary data compiled by the industry group.

Huaneng Power International Inc, the listed unit of China's largest power group, was down 1.01 percent to 7.85 yuan after output fell last month. Huadian Power International Co Ltd lost 1.21 percent to 4.88 yuan. Datang International Power Generation Co, a unit of China's second-biggest electricity producer, dipped 0.80 percent to 7.48 yuan.

Automakers were among the gainers among speculation the government would announce new measures to boost car purchases. SAIC Motor Co, China's largest car maker, surged 7.18 percent to 10.45 yuan. Beiqi Foton Motor Co, China's biggest commercial-vehicle maker, surged the 10 percent daily limit to 11.09 yuan.

Cosco Shipping Co, a unit of China's biggest shipbuilding company, said first-quarter profit dropped more than 50 percent, citing the decline in shipping traffic and rates because of the international financial crisis. Its shares were down 1.20 percent to 11.56 yuan.

Sichuan Changhong Electric Co, China's second-biggest television maker said profit may decline more than 50 percent in 2008 because operations were hurt by the Sichuan earthquake in May. Its shares edged up 0.44 percent to 4.61 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