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Rumors dampen index 1%
By Joyce Pan |
March 25, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed more than 1 percent lower on rumors that stamp tax will be levied on buying shares.
The benchmark Shanghai Composite Index was down 1.23 percent, or 37.63 points, to close at 3,019.18 points. Turnover rose 105.3 billion yuan (US$15.5 billion) from 103.5 billion yuan. Losers outnumbered gainers 708 to 168, and 11 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged down 1.03 percent to close at 1,175.27 points.
Rumors flew that stamp duty will be levied again in mid-April due to the launch of the stock futures market. However, some analysts did not foresee a change in stamp tax.
Bank of China lost 1.4 percent to 4.16 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.2 percent to 4.87 yuan. Shanghai Pudong Development Bank withdrew 1.9 percent to 21.61 yuan.
Shipping lines led the losers on concerns that rising trade tensions will hurt exports as the yuan was under pressure to revalue. Cosco Shipping Co, a unit of China's biggest shipping company, slid 1.7 percent to 10.3 yuan. China Shipping Development Co dropped 1.5 percent to 12.62 yuan. China Shipping Container Lines Co eased 1.9 percent to 4.66 yuan.
The benchmark Shanghai Composite Index was down 1.23 percent, or 37.63 points, to close at 3,019.18 points. Turnover rose 105.3 billion yuan (US$15.5 billion) from 103.5 billion yuan. Losers outnumbered gainers 708 to 168, and 11 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged down 1.03 percent to close at 1,175.27 points.
Rumors flew that stamp duty will be levied again in mid-April due to the launch of the stock futures market. However, some analysts did not foresee a change in stamp tax.
Bank of China lost 1.4 percent to 4.16 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.2 percent to 4.87 yuan. Shanghai Pudong Development Bank withdrew 1.9 percent to 21.61 yuan.
Shipping lines led the losers on concerns that rising trade tensions will hurt exports as the yuan was under pressure to revalue. Cosco Shipping Co, a unit of China's biggest shipping company, slid 1.7 percent to 10.3 yuan. China Shipping Development Co dropped 1.5 percent to 12.62 yuan. China Shipping Container Lines Co eased 1.9 percent to 4.66 yuan.
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