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Shanghai Composite dips in morning session
By Ye Zhen |
April 2, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning as falling health-care stocks offset the gains of property developers and cement producers.
The benchmark Shanghai Composite Index lost 0.38 percent to 2,225.89 points. Turnover was 43.5 billion yuan (US$7 billion) by the noon break.
"Doubts over China's economic outlook arose after the expansion of manufacturing activity in March missed market expectations and investors are taking a cautious stance as the three-day Qingming Festival holiday approaches," Guosen Securities said today.
Pharmaceutical companies led the market down. Guangxi Wuzhou Zhongheng Group Co lost 3.3 percent to 13.19 yuan. Kangmei Pharmaceutical Co fell 4.7 percent to 17.04 yuan. Guangzhou Pharmaceutical Co Ltd dropped 2.1 percent to 32 yuan.
Shinva Medical Instrument Co shed 1.2 percent to 37.30 yuan. China Resources Wandong Medical Equipment Co decreased 2.6 percent to 11.12 yuan.
Property developers gained after data from the China Index Academy yesterday showed home prices across 100 major Chinese cities rose for 10 months in a run in March.
Poly Real Estate, the country's second largest developer, climbed 2.2 percent to 12.08 yuan. Gemdale Corporation added 1.8 percent to 6.72 yuan. China Enterprise Co Ltd advanced 5.8 percent to 5.65 yuan.
Cement producers also advanced. Anhui Conch Cement Co, China's biggest cement producer, increased 3 percent to 17.82 yuan. Shaanxi Qinling Cement (Group) Co rose 3.5 percent to 5.98 yuan.
The benchmark Shanghai Composite Index lost 0.38 percent to 2,225.89 points. Turnover was 43.5 billion yuan (US$7 billion) by the noon break.
"Doubts over China's economic outlook arose after the expansion of manufacturing activity in March missed market expectations and investors are taking a cautious stance as the three-day Qingming Festival holiday approaches," Guosen Securities said today.
Pharmaceutical companies led the market down. Guangxi Wuzhou Zhongheng Group Co lost 3.3 percent to 13.19 yuan. Kangmei Pharmaceutical Co fell 4.7 percent to 17.04 yuan. Guangzhou Pharmaceutical Co Ltd dropped 2.1 percent to 32 yuan.
Shinva Medical Instrument Co shed 1.2 percent to 37.30 yuan. China Resources Wandong Medical Equipment Co decreased 2.6 percent to 11.12 yuan.
Property developers gained after data from the China Index Academy yesterday showed home prices across 100 major Chinese cities rose for 10 months in a run in March.
Poly Real Estate, the country's second largest developer, climbed 2.2 percent to 12.08 yuan. Gemdale Corporation added 1.8 percent to 6.72 yuan. China Enterprise Co Ltd advanced 5.8 percent to 5.65 yuan.
Cement producers also advanced. Anhui Conch Cement Co, China's biggest cement producer, increased 3 percent to 17.82 yuan. Shaanxi Qinling Cement (Group) Co rose 3.5 percent to 5.98 yuan.
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