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Shanghai Shares fall to a 5-month low
By Feng Jianmin |
September 20, 2010, Monday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell to a five-week low as weak property developers and metal producers overshadowed the gains of banks and airlines.
The benchmark Shanghai Composite Index dipped 0.38 percent, or 10 points, to close at 2,588.71 points. Turnover was 89.8 billion yuan (US$ 13.4 billion), slightly lower than last Friday's 94.7 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, decreased 0.52 percent to 11,150.33.
Airlines led the gainers as the yuan appreciated 1 percent during the past week against US dollar, easing airlines' debt burden. China Eastern Airlines Co climbed 5.62 percent to 8.08 yuan. Air China advanced 2.9 percent to 12.40 yuan. China Southern Airlines Co rose 2.83 percent to 8.35 yuan.
Banks outperformed as a central bank survey released during the weekend showed that bankers have expressed the most confidence in the macro-economy and the banking industry in four years as they expected an unchanged monetary policy in the rest of 2010.
Bank of China dipped 0.31 percent to 3.22 yuan. Industrial and Commercial Bank of China edged up 0.25 percent to 3.97 yuan. Bank of Communications grew 1.61 percent to 5.69 yuan.
Property developers were weak as the People's Daily and Xinhua news agency repeatedly released articles to warn against speculation as home prices grew, while UBS upgraded China's property industry to "overweight" from "neutral" and BNP Paribas lifted its rating to "positive" from "neutral."
China Vanke edged down 0.12 percent to 8.11 yuan. Gemdale Corp lost 3.11 percent to 5.92 yuan. China Merchants Property Development Co went down 2.13 percent to 16.58 yuan. Poly Real Estate Co dropped 1.91 percent to 10.80 yuan.
Metal producers fell as their output was pared by energy-saving measures. Jiangxi Copper Co slid 3.58 percent to 30.73 yuan. Yunnan Copper Industry Co shed 2.6 percent to 20.63 yuan. Aluminum Corp of China lost 1.33 percent to 9.67 yuan.
The benchmark Shanghai Composite Index dipped 0.38 percent, or 10 points, to close at 2,588.71 points. Turnover was 89.8 billion yuan (US$ 13.4 billion), slightly lower than last Friday's 94.7 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, decreased 0.52 percent to 11,150.33.
Airlines led the gainers as the yuan appreciated 1 percent during the past week against US dollar, easing airlines' debt burden. China Eastern Airlines Co climbed 5.62 percent to 8.08 yuan. Air China advanced 2.9 percent to 12.40 yuan. China Southern Airlines Co rose 2.83 percent to 8.35 yuan.
Banks outperformed as a central bank survey released during the weekend showed that bankers have expressed the most confidence in the macro-economy and the banking industry in four years as they expected an unchanged monetary policy in the rest of 2010.
Bank of China dipped 0.31 percent to 3.22 yuan. Industrial and Commercial Bank of China edged up 0.25 percent to 3.97 yuan. Bank of Communications grew 1.61 percent to 5.69 yuan.
Property developers were weak as the People's Daily and Xinhua news agency repeatedly released articles to warn against speculation as home prices grew, while UBS upgraded China's property industry to "overweight" from "neutral" and BNP Paribas lifted its rating to "positive" from "neutral."
China Vanke edged down 0.12 percent to 8.11 yuan. Gemdale Corp lost 3.11 percent to 5.92 yuan. China Merchants Property Development Co went down 2.13 percent to 16.58 yuan. Poly Real Estate Co dropped 1.91 percent to 10.80 yuan.
Metal producers fell as their output was pared by energy-saving measures. Jiangxi Copper Co slid 3.58 percent to 30.73 yuan. Yunnan Copper Industry Co shed 2.6 percent to 20.63 yuan. Aluminum Corp of China lost 1.33 percent to 9.67 yuan.
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