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Shanghai index closes lower at 2,374
By Ding Yining |
July 1, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S market continued previous its sluggish performance with flat trading after the Purchasing Managers' Index for June fell from May, bringing concern that China's economic recovery is moderating.
The benchmark Shanghai Composite Index lost 1.02 percent, or 24.58 points, to close at 2,373.79 points. Turnover was 46.4 billion yuan (US$6.8 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, edged down 0.05 percent to close at 944.84 points.
The Federation of Logistics and Purchasing said today that June's Purchasing Managers' Index stood at 52.1, lower from 53.9 in May. Market watchers suggested this may show China's economic recovery is slowing down after hitting 11.9 percent in the first quarter as the government balances overheating and inflation risks.
Banking stocks showed mixed results. Bank of Communications tumbled 1.83 percent to 5.90 yuan. Shanghai Pudong Development Bank was down 0.74 percent to 13.50 yuan. China Merchants Bank edged up 0.08 percent to 12.81 yuan.
Real estate developers were generally flat. Shanghai Shimao Co dropped 1.06 percent to 11.22 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd sank 2.62 percent to 16.36 yuan. China Vanke Co lost 1.47 percent to 6.68 yuan.
Metal companies also closed lower on concern demand for raw materials will drop. Yunnan Copper retreated 3.07 percent to 17.35 yuan. Shandong Gold Mining Co tumbled 4.81 percent to 34.65 yuan. Zijin Mining Co dropped 2.14 percent to 5.94 yuan.
SAIC Motor Corp rose 1.47 percent to 12.45 yuan. Chongqing Changan Automobile Co dipped 0.35 percent to 8.66 yuan. A total of 16 Chinese car makers including Chongqing Changan and SAIC had been granted government subsidies for their fuel-efficient models, the National Development and Reform Commission said on Wednesday.
The benchmark Shanghai Composite Index lost 1.02 percent, or 24.58 points, to close at 2,373.79 points. Turnover was 46.4 billion yuan (US$6.8 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, edged down 0.05 percent to close at 944.84 points.
The Federation of Logistics and Purchasing said today that June's Purchasing Managers' Index stood at 52.1, lower from 53.9 in May. Market watchers suggested this may show China's economic recovery is slowing down after hitting 11.9 percent in the first quarter as the government balances overheating and inflation risks.
Banking stocks showed mixed results. Bank of Communications tumbled 1.83 percent to 5.90 yuan. Shanghai Pudong Development Bank was down 0.74 percent to 13.50 yuan. China Merchants Bank edged up 0.08 percent to 12.81 yuan.
Real estate developers were generally flat. Shanghai Shimao Co dropped 1.06 percent to 11.22 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd sank 2.62 percent to 16.36 yuan. China Vanke Co lost 1.47 percent to 6.68 yuan.
Metal companies also closed lower on concern demand for raw materials will drop. Yunnan Copper retreated 3.07 percent to 17.35 yuan. Shandong Gold Mining Co tumbled 4.81 percent to 34.65 yuan. Zijin Mining Co dropped 2.14 percent to 5.94 yuan.
SAIC Motor Corp rose 1.47 percent to 12.45 yuan. Chongqing Changan Automobile Co dipped 0.35 percent to 8.66 yuan. A total of 16 Chinese car makers including Chongqing Changan and SAIC had been granted government subsidies for their fuel-efficient models, the National Development and Reform Commission said on Wednesday.
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