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Shanghai index dips 0.6% led by new energy, medicine shares
By Feng Jianmin |
September 1, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell led by small caps on concern that their share prices are excessive against their earnings prospect.
The benchmark Shanghai Composite dropped 0.6 percent, or 15.92 points, to close at 2,622.88 points. Turnover stood at 138.5 billion yuan (US$20.3 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, went down 1.31 percent to 1,151.17 points.
New energy and phamaceutical companies led the losers. Eve Energy Co tumbled 5.92 percent to 30.97 yuan. Luxiang Co slumped 5.95 percent to 32.54 yuan.
North China Pharmaceutical Co lost 3.64 percent to 10.58 yuan. Shanghai Modern Pharmaceutical Co trailed 2.37 percent to 16.48 yuan.
Blue chips outperformed as the official Purchasing Managers' Index, a comprehensive gauge of industrial activity, gained 0.5 percentage points from a month earlier to 51.7 percent in August, the China Federation of Logistics and Purchasing said today.
"The growth was mainly due to seasonal factors and was not signal for economic recovery," said Liu Tiejun, an analyst with Haitong Securities. "But space for decline is also limited seeing an increase number of purchase orders and stable stock volume."
Steel makers led the gainers. Baoshan Iron & Steel Co went up 0.77 percent to 6.52 yuan after it secured a credit line of US$ 10 billion from China Development Bank Corp. to fund expansion. Wuhan Iron & Steel Co was unchanged at 4.70 yuan. Beijing Shougang advanced 3.14 percent to 4.60 yuan.
Property developers went mixed as home prices rose in August along with recovery of transaction. China Vanke rose 0.6 percent to 8.47 yuan. Gemdale Corp fell 1.05 percent to 6.57 yuan. China Merchants Property Development Co dipped 0.11 percent to 18.97 yuan.
The benchmark Shanghai Composite dropped 0.6 percent, or 15.92 points, to close at 2,622.88 points. Turnover stood at 138.5 billion yuan (US$20.3 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, went down 1.31 percent to 1,151.17 points.
New energy and phamaceutical companies led the losers. Eve Energy Co tumbled 5.92 percent to 30.97 yuan. Luxiang Co slumped 5.95 percent to 32.54 yuan.
North China Pharmaceutical Co lost 3.64 percent to 10.58 yuan. Shanghai Modern Pharmaceutical Co trailed 2.37 percent to 16.48 yuan.
Blue chips outperformed as the official Purchasing Managers' Index, a comprehensive gauge of industrial activity, gained 0.5 percentage points from a month earlier to 51.7 percent in August, the China Federation of Logistics and Purchasing said today.
"The growth was mainly due to seasonal factors and was not signal for economic recovery," said Liu Tiejun, an analyst with Haitong Securities. "But space for decline is also limited seeing an increase number of purchase orders and stable stock volume."
Steel makers led the gainers. Baoshan Iron & Steel Co went up 0.77 percent to 6.52 yuan after it secured a credit line of US$ 10 billion from China Development Bank Corp. to fund expansion. Wuhan Iron & Steel Co was unchanged at 4.70 yuan. Beijing Shougang advanced 3.14 percent to 4.60 yuan.
Property developers went mixed as home prices rose in August along with recovery of transaction. China Vanke rose 0.6 percent to 8.47 yuan. Gemdale Corp fell 1.05 percent to 6.57 yuan. China Merchants Property Development Co dipped 0.11 percent to 18.97 yuan.
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