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Shanghai index drops as banks stay weak
By Feng Jianmin |
August 17, 2011, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell for the second day as gains in the banking sector were offset by losses of steel makers.
The benchmark Shanghai Composite Index was down 0.26 percent to 2,601.26 points. Turnover fell to 72.7 billion yuan (US$11.4 billion) from yesterday's 90.9 billion yuan.
China Minsheng Banking Corp led gains in the banking sector after reporting first half profit jumped 57 percent from a year earlier. Its shares rose 0.5 percent to 5.70 yuan. Industrial and Commercial Bank of China similarly inched up 0.5 percent to 4.18 yuan.
Steel makers extended previous losses on concerns over slowdown global economic growth. Gross domestic product in the euro area expanded 0.2 percent in the second quarter from the previous three months, when the economy grew 0.8 percent, the European Union's statistics office in Luxembourg said in a statement yesterday.
Inner Mongolia Baotou Steel Union Corp shed 1.2 percent to 6.76 yuan. Wuhan Iron & Steel Co lost 0.6 percent to 3.61 yuan.
Property developers were mixed after reports said that restrictions on purchasing homes in smaller cities will be implemented this month.
China Vanke fell 1.7 percent to 8.22 yuan. Gemdale Corp edged up 0.2 percent to 6.43 yuan.
The benchmark Shanghai Composite Index was down 0.26 percent to 2,601.26 points. Turnover fell to 72.7 billion yuan (US$11.4 billion) from yesterday's 90.9 billion yuan.
China Minsheng Banking Corp led gains in the banking sector after reporting first half profit jumped 57 percent from a year earlier. Its shares rose 0.5 percent to 5.70 yuan. Industrial and Commercial Bank of China similarly inched up 0.5 percent to 4.18 yuan.
Steel makers extended previous losses on concerns over slowdown global economic growth. Gross domestic product in the euro area expanded 0.2 percent in the second quarter from the previous three months, when the economy grew 0.8 percent, the European Union's statistics office in Luxembourg said in a statement yesterday.
Inner Mongolia Baotou Steel Union Corp shed 1.2 percent to 6.76 yuan. Wuhan Iron & Steel Co lost 0.6 percent to 3.61 yuan.
Property developers were mixed after reports said that restrictions on purchasing homes in smaller cities will be implemented this month.
China Vanke fell 1.7 percent to 8.22 yuan. Gemdale Corp edged up 0.2 percent to 6.43 yuan.
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