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Shanghai index loses 4% to 14-month low
By Ding Yining and Feng Jianmin |
June 29, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI stocks tumbled over 4 percent today to the lowest level in 14 months among liquidity concern and sluggish performance by metal producers.
The benchmark Shanghai Composite Index slid 4.27 percent, or 108.22 points, to close at 2427.05. Turnover rose to 71.4 billion yuan (US$10.5 billion) from yesterday's 45.3 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, retreated 2.86 percent to 983.91 points.
The most active July contract for the CSI 300 index futures tumbled 4.79 percent to 2,607 points.
Agricultural Bank of China could raise a maximum of US$23.1 billion from its dual listing, surpassing Industrial and Commercial Bank of China's US$21.9 billion IPO in 2006 to become the largest in the world. The bank priced its A shares between 2.52 yuan and 2.68 yuan a share, lower than previous estimates.
Banks were generally flat. Bank of Communications tumbled 4.86 percent to 6.07 yuan. China Construction Bank lost 3.46 percent to 4.74 yuan. Bank of China lost 2.25 percent to 3.47 yuan.
Metal producers were also among the losers after gold dropped 1.4 percent to US$1,238.60 an ounce. Zhongjin Gold Co slid 5.95 percent to 51.98 yuan. Shandong Gold Mining Co tumbled 5.70 percent to 36.08 yuan. Zijin Mining Group Co lost 6.39 percent to 6.30 yuan.
Jiangxi Copper Co lost 2.15 percent to 26.85 yuan. PetroChina dropped 3.56 percent to 10.29 yuan. China Petroleum & Chemical Corp lost 2.67 percent to 8.02 yuan.
Property shares also dropped as research shows that sales of homes in non-central areas in Shanghai picked up after prices fell. Gemdale Corporation slumped 9.91 percent to 6.18 yuan, the most in more than one month. Zhao Hanzhong resigned as its senior vice president and a member of the company's board for personal reasons, the company said. China Vanke lowered 3.79 percent to 6.85 yuan. Poly Real Estate Co shed 7.08 percent to 10.63 yuan.
The benchmark Shanghai Composite Index slid 4.27 percent, or 108.22 points, to close at 2427.05. Turnover rose to 71.4 billion yuan (US$10.5 billion) from yesterday's 45.3 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, retreated 2.86 percent to 983.91 points.
The most active July contract for the CSI 300 index futures tumbled 4.79 percent to 2,607 points.
Agricultural Bank of China could raise a maximum of US$23.1 billion from its dual listing, surpassing Industrial and Commercial Bank of China's US$21.9 billion IPO in 2006 to become the largest in the world. The bank priced its A shares between 2.52 yuan and 2.68 yuan a share, lower than previous estimates.
Banks were generally flat. Bank of Communications tumbled 4.86 percent to 6.07 yuan. China Construction Bank lost 3.46 percent to 4.74 yuan. Bank of China lost 2.25 percent to 3.47 yuan.
Metal producers were also among the losers after gold dropped 1.4 percent to US$1,238.60 an ounce. Zhongjin Gold Co slid 5.95 percent to 51.98 yuan. Shandong Gold Mining Co tumbled 5.70 percent to 36.08 yuan. Zijin Mining Group Co lost 6.39 percent to 6.30 yuan.
Jiangxi Copper Co lost 2.15 percent to 26.85 yuan. PetroChina dropped 3.56 percent to 10.29 yuan. China Petroleum & Chemical Corp lost 2.67 percent to 8.02 yuan.
Property shares also dropped as research shows that sales of homes in non-central areas in Shanghai picked up after prices fell. Gemdale Corporation slumped 9.91 percent to 6.18 yuan, the most in more than one month. Zhao Hanzhong resigned as its senior vice president and a member of the company's board for personal reasons, the company said. China Vanke lowered 3.79 percent to 6.85 yuan. Poly Real Estate Co shed 7.08 percent to 10.63 yuan.
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