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Shanghai index loses on weaker banks and developers
By Richard Fu and Ding Yining |
November 26, 2010, Friday
|
Online Edition
Online Edition
CHINA'S key stock index closed down nearly 1 percent on the last trading day of the week after financial shares and property developers dropped as liquidity concern remained.
The Shanghai Composite Index fell 0.92 percent to 2,871.70. Turnover shrank to 143.6 billion yuan (US$21.8 billion) from Thursday's 167.2 billion yuan. A total of 583 shares dropped while 298 gained and 40 remained unchanged.
The gauge lost a collective of 0.58 percent this week.
The December contract for the index futures, which is based on the CSI300 Index, was down 0.58 percent to 3,213 points.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.38 percent to 1,332.90 points.
The heavily-weighted financial counter was weak on lingering concerns about tightening policies.
Bank of Communications Co lost 1.56 percent to 5.67 yuan while Industrial and Commercial Bank of China Ltd fell 1.59 percent to 4.32 yuan.
Property shares also dragged down the index after Zhuang Xinyi, vice chairman of the China Securities Regulatory Commission, said that the regulator has stopped vetting merger and acquisition deals of domestic property developers, who have to meet stricter standards for refinancing plans.
China Vanke Co lost 2.02 percent to 8.23 yuan. Poly Real Estate Group retreated 3.11 percent to 12.47 yuan. Shimao Group lowered 3.08 percent to 13.20 yuan.
Coal producers were among the gainers. Kailun Energy Chemical Co hiked 6.24 percent to 18.73 yuan. China Shenhua Energy Co, the nation's biggest coal producer, edged up 0.48 percent to 25.16 yuan.
The Shanghai Composite Index fell 0.92 percent to 2,871.70. Turnover shrank to 143.6 billion yuan (US$21.8 billion) from Thursday's 167.2 billion yuan. A total of 583 shares dropped while 298 gained and 40 remained unchanged.
The gauge lost a collective of 0.58 percent this week.
The December contract for the index futures, which is based on the CSI300 Index, was down 0.58 percent to 3,213 points.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.38 percent to 1,332.90 points.
The heavily-weighted financial counter was weak on lingering concerns about tightening policies.
Bank of Communications Co lost 1.56 percent to 5.67 yuan while Industrial and Commercial Bank of China Ltd fell 1.59 percent to 4.32 yuan.
Property shares also dragged down the index after Zhuang Xinyi, vice chairman of the China Securities Regulatory Commission, said that the regulator has stopped vetting merger and acquisition deals of domestic property developers, who have to meet stricter standards for refinancing plans.
China Vanke Co lost 2.02 percent to 8.23 yuan. Poly Real Estate Group retreated 3.11 percent to 12.47 yuan. Shimao Group lowered 3.08 percent to 13.20 yuan.
Coal producers were among the gainers. Kailun Energy Chemical Co hiked 6.24 percent to 18.73 yuan. China Shenhua Energy Co, the nation's biggest coal producer, edged up 0.48 percent to 25.16 yuan.
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