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Shanghai index slips 2.89% as market demand cools
By Feng Jianmin |
August 10, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped on concerns of liquidity and domestic demand.
The benchmark Shanghai Composite Index lost 2.89 percent, or 77.26 points, to close at 2,595.27 points. Turnover stood at 129.6 billion yuan (US$ 19.1 billion), slightly higher than yesterday's 128.4.
The Shenzhen Composite Index, which tracks the smaller domestic market, fell 3.27 percent to close at 1,085.63 points.
Customs bureau said today that the import volume in July grew 22.7 percent from a year earlier, but dipped 0.4 percent from June.
The figure indicates a shrinking domestic demand as economy development slows, analysts said.
The market is also pared by liquidity concerns as China Everbright Bank is to raise up to 18.9 billion yuan in an initial public offering in Shanghai, making it the second largest IPO in China this year.
Banks were weak. Bank of China fell 1.71 percent to 3.44 yuan. Industrial and Commercial Bank of China was 1.65 percent lower to 4.17 yuan. Bank of Communications dropped 2.78 percent to 6.30 yuan. China Construction Bank lost 1.65 percent to 4.77 yuan.
Large steel makers outperformed the market after media reports on a drop of inventory, which may spur steel prices to pick up. Lingyuan Iron & Steel Co edged up 0.13 percent to 7.69 yuan. Baoshan Iron & Steel Co gained 0.78 percent to 6.43 yuan. Nanjing Iron & Steel Co was unchanged at 3.94 yuan.
Drug makers gained on news of the central government's plan to invest 10 billion yuan to support pharmaceutical innovation. Guilin Layn Natural Ingredients Corp surged 9.62 percent to 30.88 yuan. Anhui Anke Biotechnology Group Co advanced 5.06 percent to 24.09 yuan. Shenzhen Neptunus Bioengineering Co rose 2.83 percent to 12.37 yuan.
The benchmark Shanghai Composite Index lost 2.89 percent, or 77.26 points, to close at 2,595.27 points. Turnover stood at 129.6 billion yuan (US$ 19.1 billion), slightly higher than yesterday's 128.4.
The Shenzhen Composite Index, which tracks the smaller domestic market, fell 3.27 percent to close at 1,085.63 points.
Customs bureau said today that the import volume in July grew 22.7 percent from a year earlier, but dipped 0.4 percent from June.
The figure indicates a shrinking domestic demand as economy development slows, analysts said.
The market is also pared by liquidity concerns as China Everbright Bank is to raise up to 18.9 billion yuan in an initial public offering in Shanghai, making it the second largest IPO in China this year.
Banks were weak. Bank of China fell 1.71 percent to 3.44 yuan. Industrial and Commercial Bank of China was 1.65 percent lower to 4.17 yuan. Bank of Communications dropped 2.78 percent to 6.30 yuan. China Construction Bank lost 1.65 percent to 4.77 yuan.
Large steel makers outperformed the market after media reports on a drop of inventory, which may spur steel prices to pick up. Lingyuan Iron & Steel Co edged up 0.13 percent to 7.69 yuan. Baoshan Iron & Steel Co gained 0.78 percent to 6.43 yuan. Nanjing Iron & Steel Co was unchanged at 3.94 yuan.
Drug makers gained on news of the central government's plan to invest 10 billion yuan to support pharmaceutical innovation. Guilin Layn Natural Ingredients Corp surged 9.62 percent to 30.88 yuan. Anhui Anke Biotechnology Group Co advanced 5.06 percent to 24.09 yuan. Shenzhen Neptunus Bioengineering Co rose 2.83 percent to 12.37 yuan.
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