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Shanghai market dips in morning
By Ding Yining |
July 27, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S market closed lower in the morning session with flat trading among weak performance of financial shares and falling coal producers after coal prices dropped.
The benchmark Shanghai Composite Index was down 0.35 percent, or 9.19 points, to close at 2,570.50 points. Turnover was 42.9 billion yuan (US$6.3 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.07 percent to close at 1,049.93 points.
China Shenhua Energy Co, the country's largest coal producer, was down 0.78 percent to 22.97 yuan after average coal price in the past week at Qinhuangdao fell 1.3 percent to 740 yuan a ton. Datong Coal Industry Co retreated 2.82 percent to 16.20 yuan.
Bank of Communications lost 0.94 percent to 6.33 yuan. Shanghai Pudong Development Bank dropped 1.54 percent to 14.66 yuan. China Merchants Bank lowered 1.12 percent to 14.10 yuan.
Property shares showed mixed results. China Merchants Property Development Co Ltd said first half profit more than doubled to 105 million yuan as it received payments for robust sales in the second half of last year. The stock jumped 1.89 percent. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd dipped 0.06 percent to 18.11 yuan. China Vanke Co rose 1.87 percent to 8.16 yuan.
SAIC Motor Co Ltd said preliminary report that first half profit may jump over 300 percent as sales boomed. The stock was up 0.27 percent to 14.63 yuan.
Metal companies were also weak. Jiangxi Copper lost 1.41 percent to 28.68 yuan. Metallurgical Corp of China was down 0.71 percent to 4.18 yuan.
Travel agencies bucked the downward trend after the State Council issued a proposal to boost the tourism industry by opening management right to foreign capital and allow tourism spots to put income of admission fees in pledge for mortgage loans.
China United Travel Co added 1.15 percent to 5.28 yuan. Guilin Tourism Co Ltd rose 1 percent to 10.15 yuan.
The benchmark Shanghai Composite Index was down 0.35 percent, or 9.19 points, to close at 2,570.50 points. Turnover was 42.9 billion yuan (US$6.3 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.07 percent to close at 1,049.93 points.
China Shenhua Energy Co, the country's largest coal producer, was down 0.78 percent to 22.97 yuan after average coal price in the past week at Qinhuangdao fell 1.3 percent to 740 yuan a ton. Datong Coal Industry Co retreated 2.82 percent to 16.20 yuan.
Bank of Communications lost 0.94 percent to 6.33 yuan. Shanghai Pudong Development Bank dropped 1.54 percent to 14.66 yuan. China Merchants Bank lowered 1.12 percent to 14.10 yuan.
Property shares showed mixed results. China Merchants Property Development Co Ltd said first half profit more than doubled to 105 million yuan as it received payments for robust sales in the second half of last year. The stock jumped 1.89 percent. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd dipped 0.06 percent to 18.11 yuan. China Vanke Co rose 1.87 percent to 8.16 yuan.
SAIC Motor Co Ltd said preliminary report that first half profit may jump over 300 percent as sales boomed. The stock was up 0.27 percent to 14.63 yuan.
Metal companies were also weak. Jiangxi Copper lost 1.41 percent to 28.68 yuan. Metallurgical Corp of China was down 0.71 percent to 4.18 yuan.
Travel agencies bucked the downward trend after the State Council issued a proposal to boost the tourism industry by opening management right to foreign capital and allow tourism spots to put income of admission fees in pledge for mortgage loans.
China United Travel Co added 1.15 percent to 5.28 yuan. Guilin Tourism Co Ltd rose 1 percent to 10.15 yuan.
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