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Shanghai market slips in morning
By Feng Jianmin |
July 5, 2011, Tuesday
|
Online Edition
Online Edition
Shanghai's key stock index dipped in the morning session as losses made by banks and coal miners overshadowed gains in the property and cement sectors.
The benchmark Shanghai Composite Index lost 0.1 percent to 2,809.97 points. Turnover fell to 73.2 billion yuan (US$11.3 billion) from yesterday morning's 75.8 billion yuan.
China Vanke, China's largest listed property developers, rose 2 percent after the company said its sales in the first half of the year jumped 78.6 percent from last year to 65.65 billion yuan. Gemdale Corp added 1 percent to 6.78 yuan.
Cement producers rose on China's massive construction plan of affordable homes. A Shanxi Securities report said that the price earnings ratio of the sector is 14, indicating that its valuation relatively low compared with the sector's historical figures. Tangshan Jidong Cement Co advanced 2.8 percent to 25.61 yuan. Fujian Cement Inc added 1.5 percent to 12.70 yuan.
Coal miners retreated from previous gains after data showed coal prices for power plants in eastern China fell first time in three months last week. China Shenhua Energy Co fell 0.9 percent to 30.80 yuan. Datong Coal Industry Co lost 1.3 percent to 17.56 yuan.
Banks were also weak. Agricultural Bank of China was down 0.7 percent to 2.75 yuan. Industrial and Commercial Bank of China edged down 0.4 percent to 4.40 yuan.
The benchmark Shanghai Composite Index lost 0.1 percent to 2,809.97 points. Turnover fell to 73.2 billion yuan (US$11.3 billion) from yesterday morning's 75.8 billion yuan.
China Vanke, China's largest listed property developers, rose 2 percent after the company said its sales in the first half of the year jumped 78.6 percent from last year to 65.65 billion yuan. Gemdale Corp added 1 percent to 6.78 yuan.
Cement producers rose on China's massive construction plan of affordable homes. A Shanxi Securities report said that the price earnings ratio of the sector is 14, indicating that its valuation relatively low compared with the sector's historical figures. Tangshan Jidong Cement Co advanced 2.8 percent to 25.61 yuan. Fujian Cement Inc added 1.5 percent to 12.70 yuan.
Coal miners retreated from previous gains after data showed coal prices for power plants in eastern China fell first time in three months last week. China Shenhua Energy Co fell 0.9 percent to 30.80 yuan. Datong Coal Industry Co lost 1.3 percent to 17.56 yuan.
Banks were also weak. Agricultural Bank of China was down 0.7 percent to 2.75 yuan. Industrial and Commercial Bank of China edged down 0.4 percent to 4.40 yuan.
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