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Shanghai shares close flat with bigger turnover
By Feng Jianmin |
September 29, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed almost unchanged today as gains in heavy weights were overshadowed by losses of smaller firms.
The benchmark Shanghai Composite Index dipped 0.03 percent, or 0.67 points, to close at 2,610.68 points. Turnover grew to 105.8 billion yuan (US$ 8.8 billion) from yesterday's 93.1 billion.
The Shenzhen Component Index, which tracks the smaller mainland exchange, increased 0.45 percent to 11,223.9.
China's largest oil producers drove up the index as crude oil prices fell. Domestic oil product prices have been kept stable for three months. PetroChina, the largest oil producer and biggest heavyweight in the market, rose 1.11 percent to 10.05 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, went up 0.88 percent to 8.02 yuan.
Metal producers extended previous gains as commodity prices rose as the US dollar weakens. Aluminum Corp of China jumped by 7.54 percent to 11.70 yuan. Jiangxi Copper Co, the nation's biggest producer of the metal, advanced 4.15 percent to 30.13 yuan. Yunnan Copper Co climbed 2.83 percent to 21.78 yuan.
Paper producers and airlines that previously gained on speculation of the yuan appreciation retreated as the trend was considered unsustainable. China Eastern Airlines Co fell 2.59 percent to 7.52 yuan. Air China dipped 0.92 percent to 11.79 yuan. Shandong Sun Paper Industry Joint Stock Co, China's largest private-run paper firm, declined 4.56 percent to 11.50 yuan. Anhui Shanying Paper Industry Co went down 3 percent to 5.46 yuan.
Measures tracking the growth enterprise market and small and medium-sized enterprises both lost more than 1 percent, on speculation that the current growth may be excessive.
The benchmark Shanghai Composite Index dipped 0.03 percent, or 0.67 points, to close at 2,610.68 points. Turnover grew to 105.8 billion yuan (US$ 8.8 billion) from yesterday's 93.1 billion.
The Shenzhen Component Index, which tracks the smaller mainland exchange, increased 0.45 percent to 11,223.9.
China's largest oil producers drove up the index as crude oil prices fell. Domestic oil product prices have been kept stable for three months. PetroChina, the largest oil producer and biggest heavyweight in the market, rose 1.11 percent to 10.05 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, went up 0.88 percent to 8.02 yuan.
Metal producers extended previous gains as commodity prices rose as the US dollar weakens. Aluminum Corp of China jumped by 7.54 percent to 11.70 yuan. Jiangxi Copper Co, the nation's biggest producer of the metal, advanced 4.15 percent to 30.13 yuan. Yunnan Copper Co climbed 2.83 percent to 21.78 yuan.
Paper producers and airlines that previously gained on speculation of the yuan appreciation retreated as the trend was considered unsustainable. China Eastern Airlines Co fell 2.59 percent to 7.52 yuan. Air China dipped 0.92 percent to 11.79 yuan. Shandong Sun Paper Industry Joint Stock Co, China's largest private-run paper firm, declined 4.56 percent to 11.50 yuan. Anhui Shanying Paper Industry Co went down 3 percent to 5.46 yuan.
Measures tracking the growth enterprise market and small and medium-sized enterprises both lost more than 1 percent, on speculation that the current growth may be excessive.
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