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Shanghai shares closed flat in the morning
By Ding Yining |
July 1, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks almost remained unchanged in the morning session amid flat trading after the Purchasing Managers' Index for June fell from May, bringing concerns that economic recovery is moderating.
The benchmark Shanghai Composite Index dipped 0.06 percent, or 1.55 points, to close at 2,396.82 points. Turnover fell to 22.8 billion yuan (US$3.3 billion) from yesterday's 31.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged down 0.05 percent to close at 944.84 points.
The Federation of Logistics and Purchasing said today that June's Purchasing Managers' Index stood at 52.1, lower from 53.9 in May. Market watchers suggested this may show China's economic recovery is slowing down after hitting 11.9 percent in the first quarter as government is containing overheating and inflation risks.
The banking sector showed mixed results. Bank of Communications dipped 0.17 percent to 6 yuan. Shanghai Pudong Development Bank was up 0.22 percent to 13.63 yuan. China Merchants Bank added 0.78 percent to 12.90 yuan.
Real estate developers were generally flat. Shanghai Shimao Co dropped 1.32 percent to 11.19 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.42 percent to 16.73 yuan.
Metal companies also closed lower on concerns demand for raw materials will drop. Yunnan Copper lost 0.56 percent to 17.80 yuan. Zhongjin Gold Mining Co retreated 2.77 percent to 50.23 yuan. Zijin Mining Co dropped 0.82 percent to 6.02 yuan.
Brokerages bucked the downward trend. Everbright Securities rose 0.20 percent to 15.32 yuan. Changjiang Securities rose 1.20 percent to 10.93 yuan. GF Securities was up 1.23 percent to 31.18 yuan.
SAIC Motor Corp added 2.28 percent to 12.55 yuan. Chongqing Changan Automobile Co rose 1.38 percent to 8.81 yuan. A total of 16 Chinese car makers including Chongqing Changan and SAIC have been granted government subsidies for their fuel-efficient models, the National Development and Reform Commission said yesterday.
The benchmark Shanghai Composite Index dipped 0.06 percent, or 1.55 points, to close at 2,396.82 points. Turnover fell to 22.8 billion yuan (US$3.3 billion) from yesterday's 31.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged down 0.05 percent to close at 944.84 points.
The Federation of Logistics and Purchasing said today that June's Purchasing Managers' Index stood at 52.1, lower from 53.9 in May. Market watchers suggested this may show China's economic recovery is slowing down after hitting 11.9 percent in the first quarter as government is containing overheating and inflation risks.
The banking sector showed mixed results. Bank of Communications dipped 0.17 percent to 6 yuan. Shanghai Pudong Development Bank was up 0.22 percent to 13.63 yuan. China Merchants Bank added 0.78 percent to 12.90 yuan.
Real estate developers were generally flat. Shanghai Shimao Co dropped 1.32 percent to 11.19 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.42 percent to 16.73 yuan.
Metal companies also closed lower on concerns demand for raw materials will drop. Yunnan Copper lost 0.56 percent to 17.80 yuan. Zhongjin Gold Mining Co retreated 2.77 percent to 50.23 yuan. Zijin Mining Co dropped 0.82 percent to 6.02 yuan.
Brokerages bucked the downward trend. Everbright Securities rose 0.20 percent to 15.32 yuan. Changjiang Securities rose 1.20 percent to 10.93 yuan. GF Securities was up 1.23 percent to 31.18 yuan.
SAIC Motor Corp added 2.28 percent to 12.55 yuan. Chongqing Changan Automobile Co rose 1.38 percent to 8.81 yuan. A total of 16 Chinese car makers including Chongqing Changan and SAIC have been granted government subsidies for their fuel-efficient models, the National Development and Reform Commission said yesterday.
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