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Shanghai shares dip led by financial and property firms
By Joyce Pan |
January 4, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly lower in the morning session with the weak performance in the financial and property sectors.
The benchmark Shanghai Composite Index dipped 0.35 percent, or 11.63 points, to close at 3,265.51 points. Turnover stood at 69.9 billion yuan (US$10.28 billion).
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.13 percent to close at 1,202.86 points.
Property developers remained weak on concerns about more government measures to curb speculation. Shanghai-based Shimao Co retreated 2.1 percent to 16.31 yuan. Poly Real Estate Group withdrew 0.7 percent to 22.24 yuan. Gemdale Corp eased 1.8 percent to 13.63 yuan.
Everbright Securities Co slid 2 percent to 25 yuan. Haitong Securities Co edged down 1.4 percent to 18.92 yuan. Shanghai Pudong Development Bank Co decreased 1.5 percent to 21.36 yuan. China Merchants Bank Co fell 1.4 percent to 17.79 yuan.
Bucking the downward trend, auto makers gained after the Ministry of Commerce lifted the subsidy for individuals who upgrade their highly polluted vehicles to a maximum 18,000 yuan from a previous ceiling of 6,000 yuan.
Dongfeng Automobile Co was up 2 percent at 7 yuan. SAIC Motor Corp advanced 3 percent to 26.9 yuan and Beiqi Foton Motor Co climbed 2.8 percent to 19.59 yuan.
The benchmark Shanghai Composite Index dipped 0.35 percent, or 11.63 points, to close at 3,265.51 points. Turnover stood at 69.9 billion yuan (US$10.28 billion).
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.13 percent to close at 1,202.86 points.
Property developers remained weak on concerns about more government measures to curb speculation. Shanghai-based Shimao Co retreated 2.1 percent to 16.31 yuan. Poly Real Estate Group withdrew 0.7 percent to 22.24 yuan. Gemdale Corp eased 1.8 percent to 13.63 yuan.
Everbright Securities Co slid 2 percent to 25 yuan. Haitong Securities Co edged down 1.4 percent to 18.92 yuan. Shanghai Pudong Development Bank Co decreased 1.5 percent to 21.36 yuan. China Merchants Bank Co fell 1.4 percent to 17.79 yuan.
Bucking the downward trend, auto makers gained after the Ministry of Commerce lifted the subsidy for individuals who upgrade their highly polluted vehicles to a maximum 18,000 yuan from a previous ceiling of 6,000 yuan.
Dongfeng Automobile Co was up 2 percent at 7 yuan. SAIC Motor Corp advanced 3 percent to 26.9 yuan and Beiqi Foton Motor Co climbed 2.8 percent to 19.59 yuan.
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