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Shanghai shares dip on steel mills
By Joyce Pan |
January 18, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped slightly in the morning session as losses of steel firms more than offset gains of air carriers.
The benchmark Shanghai Composite Index dipped 0.11 percent, or 3.63 points, to close at 3,220.52 points. Turnover stood at 87.5 billion yuan (US$12.87 billion) at midday break. Gainers outnumbered losers 561 to 310 while 33 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.34 percent to close at 1,230.85 points.
Steelmakers led the decliners after the country's biggest mill reported lower net income. Baoshan Iron & Steel Co retreated 2.2 percent to 8.49 yuan. Profit for 2009 dropped 11 percent to 5.75 billion yuan due to falling prices, the company said. Angang Steel Co eased 0.9 percent to 13.78 yuan. Wuhan Iron & Steel Co slid 1 percent to 7.63 yuan.
Bank of China edged down 0.2 percent to 4.15 yuan. Industrial and Commercial Bank of China was off 0.6 percent to 5.05 yuan. China Merchants Bank withdrew 1.4 percent to 16.09 yuan. China Construction Bank Corp lowered 0.3 percent to 5.86 yuan.
Airliners were among the gainers as China Eastern predicted a net profit for 2009, compared with a net loss for 2008. China's civil aviation industry flew into the black with a net profit of 2.2 billion yuan last year, bolstered by booming demand for air travel, the Civil Aviation Administration of China said last week.
China Eastern Airlines Corp jumped 5 percent to 6.65 yuan. Air China surged 6.1 percent to 11.25 yuan and China Southern Airlines Co climbed 3.9 percent to 6.43 yuan.
The benchmark Shanghai Composite Index dipped 0.11 percent, or 3.63 points, to close at 3,220.52 points. Turnover stood at 87.5 billion yuan (US$12.87 billion) at midday break. Gainers outnumbered losers 561 to 310 while 33 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.34 percent to close at 1,230.85 points.
Steelmakers led the decliners after the country's biggest mill reported lower net income. Baoshan Iron & Steel Co retreated 2.2 percent to 8.49 yuan. Profit for 2009 dropped 11 percent to 5.75 billion yuan due to falling prices, the company said. Angang Steel Co eased 0.9 percent to 13.78 yuan. Wuhan Iron & Steel Co slid 1 percent to 7.63 yuan.
Bank of China edged down 0.2 percent to 4.15 yuan. Industrial and Commercial Bank of China was off 0.6 percent to 5.05 yuan. China Merchants Bank withdrew 1.4 percent to 16.09 yuan. China Construction Bank Corp lowered 0.3 percent to 5.86 yuan.
Airliners were among the gainers as China Eastern predicted a net profit for 2009, compared with a net loss for 2008. China's civil aviation industry flew into the black with a net profit of 2.2 billion yuan last year, bolstered by booming demand for air travel, the Civil Aviation Administration of China said last week.
China Eastern Airlines Corp jumped 5 percent to 6.65 yuan. Air China surged 6.1 percent to 11.25 yuan and China Southern Airlines Co climbed 3.9 percent to 6.43 yuan.
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