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Shanghai shares dip on weaker blue chips
By Feng Jianmin |
July 16, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks dropped in the morning session led by heavy weights over economic concerns.
The benchmark Shanghai Composite Index eased 1.2 percent, or 29 points, to close at 2395.31. Turnover shrank to 28.4 billion yuan (US$ 4.2 billion) from yesterday's 39 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 1.19 percent to 952.34 points.
Investors remained cautious about a slowdown in economic growth after China's top statistics bureau yesterday reported a 10.3 percent growth of gross domestic product in the second quarter from a year earlier, down from an 11.9 percent growth in the first quarter.
Oil producers dropped. PetroChina, the biggest index component, retreated 1.26 percent to 10.15 yuan. China Petroleum & Chemical Corp fell 2.14 percent to 7.78 yuan.
Coal miners went down on shrinking demand as electricity generation growth slowed in June. China Shenhua Energy Co, the nation's largest coal producer, fell 0.88 percent to 21.48 yuan. Datong Coal Industry Co dropped 1.07 percent to 26.82 yuan. China Coal Energy Co dipped 0.48 percent to 8.38 yuan.
Banks were weak. Bank of China declined 1.16 percent to 3.41 yuan. Industrial and Commercial Bank of China lost 0.72 percent to 4.15 yuan. Agricultural Bank of China went down 0.74 percent to 2.68 yuan.
The benchmark Shanghai Composite Index eased 1.2 percent, or 29 points, to close at 2395.31. Turnover shrank to 28.4 billion yuan (US$ 4.2 billion) from yesterday's 39 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 1.19 percent to 952.34 points.
Investors remained cautious about a slowdown in economic growth after China's top statistics bureau yesterday reported a 10.3 percent growth of gross domestic product in the second quarter from a year earlier, down from an 11.9 percent growth in the first quarter.
Oil producers dropped. PetroChina, the biggest index component, retreated 1.26 percent to 10.15 yuan. China Petroleum & Chemical Corp fell 2.14 percent to 7.78 yuan.
Coal miners went down on shrinking demand as electricity generation growth slowed in June. China Shenhua Energy Co, the nation's largest coal producer, fell 0.88 percent to 21.48 yuan. Datong Coal Industry Co dropped 1.07 percent to 26.82 yuan. China Coal Energy Co dipped 0.48 percent to 8.38 yuan.
Banks were weak. Bank of China declined 1.16 percent to 3.41 yuan. Industrial and Commercial Bank of China lost 0.72 percent to 4.15 yuan. Agricultural Bank of China went down 0.74 percent to 2.68 yuan.
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