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Shanghai shares dip on week steel sector
By Ding Yining |
July 31, 2012, Tuesday
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Online Edition
Online Edition
SHANGHAI stock dipped in the morning session with gains in banks and brokerage firms overshadowed by weak steel makers on data of an industry-wide profits slump.
The benchmark Shanghai Composite Index lost 0.07 percent, or 1.43 points, to 2,108.49. Turnover was 23.2 billion yuan (US$3.7 billion) and altogether 756 shares dropped, 189 shares rose, while 40 remained unchanged.
Industrial & Commercial Bank of China, the nation's biggest lender, added 1.08 percent to 3.75 yuan. China Minsheng Banking Corp grew 1.36 percent.
Steel makers were among the losers after slowing economy hurt manufacturers' earnings. China Iron and Steel Association said yesterday first half profit at domestic steel makers dropped 96 percent from a year ago to 2.38 billion yuan. The industry association director Zhu Jimin said that high raw material cost and weak demand has squeezed profit out of most steel mills.
Shandong Jinling Mining Co sank 7.26 percent to 9.58 yuan. Shanxi Taigang Stainless Steel lost 3.01 percent to 3.54 yuan.
Guoyuan Securities rose 1.92 percent to 10.60 yuan. Haitong Securities added 2.13 percent to 9.58 yuan.
Property developers also pushed up the index. China Vanke Co rose 1.89 percent to 9.17 yuan. Poly Real Estate Corp advanced 2.82 percent to 11.31 yuan.
The benchmark Shanghai Composite Index lost 0.07 percent, or 1.43 points, to 2,108.49. Turnover was 23.2 billion yuan (US$3.7 billion) and altogether 756 shares dropped, 189 shares rose, while 40 remained unchanged.
Industrial & Commercial Bank of China, the nation's biggest lender, added 1.08 percent to 3.75 yuan. China Minsheng Banking Corp grew 1.36 percent.
Steel makers were among the losers after slowing economy hurt manufacturers' earnings. China Iron and Steel Association said yesterday first half profit at domestic steel makers dropped 96 percent from a year ago to 2.38 billion yuan. The industry association director Zhu Jimin said that high raw material cost and weak demand has squeezed profit out of most steel mills.
Shandong Jinling Mining Co sank 7.26 percent to 9.58 yuan. Shanxi Taigang Stainless Steel lost 3.01 percent to 3.54 yuan.
Guoyuan Securities rose 1.92 percent to 10.60 yuan. Haitong Securities added 2.13 percent to 9.58 yuan.
Property developers also pushed up the index. China Vanke Co rose 1.89 percent to 9.17 yuan. Poly Real Estate Corp advanced 2.82 percent to 11.31 yuan.
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