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Shanghai shares down on gloomy global economic outlook
By Feng Jianmin |
August 25, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped on worries about a slowdown in global economic growth after the United States market fell on record low home sales in 15 years.
The benchmark Shanghai Composite fell 1 percent, or 26.37 points, to close at 2,623.94 points. Turnover stood at 56.2 billion yuan (US$ 8.26 billion) slightly higher than yesterday morning's 55.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.89 percent higher at 1,125.47 points.
Coal miners were weak after Datong Coal Industry Co reported a 13.06 percent drop of net profit in the first half this year from a year earlier. Its share lost 1.86 percent to 16.38 yuan. China Shenhua Energy Co, the nation's largest coal producer, fell 1.47 percent to 24.14 yuan. China Coal Energy Co went down 1.22 percent to 9.73 yuan.
Property developers led index lower after Xu Lin, head of treasury and financial department of National Development and Reform Commission, said yesterday that China will propel reforms of the property tax. China Vanke fell 2.6 percent to 8.62 yuan. Gemdale Corp lost 1.9 percent to 6.66 yuan. China Merchants Property Development Co declined 3.33 percent to 19.77 yuan.
Airlines dropped after a plane crashed in Heilongjiang Province in northeast China yesterday. Concerns were also aroused that airlines' operation cost may grow as yuan went weak against the US dollar. China Eastern Airlines Corp retreated 3.18 percent to 7.31 yuan. China Southern Airlines Co declined 3.38 percent to 7.15 yuan. Air China lost 3.35 percent to 11.25 yuan.
The benchmark Shanghai Composite fell 1 percent, or 26.37 points, to close at 2,623.94 points. Turnover stood at 56.2 billion yuan (US$ 8.26 billion) slightly higher than yesterday morning's 55.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.89 percent higher at 1,125.47 points.
Coal miners were weak after Datong Coal Industry Co reported a 13.06 percent drop of net profit in the first half this year from a year earlier. Its share lost 1.86 percent to 16.38 yuan. China Shenhua Energy Co, the nation's largest coal producer, fell 1.47 percent to 24.14 yuan. China Coal Energy Co went down 1.22 percent to 9.73 yuan.
Property developers led index lower after Xu Lin, head of treasury and financial department of National Development and Reform Commission, said yesterday that China will propel reforms of the property tax. China Vanke fell 2.6 percent to 8.62 yuan. Gemdale Corp lost 1.9 percent to 6.66 yuan. China Merchants Property Development Co declined 3.33 percent to 19.77 yuan.
Airlines dropped after a plane crashed in Heilongjiang Province in northeast China yesterday. Concerns were also aroused that airlines' operation cost may grow as yuan went weak against the US dollar. China Eastern Airlines Corp retreated 3.18 percent to 7.31 yuan. China Southern Airlines Co declined 3.38 percent to 7.15 yuan. Air China lost 3.35 percent to 11.25 yuan.
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