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Shanghai shares drop amid liquidity concern
By Feng Jianmin |
June 28, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower in the morning session as investors grew cautious amid the upcoming disclosure of the price for the initial public offering of Agricultural Bank of China.
The benchmark Shanghai Composite Index went down 0.61 percent, or nearly 15.6 points, to close at 2537.23. Turnover dropped to 20.9 billion yuan (US$ 3.1 billion) from last Friday's 25.2 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, eased 1.18 percent to 1016.45 points.
Analysts expected the price of the IPO of Agricultural Bank of China will be announced as early as this evening, ranging from 2.50 yuan to 2.70 yuan.
Banks went mixed after Liu Mingkang, Chairman of the China Banking Regulatory Commission, said over the weekend that the average capital adequacy ratio of Chinese banks was above the standard.
China Construction Bank edged up 0.41 percent to 4.94 yuan. China Merchants Bank rose 2.09 percent to 13.67 yuan. Industrial and Commercial Bank of China edged down 0.7 percent to 4.24 yuan. Bank of China was unchanged at 3.55 yuan.
Blue chips were generally flat. Aluminum Corp of China went down 0.1 percent to 9.95 yuan. Jiangxi Copper Co edged down 0.07 percent to 27.55 yuan. Datong Coal Industry shed 3.86 percent to 31.60 yuan. PetroChina eased 0.75 percent to 10.65 yuan. Baoshan Iron & Steel Co was unchanged at 6.04 yuan.
The benchmark Shanghai Composite Index went down 0.61 percent, or nearly 15.6 points, to close at 2537.23. Turnover dropped to 20.9 billion yuan (US$ 3.1 billion) from last Friday's 25.2 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, eased 1.18 percent to 1016.45 points.
Analysts expected the price of the IPO of Agricultural Bank of China will be announced as early as this evening, ranging from 2.50 yuan to 2.70 yuan.
Banks went mixed after Liu Mingkang, Chairman of the China Banking Regulatory Commission, said over the weekend that the average capital adequacy ratio of Chinese banks was above the standard.
China Construction Bank edged up 0.41 percent to 4.94 yuan. China Merchants Bank rose 2.09 percent to 13.67 yuan. Industrial and Commercial Bank of China edged down 0.7 percent to 4.24 yuan. Bank of China was unchanged at 3.55 yuan.
Blue chips were generally flat. Aluminum Corp of China went down 0.1 percent to 9.95 yuan. Jiangxi Copper Co edged down 0.07 percent to 27.55 yuan. Datong Coal Industry shed 3.86 percent to 31.60 yuan. PetroChina eased 0.75 percent to 10.65 yuan. Baoshan Iron & Steel Co was unchanged at 6.04 yuan.
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