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Shanghai shares drop as economic concerns linger
By Feng Jianmin |
May 31, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks closed slightly lower in the morning session as jitters about the European debt crisis and the domestic property market outpaced the outlook for a soft monetary policy.
The Shanghai Composite Index edged down 2.02 points, or 0.08 percent, to 2,653.75 points. Turnover stood at 42.8 billion yuan (US$ 6.3 billion). Losers outnumberd gainers by 592 to 308, and 309 remain unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, edged up 2 points, or 0.19 percent, to 1,064.77.
China's Finance Minister Xie Xuren last Friday stressed the necessity to maintain a relatively soft financial policy to prevent an economic retreat.
On the other hand, concerns about the European debt crisis grow after Fitch cut Spain's credit rating from AAA to AA+, which is likely impact China's export to Europe, the country's largest export destination.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, fell 1.37 percent to 10.10 yuan.
The financial and property sectors went mixed. Bank of China gained 2 percent to 4.09 yuan. China Merchants Bank lost 0.44 percent to 13.56 yuan. China Pacific Insurance (Group) Co went down 1.26 percent to 21.98 yuan. Citic Securities, the country's largest brokerage, was 1.41 percent to 20.35 yuan.
China Vanke was 0.01 yuan lower to 7.42 yuan. China Merchants Property Development Co lost 0.02 yuan, or 0.16 percent, to 12.73 yuan. Gemdale remained unchanged at 6.73 yuan. Shanghai AJ Corportaion climbed 2.07 percent to 8.38 yuan.
Xinjiang-based stocks extended previous gains after the central government announced a plan to invest 120 to 150 billion yuan in Xinjiang's infrastructure construction. Xinjiang West-Construction Co climbed 3.58 percent to 32.12 yuan. Xinjiang Tianshan Cement Co gained 0.4 percent to 21.51 yuan. Cofco Tunhe Co, a main food processor, gained 1.29 percent to 12.53 yuan.
The Shanghai Composite Index edged down 2.02 points, or 0.08 percent, to 2,653.75 points. Turnover stood at 42.8 billion yuan (US$ 6.3 billion). Losers outnumberd gainers by 592 to 308, and 309 remain unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, edged up 2 points, or 0.19 percent, to 1,064.77.
China's Finance Minister Xie Xuren last Friday stressed the necessity to maintain a relatively soft financial policy to prevent an economic retreat.
On the other hand, concerns about the European debt crisis grow after Fitch cut Spain's credit rating from AAA to AA+, which is likely impact China's export to Europe, the country's largest export destination.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, fell 1.37 percent to 10.10 yuan.
The financial and property sectors went mixed. Bank of China gained 2 percent to 4.09 yuan. China Merchants Bank lost 0.44 percent to 13.56 yuan. China Pacific Insurance (Group) Co went down 1.26 percent to 21.98 yuan. Citic Securities, the country's largest brokerage, was 1.41 percent to 20.35 yuan.
China Vanke was 0.01 yuan lower to 7.42 yuan. China Merchants Property Development Co lost 0.02 yuan, or 0.16 percent, to 12.73 yuan. Gemdale remained unchanged at 6.73 yuan. Shanghai AJ Corportaion climbed 2.07 percent to 8.38 yuan.
Xinjiang-based stocks extended previous gains after the central government announced a plan to invest 120 to 150 billion yuan in Xinjiang's infrastructure construction. Xinjiang West-Construction Co climbed 3.58 percent to 32.12 yuan. Xinjiang Tianshan Cement Co gained 0.4 percent to 21.51 yuan. Cofco Tunhe Co, a main food processor, gained 1.29 percent to 12.53 yuan.
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