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Shanghai shares drop as investors take profits
By Ding Yining |
January 8, 2009, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell below 1,900 points today as investors opted to take profits.
The benchmark Shanghai Composite Index lost 2.38 percent, or 45.83 points, to close at 1,878.18 points. Turnover dropped to 55.0 billion yuan (US$8.05 billion) from yesterday's 63.9 billion yuan. Losing shares outnumbered gainers 708 to 162 and 40 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.99 percent to close at 573.09 points.
The price of crude oil dropped below US$43 per barrel on increasing US crude reserves and speculation demand for energy would drop.
PetroChina, the biggest component on the Shanghai index, buckled 3.05 percent to 10.17 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, lost 1.52 percent to 7.14 yuan.
Investors shunned the banking sector. Industrial & Commercial Bank of China, the nation's biggest lender, was down 2.21 percent to 3.54 yuan. China Construction Bank sank 3.88 percent to 3.72 yuan.
Magnitico Holdings Ltd, owned by Hong Kong billionaire Li Ka-Shing, is raising as much as US$524 million by selling Bank of China's Hong Kong shares. Bank of China's A shares in Shanghai decreased 2.00 percent to 2.94 yuan.
Three 3G licenses were issued yesterday, promising a boost to the country's telecommunications industry. The Ministry of Industry and Information Technology gave 3G licenses to China Mobile, China Unicom and China Telecom in Beijing. Related companies' shares, however, dropped as "the market had enough preparation for the release of the licenses and shares have been gaining for the past few weeks while investors may sell and take profits," according to a research note by Shanghai Securities.
China United Telecommunications Corporation Ltd was down 5.97 percent to 4.88 yuan. ZTE Corporation lost 3.52 percent to 26.85 yuan.
Ping An Insurance (Group) Co, China's second-largest insurer, tumbled 5.12 percent to 28.34 yuan. China Life Insurance Co Ltd sank 3.97 percent to 19.13 yuan.
Huaneng Power International Inc, the unit of China's biggest power producer, said output for 2008 increased 6.3 percent to 184.6 billion kilowatt-hours. The stock lowered 0.84 percent to 7.12 yuan.
On the plus side, Shanghai Waigaoqiao Free Trade Zone Development Co surged the daily limit of 10 percent to 8.69 yuan among speculation it will be involved in building a Walt Disney Co theme park in Shanghai. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd, also rumored to be involved in the project, saw its shares jump 3.80 percent to close at 15.83 yuan.
The benchmark Shanghai Composite Index lost 2.38 percent, or 45.83 points, to close at 1,878.18 points. Turnover dropped to 55.0 billion yuan (US$8.05 billion) from yesterday's 63.9 billion yuan. Losing shares outnumbered gainers 708 to 162 and 40 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.99 percent to close at 573.09 points.
The price of crude oil dropped below US$43 per barrel on increasing US crude reserves and speculation demand for energy would drop.
PetroChina, the biggest component on the Shanghai index, buckled 3.05 percent to 10.17 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, lost 1.52 percent to 7.14 yuan.
Investors shunned the banking sector. Industrial & Commercial Bank of China, the nation's biggest lender, was down 2.21 percent to 3.54 yuan. China Construction Bank sank 3.88 percent to 3.72 yuan.
Magnitico Holdings Ltd, owned by Hong Kong billionaire Li Ka-Shing, is raising as much as US$524 million by selling Bank of China's Hong Kong shares. Bank of China's A shares in Shanghai decreased 2.00 percent to 2.94 yuan.
Three 3G licenses were issued yesterday, promising a boost to the country's telecommunications industry. The Ministry of Industry and Information Technology gave 3G licenses to China Mobile, China Unicom and China Telecom in Beijing. Related companies' shares, however, dropped as "the market had enough preparation for the release of the licenses and shares have been gaining for the past few weeks while investors may sell and take profits," according to a research note by Shanghai Securities.
China United Telecommunications Corporation Ltd was down 5.97 percent to 4.88 yuan. ZTE Corporation lost 3.52 percent to 26.85 yuan.
Ping An Insurance (Group) Co, China's second-largest insurer, tumbled 5.12 percent to 28.34 yuan. China Life Insurance Co Ltd sank 3.97 percent to 19.13 yuan.
Huaneng Power International Inc, the unit of China's biggest power producer, said output for 2008 increased 6.3 percent to 184.6 billion kilowatt-hours. The stock lowered 0.84 percent to 7.12 yuan.
On the plus side, Shanghai Waigaoqiao Free Trade Zone Development Co surged the daily limit of 10 percent to 8.69 yuan among speculation it will be involved in building a Walt Disney Co theme park in Shanghai. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd, also rumored to be involved in the project, saw its shares jump 3.80 percent to close at 15.83 yuan.
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