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Shanghai shares drop as turnover shrinks
By Ding Yining |
April 28, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S stock index ended lower in the morning session after gains in steel makers were overshadowed by weak performance of other metal producers as investors took a cautious attitude after yesterday's slump.
The benchmark Shanghai Composite Index was down 0.31 percent, or 8.91 points, to close at 2,899.01 points. Turnover shrank to 53.2 billion yuan (US$7.8 billion) from yesterday's 70.7 billion yuan. Losers outnumbered gainers by 537 to 311 and 74 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.39 percent to close at 1,164.03 points.
China Petroleum & Chemical Corp is said to be planning to issue no more than 20 billion yuan worth of corporate bonds in May to replenish capitals, Dow Jones Newswires cited two sources familiar with the matter as saying.
Sinopec, as the refiner is known, edged up 0.20 percent to 10.01 yuan. PetroChina, the biggest index component, was up 0.25 percent to 11.95 yuan.
Banks and financial shares remained weak. Ping An Insurance (Group) Co dropped 1.11 percent to 49.09 yuan. China Pacific Insurance (Group) Co Ltd retreated 1.84 percent to 24.48 yuan.
Bank of Communications dipped 0.14 percent to 6.98 yuan. Bank of China lowered 0.50 percent to 4.02 yuan. Industrial Bank lost 1.73 percent to 28.35 yuan.
Steel makers showed mixed results. Baoshan Iron & Steel, the country's largest steel maker, added 1.57 percent to 6.48 yuan. Beijing Shougang Co Ltd lost 0.68 percent to 4.38 yuan. Wuhan Iron & Steel Co edged up 0.72 percent to 5.61 yuan.
Jiangxi Copper dropped 2.01 percent to 33.62 yuan. Yunnan Copper lost 3.14 percent to 24.33 yuan. Aluminum Corporation of China Ltd was down 1.46 percent to 11.47 yuan. Ningbo Fubang Jingye Group Co sank 3.77 percent to 8.94 yuan.
The benchmark Shanghai Composite Index was down 0.31 percent, or 8.91 points, to close at 2,899.01 points. Turnover shrank to 53.2 billion yuan (US$7.8 billion) from yesterday's 70.7 billion yuan. Losers outnumbered gainers by 537 to 311 and 74 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.39 percent to close at 1,164.03 points.
China Petroleum & Chemical Corp is said to be planning to issue no more than 20 billion yuan worth of corporate bonds in May to replenish capitals, Dow Jones Newswires cited two sources familiar with the matter as saying.
Sinopec, as the refiner is known, edged up 0.20 percent to 10.01 yuan. PetroChina, the biggest index component, was up 0.25 percent to 11.95 yuan.
Banks and financial shares remained weak. Ping An Insurance (Group) Co dropped 1.11 percent to 49.09 yuan. China Pacific Insurance (Group) Co Ltd retreated 1.84 percent to 24.48 yuan.
Bank of Communications dipped 0.14 percent to 6.98 yuan. Bank of China lowered 0.50 percent to 4.02 yuan. Industrial Bank lost 1.73 percent to 28.35 yuan.
Steel makers showed mixed results. Baoshan Iron & Steel, the country's largest steel maker, added 1.57 percent to 6.48 yuan. Beijing Shougang Co Ltd lost 0.68 percent to 4.38 yuan. Wuhan Iron & Steel Co edged up 0.72 percent to 5.61 yuan.
Jiangxi Copper dropped 2.01 percent to 33.62 yuan. Yunnan Copper lost 3.14 percent to 24.33 yuan. Aluminum Corporation of China Ltd was down 1.46 percent to 11.47 yuan. Ningbo Fubang Jingye Group Co sank 3.77 percent to 8.94 yuan.
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