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Shanghai shares drop despite launch of index futures
By Feng Jianmin |
April 16, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower on the first morning after the launch of index futures. Property counters went mixed after the central government announced an increase in down payment for second mortgages.
The benchmark Shanghai Composite Index fell 0.81 percent to 3,139 points in the morning. Turnover shrank to 56.1 billion yuan. Losers outnumbered gainers by 547 to 359, and 198 remained unchanged.
The CSI 300 index, the futures' underlying benchmark tracking the 300 largest stocks on the Shanghai and Shenzhen bourses, trailed 0.73 percent to 3,369.90 points in the morning.
The Shenzhen Composite Index, which tracks the smaller market on the mainland, edged up 0.03 percent to 1,231.9 points.
The futures have attracted over 9,000 investors by Thursday, according to China Financial Futures Exchange. The derivative is expected to curb stock fluctuation and tame assets bubbles, analysts said.
Haitong Securities fell 1.74 percent to 16.27 yuan. Sinolink Securities Co dropped 2.42 percent to 21.41 yuan. China Construction Bank closed 0.89 percent lower to 5.56 yuan. Industrial &Commercial Bank of China lost 0.81 percent to 4.91 yuan.
The Property section yielded mix performance after the government raised the down payment to 50 percent when a family purchases its second property. Interests of the loans should not be lower than 110 percent benchmark interest rates.
China Vanke Co declined 0.57 percent to 8.74 yuan. Poly Real Estate Group gained 1.35 percent to 18.79 yuan. Gemdale Corp edged up 0.08 percent to 12.82 yuan.
China Yangtze Power Co, owner of the world's largest hydropower project, dropped 1.29 percent to 12.99 yuan, after it predicted a drop in profit in the first quarter due to low water level of the Yangzte River.
The country is planning to raise prices for electricity, water, and natural gases this year, said National Development and Reform Commission yesterday.
China's consumption of electricity rose 24 percent year on year in 2010 while power use by heavy industries will rise as production recovers, according to a note by Guosen Securities.
The benchmark Shanghai Composite Index fell 0.81 percent to 3,139 points in the morning. Turnover shrank to 56.1 billion yuan. Losers outnumbered gainers by 547 to 359, and 198 remained unchanged.
The CSI 300 index, the futures' underlying benchmark tracking the 300 largest stocks on the Shanghai and Shenzhen bourses, trailed 0.73 percent to 3,369.90 points in the morning.
The Shenzhen Composite Index, which tracks the smaller market on the mainland, edged up 0.03 percent to 1,231.9 points.
The futures have attracted over 9,000 investors by Thursday, according to China Financial Futures Exchange. The derivative is expected to curb stock fluctuation and tame assets bubbles, analysts said.
Haitong Securities fell 1.74 percent to 16.27 yuan. Sinolink Securities Co dropped 2.42 percent to 21.41 yuan. China Construction Bank closed 0.89 percent lower to 5.56 yuan. Industrial &Commercial Bank of China lost 0.81 percent to 4.91 yuan.
The Property section yielded mix performance after the government raised the down payment to 50 percent when a family purchases its second property. Interests of the loans should not be lower than 110 percent benchmark interest rates.
China Vanke Co declined 0.57 percent to 8.74 yuan. Poly Real Estate Group gained 1.35 percent to 18.79 yuan. Gemdale Corp edged up 0.08 percent to 12.82 yuan.
China Yangtze Power Co, owner of the world's largest hydropower project, dropped 1.29 percent to 12.99 yuan, after it predicted a drop in profit in the first quarter due to low water level of the Yangzte River.
The country is planning to raise prices for electricity, water, and natural gases this year, said National Development and Reform Commission yesterday.
China's consumption of electricity rose 24 percent year on year in 2010 while power use by heavy industries will rise as production recovers, according to a note by Guosen Securities.
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