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Shanghai shares drop led by banks
By Ding Yining |
January 25, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI shares ebbed in the morning session as banks retreated among concerns of a tighter mortgage policy that may hurt banks' new lending and property sales.
The benchmark Shanghai Composite Index was down 0.66 percent, or 20.80 points, to close at 3,107.79 points. Turnover was 54.2 billion yuan(US$7.9 billion). Losers outnumbered gainers 646 to 211, and 57 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 0.71 percent to close at 1,153.69 points.
The China Securities Journal reported today that some banks in Beijing have raised first-home mortgage rate to 85 percent of the central bank's benchmark, instead of the previous 70 percent.
Shanghai Pudong Development Bank dropped 1.63 percent to 20.56 yuan. China Construction Bank lowered 1.50 percent to close at 5.93 yuan. Bank of Communications was down 2.52 percent to 8.88 yuan.
Bank of China has proposed to sell up to 40 million yuan
of convertible bonds to replenish its capital and is still waiting for shareholders' approval. Its shares edged up 0.24 percent to 4.17 yuan.
China Vanke Co, the biggest listed domestic real estate developer, lost 0.42 percent to 9.51 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd retreated 2.61 percent to 24.60 yuan. Shanghai Shimao Co Ltd buckled 5.05 percent to 14.86 yuan.
Brokerages buckled the downward trend as China's securities regulator said it has started accepting brokerages' application for a margin-trading trial program. Haitong Securities advanced 2.66 percent to 17.73 yuan. Citic Securities edged up 0.45 percent to 29.34 yuan. Everbright Securities rose 1.94 percent to 27.85 yuan.
Metal producers showed mixed results. Zijin Mining Co dipped 0.23 percent to 8.82 yuan. Shandong Gold Mining Co lowered 0.80 percent to 70.32 yuan. Yunnan Copper Co edged up 0.41 percent to 27.11 yuan.
China Railway Group Ltd, the country's biggest construction company by total assets, said it plan to sell 6 billion yuan of domestic corporate bonds. Its shares retreated 1.80 percent to 6 yuan.
Brokerages buckled the downward trend as China's securities regulator said it has started accepting brokerages' application for a margin-trading trial program. Haitong Securities advanced 2.66 percent to 17.73 yuan. Citic Securities edged up 0.45 percent to 29.34 yuan. Everbright Securities rose 1.94 percent to 27.85 yuan.
The benchmark Shanghai Composite Index was down 0.66 percent, or 20.80 points, to close at 3,107.79 points. Turnover was 54.2 billion yuan(US$7.9 billion). Losers outnumbered gainers 646 to 211, and 57 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 0.71 percent to close at 1,153.69 points.
The China Securities Journal reported today that some banks in Beijing have raised first-home mortgage rate to 85 percent of the central bank's benchmark, instead of the previous 70 percent.
Shanghai Pudong Development Bank dropped 1.63 percent to 20.56 yuan. China Construction Bank lowered 1.50 percent to close at 5.93 yuan. Bank of Communications was down 2.52 percent to 8.88 yuan.
Bank of China has proposed to sell up to 40 million yuan
of convertible bonds to replenish its capital and is still waiting for shareholders' approval. Its shares edged up 0.24 percent to 4.17 yuan.
China Vanke Co, the biggest listed domestic real estate developer, lost 0.42 percent to 9.51 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd retreated 2.61 percent to 24.60 yuan. Shanghai Shimao Co Ltd buckled 5.05 percent to 14.86 yuan.
Brokerages buckled the downward trend as China's securities regulator said it has started accepting brokerages' application for a margin-trading trial program. Haitong Securities advanced 2.66 percent to 17.73 yuan. Citic Securities edged up 0.45 percent to 29.34 yuan. Everbright Securities rose 1.94 percent to 27.85 yuan.
Metal producers showed mixed results. Zijin Mining Co dipped 0.23 percent to 8.82 yuan. Shandong Gold Mining Co lowered 0.80 percent to 70.32 yuan. Yunnan Copper Co edged up 0.41 percent to 27.11 yuan.
China Railway Group Ltd, the country's biggest construction company by total assets, said it plan to sell 6 billion yuan of domestic corporate bonds. Its shares retreated 1.80 percent to 6 yuan.
Brokerages buckled the downward trend as China's securities regulator said it has started accepting brokerages' application for a margin-trading trial program. Haitong Securities advanced 2.66 percent to 17.73 yuan. Citic Securities edged up 0.45 percent to 29.34 yuan. Everbright Securities rose 1.94 percent to 27.85 yuan.
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