Shanghai shares drop led by developers

By Ding Yining | February 8, 2010, Monday |

Online Edition

SHANGHAI'S stock market closed lower in the morning session with flat trading as more investors chose to stay on the sideline when the Lunar New Year holiday approaches.

The benchmark Shanghai Composite Index eased 0.42 percent, or 12.44 points, to close at 2,926.97 points. Turnover was 37.7 billion yuan(US$5.5 billion). Losers outnumbered gainers 451 to 391, and 74 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.23 percent to close at 1,094.63 points.

Banking shares recovered from yesterday's losses. Shanghai Pudong Development Bank edged up 0.43 percent to 23.36 yuan. China Construction Bank rose 0.33 percent to close at 6 yuan. Bank of Communications rose 0.79 percent to 8.91 yuan.

China may phase out the government's economic stimulus in the second quarter or earlier, Chen Dongqi, deputy head of the Chinese Academy of Macroeconomic Research, was cited by the Shanghai Securities News as saying.

Metal producers showed mixed results. Zijin Mining Co dipped 0.24 percent to 8.27 yuan. Shandong Gold Mining Co was up 0.70 percent to 64.30 yuan. Yunnan Copper Co edged up 0.42 percent to 24.03 yuan.

China Merchants Property Development Co said that the land it purchased at an auction in Nanjing was confiscated by the government, along with its HK$122.5 million deposit. Its shares lost 1.87 percent to 21.53 yuan.

Other property developers also declined. China Vanke Co, the biggest listed domestic real estate developer, lost 0.98 percent to 9.11 yuan. Gemdale Corporation lowered 1.60 percent to 11.66 yuan. Shanghai Shimao Co Ltd retreated 2.32 percent to 13.92 yuan.

Airliners were among the gainers after oil price dropped 2.67 percent to US$71.19 per barrel. China Eastern Airlines added 2.74 percent to 5.99 yuan.

Consumer-related shares also bucked the downward trend led by expectations of strong holiday spending during the Lunar New Year. Kweichow Moutai, the biggest producer of liquor advanced 1.78 percent to 174.29 yuan. Shanghai Bailian Group Co rose 0.64 percent to 17.41 yuan.

Finance

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Shanghai shares drop led by developers

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