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Shanghai shares drop led by drug makers
By Pan Xiaoyi |
November 9, 2009, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly lower in the morning session with the weak performance in the healthcare sector amid profit-taking.
The benchmark Shanghai Composite Index dropped 0.2 percent, or 6.49 points, to close at 3,157.55 points. Turnover stood at 84.7 billion yuan (US$12.7 billion). Losers outnumbered gainers 436 to 412, and 32 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.05 percent to close at 1,123.28 points.
Pharmaceutical companies led the losers after previous gains outpaced their earnings prospects. China National Medicines Corp lost 3.6 percent to 20.98 yuan. Jiangsu Lianhuan Pharmaceutical Co retreated 1 percent to 13.42 yuan. Jiangsu SOPO Chemical Co edged down 0.9 percent to 9.2 yuan.
Sinopec and PetroChina dropped after expectations on a fuel price increase fell through. Two major oil companies received notices from the National Development and Reform Commission that the price change had been canceled, without giving a reason, the Beijing News said.
Sinopec, Asia's largest refiner, eased 0.5 percent to 12.11 yuan and PetroChina Co lost 0.9 percent to 13.64 yuan.
Utility companies bucked the downward trend on speculations China may raise retail electricity prices this month to help power generators cover losses. Datang International Power Generation Co jumped 4.9 percent to 9.67 yuan. Huaneng Power International Inc climbed 2.3 percent to 8.33 yuan. Huadian Power International Corp added 2.2 percent to 5.53 yuan.
Gold miners were strong after the bullion price topped the US$1,100 an ounce for the first time. Shandong Gold Mining Co advanced 6.5 percent to 75 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 4 percent to 62.35 yuan. Zijin Mining Group Co, the country's largest gold producer, increased 2.3 percent to 9.81 yuan.
The benchmark Shanghai Composite Index dropped 0.2 percent, or 6.49 points, to close at 3,157.55 points. Turnover stood at 84.7 billion yuan (US$12.7 billion). Losers outnumbered gainers 436 to 412, and 32 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.05 percent to close at 1,123.28 points.
Pharmaceutical companies led the losers after previous gains outpaced their earnings prospects. China National Medicines Corp lost 3.6 percent to 20.98 yuan. Jiangsu Lianhuan Pharmaceutical Co retreated 1 percent to 13.42 yuan. Jiangsu SOPO Chemical Co edged down 0.9 percent to 9.2 yuan.
Sinopec and PetroChina dropped after expectations on a fuel price increase fell through. Two major oil companies received notices from the National Development and Reform Commission that the price change had been canceled, without giving a reason, the Beijing News said.
Sinopec, Asia's largest refiner, eased 0.5 percent to 12.11 yuan and PetroChina Co lost 0.9 percent to 13.64 yuan.
Utility companies bucked the downward trend on speculations China may raise retail electricity prices this month to help power generators cover losses. Datang International Power Generation Co jumped 4.9 percent to 9.67 yuan. Huaneng Power International Inc climbed 2.3 percent to 8.33 yuan. Huadian Power International Corp added 2.2 percent to 5.53 yuan.
Gold miners were strong after the bullion price topped the US$1,100 an ounce for the first time. Shandong Gold Mining Co advanced 6.5 percent to 75 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 4 percent to 62.35 yuan. Zijin Mining Group Co, the country's largest gold producer, increased 2.3 percent to 9.81 yuan.
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