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Shanghai shares drop led by financial shares
By Ding Yining |
March 4, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S market lost more than 1 percent in the morning session, as banks and financial shares remained weak.
The benchmark Shanghai Composite Index lost 1.04 percent, or 32.25 points, to close at 3,064.76 points. Turnover was 73.8 billion yuan(US$10.8 billion). Losers outnumbered gainers 778 to 107, and 31 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 1.20 percent to close at 1,179.75 points.
Baoshan Iron and Steel Co, China's biggest steel maker, dipped 0.24 percent to 8.16 yuan. Huaneng Power International Inc lowered 1.57 percent to 7.52 yuan. Angang Steel Co retreated 1.89 percent to 11.96 yuan.
Banks were also flat. Bank of Communications lost 0.97 percent to 8.20 yuan. China Merchants Bank was down 1.33 percent to 16.27 yuan. China Construction Bank lowered 0.88 percent to 5.64 yuan.
China Pacific Insurance (Group) Co Ltd dropped 1.57 percent to 24.43 yuan. China Life Insurance Co Ltd lost 1.16 percent to 27.35 yuan.
Chongqing Changan Automobile Co said sales for the first two months of this year increased 98 percent to 357,439 units. The shares edged up 0.16 percent to 12.72 yuan.
China Railway Construction Corp said it plans to raise as much as 8 billion yuan through a private placement of as many as 1.035 billion A-shares. The stock lost 1.04 percent to 8.57 yuan.
Metal suppliers further declined from previous gains. Yunnan Copper Co lowered 2.04 percent to 25.93 yuan. Jiangxi Copper was down 1.69 percent to 36.05 yuan. Zhongjin Gold Mining Co lost 1.37 percent to 49.71 yuan.
The benchmark Shanghai Composite Index lost 1.04 percent, or 32.25 points, to close at 3,064.76 points. Turnover was 73.8 billion yuan(US$10.8 billion). Losers outnumbered gainers 778 to 107, and 31 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 1.20 percent to close at 1,179.75 points.
Baoshan Iron and Steel Co, China's biggest steel maker, dipped 0.24 percent to 8.16 yuan. Huaneng Power International Inc lowered 1.57 percent to 7.52 yuan. Angang Steel Co retreated 1.89 percent to 11.96 yuan.
Banks were also flat. Bank of Communications lost 0.97 percent to 8.20 yuan. China Merchants Bank was down 1.33 percent to 16.27 yuan. China Construction Bank lowered 0.88 percent to 5.64 yuan.
China Pacific Insurance (Group) Co Ltd dropped 1.57 percent to 24.43 yuan. China Life Insurance Co Ltd lost 1.16 percent to 27.35 yuan.
Chongqing Changan Automobile Co said sales for the first two months of this year increased 98 percent to 357,439 units. The shares edged up 0.16 percent to 12.72 yuan.
China Railway Construction Corp said it plans to raise as much as 8 billion yuan through a private placement of as many as 1.035 billion A-shares. The stock lost 1.04 percent to 8.57 yuan.
Metal suppliers further declined from previous gains. Yunnan Copper Co lowered 2.04 percent to 25.93 yuan. Jiangxi Copper was down 1.69 percent to 36.05 yuan. Zhongjin Gold Mining Co lost 1.37 percent to 49.71 yuan.
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