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Shanghai shares drop led by lackluster heavyweights
By Ding Yining |
November 20, 2009, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed lower in the morning session after rising for five consecutive days with weak performance of heavyweights.
The benchmark Shanghai Composite Index was down 0.44 percent, or 14.59 points, to close at 3,306.03 points. Turnover was 102.4 billion yuan(US$15 billion). Gainers outnumbered losers 474 to 390, and 48 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.36 percent to close at 1,207.09 points.
Crude oil was little changed at US$77.70 a barrel yesterday as dollar strengthened and commodities dropped. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.41 percent to 12.58 yuan. PetroChina lowered 0.78 percent to 14.05 yuan.
China Yangtze Power Co said the price of electricity from its Gezhouba hydro-power plant will be lifted to 0.18 yuan per kilowatt hour from 0.1599 yuan. Prices for all other electricity will be lifted to 0.24 yuan from 0.22 yuan. Its shares edged up 0.14 percent to 14.15 yuan.
Cement producers were among the gainers. Anhui Conch Cement Co advanced 3.67 percent to 47.21 yuan. Tangshan Jidong Cement Co Ltd surged 4.63 percent to 18.30 yuan. Hebei Taihang Cement Co jumped 3.19 percent to 11.65 yuan.
Banking shares were weak. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.26 percent to 5.48 yuan. Shanghai Pudong Development Bank lost 1.72 percent to 23.39 yuan. China Construction Bank lowered 0.95 percent to close at 6.28 yuan.
Metal producers retreated from earlier gains. Zijin Mining Co lost 1.10 percent to 9.91 yuan. Shandong Gold Mining Co dipped 0.71 percent to 74.53 yuan. Jiangxi Copper Co lowered 1.47 percent to 42.22 yuan.
Property developers showed mixed results. China Vanke Co, the biggest listed domestic real estate developer, was down 0.81 percent to 12.17 yuan. Poly Real Estate Group lost 0.97 percent to 26.54 yuan. China Merchants Property Development Co Ltd added 0.97 percent to 30.29 yuan.
The benchmark Shanghai Composite Index was down 0.44 percent, or 14.59 points, to close at 3,306.03 points. Turnover was 102.4 billion yuan(US$15 billion). Gainers outnumbered losers 474 to 390, and 48 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.36 percent to close at 1,207.09 points.
Crude oil was little changed at US$77.70 a barrel yesterday as dollar strengthened and commodities dropped. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.41 percent to 12.58 yuan. PetroChina lowered 0.78 percent to 14.05 yuan.
China Yangtze Power Co said the price of electricity from its Gezhouba hydro-power plant will be lifted to 0.18 yuan per kilowatt hour from 0.1599 yuan. Prices for all other electricity will be lifted to 0.24 yuan from 0.22 yuan. Its shares edged up 0.14 percent to 14.15 yuan.
Cement producers were among the gainers. Anhui Conch Cement Co advanced 3.67 percent to 47.21 yuan. Tangshan Jidong Cement Co Ltd surged 4.63 percent to 18.30 yuan. Hebei Taihang Cement Co jumped 3.19 percent to 11.65 yuan.
Banking shares were weak. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.26 percent to 5.48 yuan. Shanghai Pudong Development Bank lost 1.72 percent to 23.39 yuan. China Construction Bank lowered 0.95 percent to close at 6.28 yuan.
Metal producers retreated from earlier gains. Zijin Mining Co lost 1.10 percent to 9.91 yuan. Shandong Gold Mining Co dipped 0.71 percent to 74.53 yuan. Jiangxi Copper Co lowered 1.47 percent to 42.22 yuan.
Property developers showed mixed results. China Vanke Co, the biggest listed domestic real estate developer, was down 0.81 percent to 12.17 yuan. Poly Real Estate Group lost 0.97 percent to 26.54 yuan. China Merchants Property Development Co Ltd added 0.97 percent to 30.29 yuan.
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