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Shanghai shares drop on concerns about lower profits
By Feng Jianmin |
June 29, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell in the morning session, led by miners and property developers on profit concerns.
The benchmark Shanghai Composite Index went down 1.77 percent, or 44.93 points, to close at 2490.35. Turnover expanded to 32 billion yuan (US$ 4.7 billion) from yesterday's 20.9 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, retreated 2.86 percent to 983.91 points.
Gold miners led the losers. Zhongjin Gold Co slid 4.05 percent to 2.24 yuan. Shandong Gold Mining Co tumbled 4.21 percent to 36.65 yuan. Zijin Mining Group Co declined 3 percent to 6.53 yuan.
Metal producers and oil producers withdrew on lower copper and oil prices. Jiangxi Copper Co lost 2.15 percent to 26.85 yuan. PetroChina edged down 0.37 percent to 10.63 yuan. China Petroleum & Chemical Corp dipped 0.61 percent to 8.19 yuan.
Property dropped as research shows that sales of homes in non-central areas in Shanghai picked up after prices fell. Gemdale Real Estate led the slide by slumping 6.27 percent to 6.43 yuan after its senior vice president Zhao Hanzhong resigned. China Vanke was 1.26 percent lower to 7.03 yuan. Poly Real Estate Co shed 3.93 percent to 10.99 yuan.
Banks fell after Agricultural Bank of China set on the price of its initial public offering in Shanghai between 2.52 yuan and 2.68 yuan. The low price adds pressure to the reduction in value of the whole banking sector. China Merchants Bank fell 1.63 percent to 13.30 yuan. Industrial and Commercial Bank of China eased 1.64 percent to 4.19 yuan. Bank of China edged down 0.85 percent to 3.52 yuan.
The benchmark Shanghai Composite Index went down 1.77 percent, or 44.93 points, to close at 2490.35. Turnover expanded to 32 billion yuan (US$ 4.7 billion) from yesterday's 20.9 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, retreated 2.86 percent to 983.91 points.
Gold miners led the losers. Zhongjin Gold Co slid 4.05 percent to 2.24 yuan. Shandong Gold Mining Co tumbled 4.21 percent to 36.65 yuan. Zijin Mining Group Co declined 3 percent to 6.53 yuan.
Metal producers and oil producers withdrew on lower copper and oil prices. Jiangxi Copper Co lost 2.15 percent to 26.85 yuan. PetroChina edged down 0.37 percent to 10.63 yuan. China Petroleum & Chemical Corp dipped 0.61 percent to 8.19 yuan.
Property dropped as research shows that sales of homes in non-central areas in Shanghai picked up after prices fell. Gemdale Real Estate led the slide by slumping 6.27 percent to 6.43 yuan after its senior vice president Zhao Hanzhong resigned. China Vanke was 1.26 percent lower to 7.03 yuan. Poly Real Estate Co shed 3.93 percent to 10.99 yuan.
Banks fell after Agricultural Bank of China set on the price of its initial public offering in Shanghai between 2.52 yuan and 2.68 yuan. The low price adds pressure to the reduction in value of the whole banking sector. China Merchants Bank fell 1.63 percent to 13.30 yuan. Industrial and Commercial Bank of China eased 1.64 percent to 4.19 yuan. Bank of China edged down 0.85 percent to 3.52 yuan.
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