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Shanghai shares drop on liquidity concerns
By Ding Yining |
June 7, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market sank more than 2 percent in the morning session among concerns Chinese banks' share sales will dry up liquidity in the market while metal producers were also weak.
The benchmark Shanghai Composite Index fell 2.09 percent, or 53.29 points, to close at 2,500.31 points. Turnover was 37.4 billion yuan(US$5.5 billion). Losers outnumbered gainers 791 to 99 and 33 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, lost 1.39 percent to close at 1,020.58 points.
Banks were generally weak after Agricultural Bank of China announced its huge listing plan in both Shanghai and Hong Kong. The country's biggest lender by number of customers said on Friday it may sell 22.24 billion yuan-backed A shares and 25.41 billion shares in Hong Kong.
Bank of Communications also plans to raise 33.07 billion yuan in a rights issue this month. The stock slid 2.35 percent to 6.24 yuan. China Construction Bank lost 2.26 percent to 4.75 yuan. Bank of China lost 1.65 percent to 3.58 yuan.
China Vanke Co, the biggest listed domestic real estate developer, said its sales in May fell 20 percent from a year ago to 5.1 billion yuan. The stock retreated 2.34 percent to 7.11 yuan. Gemdale Corporation lost 2.28 percent to 6.44 yuan. Poly Real Estate Group tumbled 3.02 percent to 10.58 yuan.
Metal companies and oil producers also dragged down the index as commodity prices dropped. Crude oil for July delivery lost 1.7 percent to US$70.27 a barrel, extending the 4.2 percent drop on Friday. PetroChina lost 2.36 percent to 10.36 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, fell 2.02 percent to 8.23 yuan.
Yunnan Copper retreated 3.34 percent to 20.28 yuan. Zhongjin Gold Mining Co was down 0.75 percent to 56.95 yuan. Aluminum Corporation of China Ltd fell 2.05 percent to 10.10 yuan. Nanjing Yunhai Special Metals Co sank 4.48 percent to 13.23 yuan.
Xinjiang Goldwind Science & Technology Co, the country's leading wind-turbine maker, said it will raise more than US$1 billion by listing in Hong Kong. Its shares were down 2.06 percent to 20.89 yuan.
The benchmark Shanghai Composite Index fell 2.09 percent, or 53.29 points, to close at 2,500.31 points. Turnover was 37.4 billion yuan(US$5.5 billion). Losers outnumbered gainers 791 to 99 and 33 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, lost 1.39 percent to close at 1,020.58 points.
Banks were generally weak after Agricultural Bank of China announced its huge listing plan in both Shanghai and Hong Kong. The country's biggest lender by number of customers said on Friday it may sell 22.24 billion yuan-backed A shares and 25.41 billion shares in Hong Kong.
Bank of Communications also plans to raise 33.07 billion yuan in a rights issue this month. The stock slid 2.35 percent to 6.24 yuan. China Construction Bank lost 2.26 percent to 4.75 yuan. Bank of China lost 1.65 percent to 3.58 yuan.
China Vanke Co, the biggest listed domestic real estate developer, said its sales in May fell 20 percent from a year ago to 5.1 billion yuan. The stock retreated 2.34 percent to 7.11 yuan. Gemdale Corporation lost 2.28 percent to 6.44 yuan. Poly Real Estate Group tumbled 3.02 percent to 10.58 yuan.
Metal companies and oil producers also dragged down the index as commodity prices dropped. Crude oil for July delivery lost 1.7 percent to US$70.27 a barrel, extending the 4.2 percent drop on Friday. PetroChina lost 2.36 percent to 10.36 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, fell 2.02 percent to 8.23 yuan.
Yunnan Copper retreated 3.34 percent to 20.28 yuan. Zhongjin Gold Mining Co was down 0.75 percent to 56.95 yuan. Aluminum Corporation of China Ltd fell 2.05 percent to 10.10 yuan. Nanjing Yunhai Special Metals Co sank 4.48 percent to 13.23 yuan.
Xinjiang Goldwind Science & Technology Co, the country's leading wind-turbine maker, said it will raise more than US$1 billion by listing in Hong Kong. Its shares were down 2.06 percent to 20.89 yuan.
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