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Shanghai shares drop on weaker banks and consumer counters
By Ding Yining |
April 27, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S stock market fell to the lowest level in six months with lackluster performance of financial and consumer shares among concerns more follow-up measures to cool the property market will dampen consumer spending and raw material prices.
The benchmark Shanghai Composite Index dropped 2.13 percent, or 63.16 points, to close at 2,906.35 points. Turnover was 70.7 billion yuan(US$10.4 billion). Losers outnumbered gainers by 790 to 79 and 53 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, retreated 2.55 percent to close at 1,167.19 points.
Ping An Insurance (Group) Co sank 2.98 percent to 49.18 yuan. China Pacific Insurance (Group) Co Ltd dived 5.50 percent to 24.42 yuan.
Banks were also weak. Bank of Communications lost 0.84 percent to 7.07 yuan. Shanghai Pudong Development Bank eased 1.81 percent to 20.09 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 1.77 percent to 4.45 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, withdrew 2.45 percent to 6.78 yuan. Baoshan Iron & Steel, the country's largest steel maker, shed 3.81 percent to 6.32 yuan. Beijing Wangfujing Department Store Group Co slipped 2.16 percent to 34.82 yuan.
China may use capital requirements for developers as a policy tool to cool the property market, Ba Shusong, deputy directory general of the State Council's Development Research Center, was quoted as saying by the Shanghai Securities News.
China Vanke Co said profit in the first quarter added 46.5 percent year on year to 1.13 billion yuan but sales were down 8 percent to 7.5 billion yuan. The stock was down 1.41 percent to 7.69 yuan. COFCO Property Group Co retreated 2.89 percent to 7.72 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co was down 1.96 percent to 14.98 yuan.
Metal producers also dragged down the index. Zijin Gold Mining Co lost 1.82 percent to 8.07 yuan. Jiangxi Copper dropped 2.73 percent to 34.15 yuan. Shandong Gold Mining Co sank 2.77 percent to 74.64 yuan.
The benchmark Shanghai Composite Index dropped 2.13 percent, or 63.16 points, to close at 2,906.35 points. Turnover was 70.7 billion yuan(US$10.4 billion). Losers outnumbered gainers by 790 to 79 and 53 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, retreated 2.55 percent to close at 1,167.19 points.
Ping An Insurance (Group) Co sank 2.98 percent to 49.18 yuan. China Pacific Insurance (Group) Co Ltd dived 5.50 percent to 24.42 yuan.
Banks were also weak. Bank of Communications lost 0.84 percent to 7.07 yuan. Shanghai Pudong Development Bank eased 1.81 percent to 20.09 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 1.77 percent to 4.45 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, withdrew 2.45 percent to 6.78 yuan. Baoshan Iron & Steel, the country's largest steel maker, shed 3.81 percent to 6.32 yuan. Beijing Wangfujing Department Store Group Co slipped 2.16 percent to 34.82 yuan.
China may use capital requirements for developers as a policy tool to cool the property market, Ba Shusong, deputy directory general of the State Council's Development Research Center, was quoted as saying by the Shanghai Securities News.
China Vanke Co said profit in the first quarter added 46.5 percent year on year to 1.13 billion yuan but sales were down 8 percent to 7.5 billion yuan. The stock was down 1.41 percent to 7.69 yuan. COFCO Property Group Co retreated 2.89 percent to 7.72 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co was down 1.96 percent to 14.98 yuan.
Metal producers also dragged down the index. Zijin Gold Mining Co lost 1.82 percent to 8.07 yuan. Jiangxi Copper dropped 2.73 percent to 34.15 yuan. Shandong Gold Mining Co sank 2.77 percent to 74.64 yuan.
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