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Shanghai shares drop on weaker broker and heavyweights
By Ding Yining |
September 17, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the fourth day and closed after weak performance of brokerages and heavyweights overshadowed gains in property developers.
The benchmark Shanghai Composite Index, which covers the bigger mainland bourse, dipped 0.15 percent, or 3.78 points, to close at 2,598.69 points. Turnover was 94.7 billion yuan(US$14 billion).
The gauge slid a total of 2.80 percent this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.05 percent to 1,157.12 yuan.
Brokerages dragged down the index. GF Securities retreated 3.46 percent to 32.35 yuan. Sinolink Securities lost 3.06 percent to 16.17 yuan.
Property developers showed mixed results. Poly Real Estate Group, listed unit of the country's largest state-owned developer, edged up 0.64 percent to 11.01 yuan. Gemdale Corporation lost 0.65 percent to 6.11 yuan. Shanghai Shimao Co, controlled by property tycoon Xu Rongmao, rose 0.59 to 12 yuan.
PetroChina, the biggest index component, dipped 0.20 percent to 9.98 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, was down 0.50 percent to 8.03 yuan.
Shares of some domestic banks also rebounded after the China Banking Regulatory Commission rebuffed reports that it had hiked the requirement of capital adequacy ratio for banks to as much as 15 percent.
China Merchants Bank was up 0.39 percent to 12.85 yuan. China Everbright Bank was up 0.30 percent to 3.38 yuan.
Pharmaceutical companies were among the gainers. Hangzhou Tian Mu Shan Pharmaceutical Co surged the daily limit of 10 percent to 14.89 yuan. North China Pharmaceutical rallied 7.67 percent to 12.21 yuan.
The benchmark Shanghai Composite Index, which covers the bigger mainland bourse, dipped 0.15 percent, or 3.78 points, to close at 2,598.69 points. Turnover was 94.7 billion yuan(US$14 billion).
The gauge slid a total of 2.80 percent this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.05 percent to 1,157.12 yuan.
Brokerages dragged down the index. GF Securities retreated 3.46 percent to 32.35 yuan. Sinolink Securities lost 3.06 percent to 16.17 yuan.
Property developers showed mixed results. Poly Real Estate Group, listed unit of the country's largest state-owned developer, edged up 0.64 percent to 11.01 yuan. Gemdale Corporation lost 0.65 percent to 6.11 yuan. Shanghai Shimao Co, controlled by property tycoon Xu Rongmao, rose 0.59 to 12 yuan.
PetroChina, the biggest index component, dipped 0.20 percent to 9.98 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, was down 0.50 percent to 8.03 yuan.
Shares of some domestic banks also rebounded after the China Banking Regulatory Commission rebuffed reports that it had hiked the requirement of capital adequacy ratio for banks to as much as 15 percent.
China Merchants Bank was up 0.39 percent to 12.85 yuan. China Everbright Bank was up 0.30 percent to 3.38 yuan.
Pharmaceutical companies were among the gainers. Hangzhou Tian Mu Shan Pharmaceutical Co surged the daily limit of 10 percent to 14.89 yuan. North China Pharmaceutical rallied 7.67 percent to 12.21 yuan.
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