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Shanghai shares drop on weaker brokers
By Feng Jianmin |
September 7, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly lower in the morning session on worries that the current gain of the market may be excessive against earnings prospect.
The benchmark Shanghai Composite edged down 0.38 percent, or 10.26 points, to close at 2,686 points. Turnover dropped to 69.5 billion yuan (US$ 10.3 billion) from yesterday morning's 88 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was almost unchanged at 1,176.8 points.
GF Securities Co fell 2.14 percent to 31.96 yuan. Southwest Securities Co went down 2.13 percent to 13.30 yuan. Citic Securities dipped 1 percent to 11.84 yuan.
Large steel mills went mixed after the central government revved up restructuring of the industry to curb output and save energy. Baoshan Iron & Steel Co dipped 0.3 percent to 6.96 yuan. Wuhan Iron & Steel Co rose 0.81 percent to 4.97 yuan. Angang Steel Co advanced 2.31 percent to 8.85 yuan. Inner Mongolian Baotou Steel Union went up 1.4 percent to 3.61 yuan.
Property developers extended previous gains as home sales remained robust. Poly Real Estate Co reported an 88 percent increase of sales area to 833,100 square meters for last month. Its shares added 1.42 percent to 12.17 yuan. China Vanke rose 1 percent to 8.78 yuan. Gemdale Corp added grew 1.06 percent to 6.65 yuan.
The benchmark Shanghai Composite edged down 0.38 percent, or 10.26 points, to close at 2,686 points. Turnover dropped to 69.5 billion yuan (US$ 10.3 billion) from yesterday morning's 88 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was almost unchanged at 1,176.8 points.
GF Securities Co fell 2.14 percent to 31.96 yuan. Southwest Securities Co went down 2.13 percent to 13.30 yuan. Citic Securities dipped 1 percent to 11.84 yuan.
Large steel mills went mixed after the central government revved up restructuring of the industry to curb output and save energy. Baoshan Iron & Steel Co dipped 0.3 percent to 6.96 yuan. Wuhan Iron & Steel Co rose 0.81 percent to 4.97 yuan. Angang Steel Co advanced 2.31 percent to 8.85 yuan. Inner Mongolian Baotou Steel Union went up 1.4 percent to 3.61 yuan.
Property developers extended previous gains as home sales remained robust. Poly Real Estate Co reported an 88 percent increase of sales area to 833,100 square meters for last month. Its shares added 1.42 percent to 12.17 yuan. China Vanke rose 1 percent to 8.78 yuan. Gemdale Corp added grew 1.06 percent to 6.65 yuan.
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