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Shanghai shares drop on weaker financial chips
By Ding Yining |
July 26, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed lower in the morning session with flat trading as financial shares dropped after media reports said there will be stricter checks on local financing platforms.
The benchmark Shanghai Composite Index lost 0.48 percent, or 12.43 points, to close at 2,559.59 points. Turnover was 46.8 billion yuan(US$6.9 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.21 percent to close at 1,036.86 points.
The Shanghai Securities News cited unnamed officials close to the matter as saying that the central government will implement stricter regulation against local financing platforms. The Minister of Finance, the National Development and Reform Commission, the central bank and the Chinese Securities Regulatory Commission will jointly issue a draft plan in the near future, the report said.
Bank of Communications lost 0.78 percent to 6.34 yuan. Shanghai Pudong Development Bank eased 1.07 percent to 14.76 yuan. China Merchants Bank dropped 1.19 percent to 14.10 yuan.
Real estate developers were also lackluster. Shanghai Shimao Co dropped 1.67 percent to 13.53 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.83 percent to 17.93 yuan. China Vanke Co was down 1.12 percent to 7.91 yuan.
Metal companies showed mixed results. Yunnan Copper lost 0.91 percent to 19.61 yuan. Aluminum Corporation of China Ltd advanced 3.03 percent to 9.85 yuan. Shandong Gold Mining Co edged up 0.17 percent to 34.44 yuan.
Brokerages also dragged down the index. Everbright Securities lost 1.47 percent to 16.08 yuan. Changjiang Securities dropped 2.21 percent to 11.50 yuan. GF Securities retreated 2.26 percent to 31.50 yuan.
The benchmark Shanghai Composite Index lost 0.48 percent, or 12.43 points, to close at 2,559.59 points. Turnover was 46.8 billion yuan(US$6.9 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.21 percent to close at 1,036.86 points.
The Shanghai Securities News cited unnamed officials close to the matter as saying that the central government will implement stricter regulation against local financing platforms. The Minister of Finance, the National Development and Reform Commission, the central bank and the Chinese Securities Regulatory Commission will jointly issue a draft plan in the near future, the report said.
Bank of Communications lost 0.78 percent to 6.34 yuan. Shanghai Pudong Development Bank eased 1.07 percent to 14.76 yuan. China Merchants Bank dropped 1.19 percent to 14.10 yuan.
Real estate developers were also lackluster. Shanghai Shimao Co dropped 1.67 percent to 13.53 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.83 percent to 17.93 yuan. China Vanke Co was down 1.12 percent to 7.91 yuan.
Metal companies showed mixed results. Yunnan Copper lost 0.91 percent to 19.61 yuan. Aluminum Corporation of China Ltd advanced 3.03 percent to 9.85 yuan. Shandong Gold Mining Co edged up 0.17 percent to 34.44 yuan.
Brokerages also dragged down the index. Everbright Securities lost 1.47 percent to 16.08 yuan. Changjiang Securities dropped 2.21 percent to 11.50 yuan. GF Securities retreated 2.26 percent to 31.50 yuan.
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