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Shanghai shares drop on weaker small caps
By Feng Jianmin |
June 25, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks lost ground in the morning session, following weak overseas markets and concerns about domestic debt problems.
The benchmark Shanghai Composite Index fell 0.73 percent, or 18.65 points, to close at 2548.10. Turnover dropped to 25.2 billion yuan (US$ 3.7 billion) from yesterday's 26.4 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, lost 1.95 percent to 1026.84 points.
"Over 48 percent of the debts of China's local governments in 2009 were paid by borrowing new loans," said Ye Tan, a famous independent economic commentator. "It may bring huge amount of bad loans for banks if the trend grows."
Small and medium caps led the losers.
Shandong Inspur Software Co tumbled 4.83 percent to 13.20 yuan. China National Software and Service Co lost 1.8 percent to 21.81 yuan. Fujian Newland Computer Co slid 4 percent to 13.20 yuan.
Harbin Pharmaceutical Group Co sled 3.68 percent to 18.59 yuan. Guangzhou Phamaceutical Co eased 1.82 percent to 10.27 yuan. Beijing Tongrentang Co dropped 4.51 percent to 23.31 yuan.
Banks went mixed after a relatively high price of the initial pubic offering of Agricultural Bank of China was assumed by analysts. Banks of communications edged up 0.48 percent to 6.31 yuan after a fundraising plan valued at 75 billion yuan was approved by its shareholders yesterday. China Merchants Bank gained 0.75 percent to 13.39 yuan. China Construction Bank edged down 0.41 percent to 4.91 yuan.
Insurers were among the few gainers on inflows of foreign capital due to the yuan's appreciation. China Life Insurance Co Ltd rose 1.37 percent to 25.20 yuan. China Pacific Insurance (Group) Co went up 1.87 percent to 23.43 yuan. Ping An Insurance (Group) Co added 0.4 percent to 47.38 yuan.
The benchmark Shanghai Composite Index fell 0.73 percent, or 18.65 points, to close at 2548.10. Turnover dropped to 25.2 billion yuan (US$ 3.7 billion) from yesterday's 26.4 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, lost 1.95 percent to 1026.84 points.
"Over 48 percent of the debts of China's local governments in 2009 were paid by borrowing new loans," said Ye Tan, a famous independent economic commentator. "It may bring huge amount of bad loans for banks if the trend grows."
Small and medium caps led the losers.
Shandong Inspur Software Co tumbled 4.83 percent to 13.20 yuan. China National Software and Service Co lost 1.8 percent to 21.81 yuan. Fujian Newland Computer Co slid 4 percent to 13.20 yuan.
Harbin Pharmaceutical Group Co sled 3.68 percent to 18.59 yuan. Guangzhou Phamaceutical Co eased 1.82 percent to 10.27 yuan. Beijing Tongrentang Co dropped 4.51 percent to 23.31 yuan.
Banks went mixed after a relatively high price of the initial pubic offering of Agricultural Bank of China was assumed by analysts. Banks of communications edged up 0.48 percent to 6.31 yuan after a fundraising plan valued at 75 billion yuan was approved by its shareholders yesterday. China Merchants Bank gained 0.75 percent to 13.39 yuan. China Construction Bank edged down 0.41 percent to 4.91 yuan.
Insurers were among the few gainers on inflows of foreign capital due to the yuan's appreciation. China Life Insurance Co Ltd rose 1.37 percent to 25.20 yuan. China Pacific Insurance (Group) Co went up 1.87 percent to 23.43 yuan. Ping An Insurance (Group) Co added 0.4 percent to 47.38 yuan.
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