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Shanghai shares drop on weaker steel and metal firms
By Feng Jianmin |
June 23, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower on weak steel mills and metal producers after the State Council canceled export tax rebates on 406 products including some steel and nonferrous metals.
The benchmark Shanghai Composite Index fell 0.92 percent, or 23.76 points, to close at 2,564.94. Turnover shrank to 31.9 billion yuan (US$4.7 billion) from yesterday's 35.3 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 0.82 percent to 1,039 points.
Baoshan Iron & Steel Co retreated 3.04 percent to 6.06 yuan. Angang Steel Co declined 2.77 percent to 7.72 yuan. Beijing Shougang Co lost 1.95 percent to 3.52 yuan.
Aluminum Corp of China shed 1.86 percent to 10.05 yuan. Yunnan Copper Industry Co dropped 1.93 percent to 20.80 yuan. Jiangxi Copper Co slid 2.09 percent to 27.70 yuan. Datong Coal Industry fell 1.56 percent to 32.86 yuan.
Banks went mixed. Bank of Communications added 0.49 percent to 6.16 yuan after it announced it raised 17.1 billion yuan through the A-share market. Industrial and Commercial Bank of China eased 0.47 percent to 4.25 yuan. Bank of China edged down 0.56 percent to 3.56 yuan.
Technology firms gained on central government's plan to boost the software industry and Internet of Things released on the conferences held in Dalian and Shanghai. Inspur Electronic Information Industry Co climbed 2.15 percent to 11.88 yuan. China National Software and Service Co advanced 4.52 percent to 23.80 yuan. Fujian Newland Computer Co edged up 0.08 percent to 13.30 yuan.
The benchmark Shanghai Composite Index fell 0.92 percent, or 23.76 points, to close at 2,564.94. Turnover shrank to 31.9 billion yuan (US$4.7 billion) from yesterday's 35.3 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 0.82 percent to 1,039 points.
Baoshan Iron & Steel Co retreated 3.04 percent to 6.06 yuan. Angang Steel Co declined 2.77 percent to 7.72 yuan. Beijing Shougang Co lost 1.95 percent to 3.52 yuan.
Aluminum Corp of China shed 1.86 percent to 10.05 yuan. Yunnan Copper Industry Co dropped 1.93 percent to 20.80 yuan. Jiangxi Copper Co slid 2.09 percent to 27.70 yuan. Datong Coal Industry fell 1.56 percent to 32.86 yuan.
Banks went mixed. Bank of Communications added 0.49 percent to 6.16 yuan after it announced it raised 17.1 billion yuan through the A-share market. Industrial and Commercial Bank of China eased 0.47 percent to 4.25 yuan. Bank of China edged down 0.56 percent to 3.56 yuan.
Technology firms gained on central government's plan to boost the software industry and Internet of Things released on the conferences held in Dalian and Shanghai. Inspur Electronic Information Industry Co climbed 2.15 percent to 11.88 yuan. China National Software and Service Co advanced 4.52 percent to 23.80 yuan. Fujian Newland Computer Co edged up 0.08 percent to 13.30 yuan.
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