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Shanghai shares ease led by banks and brokers
By Ding Yining |
January 27, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index dropped below 3,000 points for the first time since the end of December among flat trading as investors remained cautious about possible tightening of monetary policies.
The benchmark Shanghai Composite Index lost 1.09 percent, or 32.79 points, to close at 2,986.61 points. Turnover dipped to 90.3 billion yuan(US$13.2) from yesterday's 109.3 billion yuan. Losers outnumbered gainers 605 to 250, and 59 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.29 percent to close at 1,115.58 points.
Banks remained weak as investors speculated the central bank will take more aggressive moves to rein in credit growth to prevent inflation and asset bubbles after hiking banks' reserve ratio.
Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.80 percent to 4.90 yuan. Shanghai Pudong Development Bank retreated 4.01 percent to 19.86 yuan. China Construction Bank lowered 3.08 percent to 5.66 yuan.
Property shares showed mixed results. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.76 percent to 9.29 yuan. Shanghai Shimao Co Ltd was down 0.57 percent to 14.04 yuan. Gemdale Corporations rose 1.12 percent to 11.73 yuan.
Brokerages also dragged the index down. Everbright Securities sank 5.23 percent to 26.46 yuan. Sinolink Securities was down 2.09 percent to 20.66 yuan.
The consumer sector and electric appliance makers bucked the downward trend. Shanghai Bailian Group Co added 1.85 percent to 17.59 yuan. TCL Corp rose 1.15 percent to 5.30 yuan and Sichuan Changhong Electric Co was up 1.21 percent to 6.69 yuan.
Commodity counters declined after crude oil fell 0.7 percent in New York. Zijin Mining Co shed 2.21 percent to 8.42 yuan. Yunnan Copper Co dropped 2.29 percent to 25.58 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.37 percent to 11.49 yuan.
The benchmark Shanghai Composite Index lost 1.09 percent, or 32.79 points, to close at 2,986.61 points. Turnover dipped to 90.3 billion yuan(US$13.2) from yesterday's 109.3 billion yuan. Losers outnumbered gainers 605 to 250, and 59 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.29 percent to close at 1,115.58 points.
Banks remained weak as investors speculated the central bank will take more aggressive moves to rein in credit growth to prevent inflation and asset bubbles after hiking banks' reserve ratio.
Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.80 percent to 4.90 yuan. Shanghai Pudong Development Bank retreated 4.01 percent to 19.86 yuan. China Construction Bank lowered 3.08 percent to 5.66 yuan.
Property shares showed mixed results. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.76 percent to 9.29 yuan. Shanghai Shimao Co Ltd was down 0.57 percent to 14.04 yuan. Gemdale Corporations rose 1.12 percent to 11.73 yuan.
Brokerages also dragged the index down. Everbright Securities sank 5.23 percent to 26.46 yuan. Sinolink Securities was down 2.09 percent to 20.66 yuan.
The consumer sector and electric appliance makers bucked the downward trend. Shanghai Bailian Group Co added 1.85 percent to 17.59 yuan. TCL Corp rose 1.15 percent to 5.30 yuan and Sichuan Changhong Electric Co was up 1.21 percent to 6.69 yuan.
Commodity counters declined after crude oil fell 0.7 percent in New York. Zijin Mining Co shed 2.21 percent to 8.42 yuan. Yunnan Copper Co dropped 2.29 percent to 25.58 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.37 percent to 11.49 yuan.
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