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Shanghai shares ease on weaker banks and developers
By Feng Jianmin |
June 4, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell slightly as gains in securities brokers were more than offset by losses in banks and developers on the government decision to tighten collection of value-added tax on land.
The benchmark Shanghai Composite Index edged down 0.16 percent, or 4.17 points, to close at 2548.49. Turnover shrank to 30.2 billion yuan (US$4.4 billion) from 39.3 billion yuan yesterday. Losers outnumbered gainers by 461 to 432, and 225 remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 0.32 percent to 1,028.04.
The State Administration of Taxation announced that the added-value tax on land will be pegged to rising property prices, according to a document on the agency's Website.
Banks and developers went weak. Bank of China slid 1.08 percent to 3.66 yuan. Industrial and Commercial Bank dipped 0.01 yuan to 4.21 yuan. Bank of Communications added 0.01 yuan to 6.43 yuan.
Cofco Property (Group) Co dipped 0.43 percent to 6.87 yuan. Gemdale Co edged down 0.02 yuan to 6.42 yuan. Suning Universal Co rose 1.84 percent to 8.85 yuan.
Securities brokers led the gainers amid expected strong underwriting revenues as stock sale accelerated. Northeast Securities Co jumped by the daily limit of 10 percent to 24.61 yuan. China Merchants Securities advanced 3.14 percent to 21.36 yuan. Citic Securities, the country's largest brokerage, grew 2.5 percent to 20.11 yuan.
Steel makers dropped on rising ore prices, shrinking demand as well as anti-dumping and countervailing duties recently levied by the US government. Baoshan Iron & Steel Co retreated 2.23 percent to 6.14 yuan after the Shanghai Securities News reported its plan to reduce prices in July. Angang Steel Co dropped 1 percent to 7.97 yuan. Beijing Shougang Co lost 0.02 yuan to 3.67 yuan.
The benchmark Shanghai Composite Index edged down 0.16 percent, or 4.17 points, to close at 2548.49. Turnover shrank to 30.2 billion yuan (US$4.4 billion) from 39.3 billion yuan yesterday. Losers outnumbered gainers by 461 to 432, and 225 remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 0.32 percent to 1,028.04.
The State Administration of Taxation announced that the added-value tax on land will be pegged to rising property prices, according to a document on the agency's Website.
Banks and developers went weak. Bank of China slid 1.08 percent to 3.66 yuan. Industrial and Commercial Bank dipped 0.01 yuan to 4.21 yuan. Bank of Communications added 0.01 yuan to 6.43 yuan.
Cofco Property (Group) Co dipped 0.43 percent to 6.87 yuan. Gemdale Co edged down 0.02 yuan to 6.42 yuan. Suning Universal Co rose 1.84 percent to 8.85 yuan.
Securities brokers led the gainers amid expected strong underwriting revenues as stock sale accelerated. Northeast Securities Co jumped by the daily limit of 10 percent to 24.61 yuan. China Merchants Securities advanced 3.14 percent to 21.36 yuan. Citic Securities, the country's largest brokerage, grew 2.5 percent to 20.11 yuan.
Steel makers dropped on rising ore prices, shrinking demand as well as anti-dumping and countervailing duties recently levied by the US government. Baoshan Iron & Steel Co retreated 2.23 percent to 6.14 yuan after the Shanghai Securities News reported its plan to reduce prices in July. Angang Steel Co dropped 1 percent to 7.97 yuan. Beijing Shougang Co lost 0.02 yuan to 3.67 yuan.
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