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Shanghai shares fall for 2nd day
By Ye Zhen |
July 25, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined for a second day today as technology firms plunged following their peers on China's Nasdaq-style board in Shenzhen, overshadowing gains of distilleries and railway stocks.
The Shanghai Composite Index shed 0.6 percent to 2,021.17 points.
IT firms paced the decline of small-cap shares as the ChiNext Price Index, which tracks the board of growth enterprises, slumped 4.4 percent, the second-biggest daily loss within the year, to 1,150.39 points.
The decline came amid concern on liquidity after BOE Technology Group Co, a Shenzhen-listed supplier of display products and solutions, said it plans to refinance up to 46 billion yuan (US$7.5 billion) through a private placement.
Fiberhome Telecommunication Technologies Co dropped 7.9 percent to 19.61 yuan. Aisino Co, a developer of computer system applications, slid 4 percent to 16.07 yuan.
Railway shares outperformed after the government said it would increase financing channels to boost railway investment. Fujian Longxi Bearing (Group) Co, a manufacturer of railway parts, mechanical basic parts, leaped 7.8 percent to 8.05 yuan. Daqin Railway Co added 3.8 percent to 6.06 yuan. Guangshen Railway Co gained 3.4 percent to 2.42 yuan.
Distilleries gained against the falling index. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 2.4 percent to 178.74 yuan. Sichuan Swellfun Co surged by the daily limit of 10 percent to 14.25 yuan. Sichuan Tuopai Shede Wine Co jumped 4.3 percent to 19.45 yuan.
The Shanghai Composite Index shed 0.6 percent to 2,021.17 points.
IT firms paced the decline of small-cap shares as the ChiNext Price Index, which tracks the board of growth enterprises, slumped 4.4 percent, the second-biggest daily loss within the year, to 1,150.39 points.
The decline came amid concern on liquidity after BOE Technology Group Co, a Shenzhen-listed supplier of display products and solutions, said it plans to refinance up to 46 billion yuan (US$7.5 billion) through a private placement.
Fiberhome Telecommunication Technologies Co dropped 7.9 percent to 19.61 yuan. Aisino Co, a developer of computer system applications, slid 4 percent to 16.07 yuan.
Railway shares outperformed after the government said it would increase financing channels to boost railway investment. Fujian Longxi Bearing (Group) Co, a manufacturer of railway parts, mechanical basic parts, leaped 7.8 percent to 8.05 yuan. Daqin Railway Co added 3.8 percent to 6.06 yuan. Guangshen Railway Co gained 3.4 percent to 2.42 yuan.
Distilleries gained against the falling index. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 2.4 percent to 178.74 yuan. Sichuan Swellfun Co surged by the daily limit of 10 percent to 14.25 yuan. Sichuan Tuopai Shede Wine Co jumped 4.3 percent to 19.45 yuan.
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