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Shanghai shares flat on concerns of liquidity
By Feng Jianmin |
June 22, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks closed slightly higher in the morning session but blue chips were flat as investors remained cautious about market liquidity and the impact of the yuan's appreciation.
The benchmark Shanghai Composite Index edged up 0.3 percent, or 7.77 points, to close at 2,594. Turnover was 35.4 billion yuan (US$5.2 billion). More than half of the stocks gained.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 1.14 percent to 1,053.18 points.
Pricing of Agricultural Bank China's initial public offering remained the primary concern for investors, analysts said.
Meanwhile, the yuan rose to a five-year high yesterday of 6.7969 against US dollar, arousing concerns for exports.
Banks went flat after Central Huijin Investment Ltd, a state-owned investment company, vowed to support banks' fundraising activities including those of Bank of China, Industrial and Commercial Bank of China and China Construction Bank.
Bank of China edged down 0.28 percent to 3.58 yuan. ICBC edged up 0.23 percent to 4.29 yuan. CCB added 0.6 percent to 5.00 yuan.
Baoshan Iron & Steel Co gained 1.29 percent to 6.27 yuan. Jiangxi Copper Co inched up 0.14 percent to 28.48 yuan. PetroChina was unchanged at 10.79 yuan. China Shenhua Energy Co lost 0.46 percent to 24.03 yuan. Anhui Conch Cement Co added 0.22 percent to 18.10 yuan.
Property developers went mixed. Gemdale Corp lost 0.56 percent to 7.12 yuan. China Vanke was 0.14 percent lower to 7.33 yuan. Poly Real Estate (Group) Co rose 0.93 percent to 11.91 yuan.
The benchmark Shanghai Composite Index edged up 0.3 percent, or 7.77 points, to close at 2,594. Turnover was 35.4 billion yuan (US$5.2 billion). More than half of the stocks gained.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 1.14 percent to 1,053.18 points.
Pricing of Agricultural Bank China's initial public offering remained the primary concern for investors, analysts said.
Meanwhile, the yuan rose to a five-year high yesterday of 6.7969 against US dollar, arousing concerns for exports.
Banks went flat after Central Huijin Investment Ltd, a state-owned investment company, vowed to support banks' fundraising activities including those of Bank of China, Industrial and Commercial Bank of China and China Construction Bank.
Bank of China edged down 0.28 percent to 3.58 yuan. ICBC edged up 0.23 percent to 4.29 yuan. CCB added 0.6 percent to 5.00 yuan.
Baoshan Iron & Steel Co gained 1.29 percent to 6.27 yuan. Jiangxi Copper Co inched up 0.14 percent to 28.48 yuan. PetroChina was unchanged at 10.79 yuan. China Shenhua Energy Co lost 0.46 percent to 24.03 yuan. Anhui Conch Cement Co added 0.22 percent to 18.10 yuan.
Property developers went mixed. Gemdale Corp lost 0.56 percent to 7.12 yuan. China Vanke was 0.14 percent lower to 7.33 yuan. Poly Real Estate (Group) Co rose 0.93 percent to 11.91 yuan.
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