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Shanghai shares lose on weak banks and developers
By Feng Jianmin |
July 7, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks closed slightly slowly in the morning session on weak banks and property developers on liquidity concerns and a wait-and-see attitude of investors.
The benchmark Shanghai Composite Index went down 0.17 percent, or 4.17 points, to close at 2405.25. Turnover was 28.4 billion yuan (US$ 4.2 billion).
Banks and property developers were flat after the 21st Century Business Herald reported that new loans in June were 560 billion yuan. Some listed banks issued only 60 to 70 billion yuan in loans so as to meet central government's measures to control liquidity, the newspaper said.
Bank of China eased 0.57 percent to 3.46 yuan. Shanghai Pudong Development Bank lost 1.16 percent to 13.67 yuan. Industrial and Commercial Bank of China edged down 0.24 percent to 4.13 yuan.
China Vanke was 0.71 percent lower to 7.01 yuan. Gemdale Real Estate Corp dropped 1.57 percent to 6.26 yuan. Shanghai Shimao Co fell 1.45 percent to 12.87 yuan.
Vehicle producers went mixed after Chongqing Changan Automobile Co and SAIC Motor Corporation reported that their sales in the first half increased 47.6 percent and 45 percent from the previous year, respectively.
Chongqing Changan Automobile rose 0.79 percent to 8.95 yuan. SAIC went down 0.32 percent to 12.40 yuan. Tianjin Faw Xiali Automobile Co lost 1 percent to 8.2 yuan.
Tibet and Xinjiang related stocks led the winners after Premier Wen Jiabao announced central government's plan to develop West China in the next ten years. Measures included reducing tax on earnings of corporations in certain industries and levying resource tax on coal, oil, and gas based on prices.
Tibet Urban Development and Investment Co climbed 5.12 percent to 9.03 yuan. Tibet Rhodiola Pharmaceutical Holding Co grew 2.57 percent to 10.77 yuan. Xinjiang West-Construction Co jumped by 10 percent daily limit to 19.09 yuan.
The benchmark Shanghai Composite Index went down 0.17 percent, or 4.17 points, to close at 2405.25. Turnover was 28.4 billion yuan (US$ 4.2 billion).
Banks and property developers were flat after the 21st Century Business Herald reported that new loans in June were 560 billion yuan. Some listed banks issued only 60 to 70 billion yuan in loans so as to meet central government's measures to control liquidity, the newspaper said.
Bank of China eased 0.57 percent to 3.46 yuan. Shanghai Pudong Development Bank lost 1.16 percent to 13.67 yuan. Industrial and Commercial Bank of China edged down 0.24 percent to 4.13 yuan.
China Vanke was 0.71 percent lower to 7.01 yuan. Gemdale Real Estate Corp dropped 1.57 percent to 6.26 yuan. Shanghai Shimao Co fell 1.45 percent to 12.87 yuan.
Vehicle producers went mixed after Chongqing Changan Automobile Co and SAIC Motor Corporation reported that their sales in the first half increased 47.6 percent and 45 percent from the previous year, respectively.
Chongqing Changan Automobile rose 0.79 percent to 8.95 yuan. SAIC went down 0.32 percent to 12.40 yuan. Tianjin Faw Xiali Automobile Co lost 1 percent to 8.2 yuan.
Tibet and Xinjiang related stocks led the winners after Premier Wen Jiabao announced central government's plan to develop West China in the next ten years. Measures included reducing tax on earnings of corporations in certain industries and levying resource tax on coal, oil, and gas based on prices.
Tibet Urban Development and Investment Co climbed 5.12 percent to 9.03 yuan. Tibet Rhodiola Pharmaceutical Holding Co grew 2.57 percent to 10.77 yuan. Xinjiang West-Construction Co jumped by 10 percent daily limit to 19.09 yuan.
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