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Shanghai shares on weaker banks
By Feng Jianmin |
June 2, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks eased in the morning session as banks retreated on concerns that their fundraising will curb investors' demand for other equities.
The benchmark Shanghai Composite Index went down 1.6 percent to 2,527.27. Turnover shrank to 34.7 billion yuan (US$5.1 billion) from yesterday's 38.3 billion yuan. Losers outnumbered gainers by 806 to 126, and 176 remain unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, eased 1.14 points, to 1,004.93 points.
Bank of China today started to sell 40 billion yuan worth of bonds convertible to A shares. Its stock tumbled 6.1 percent to 3.85 yuan. Industrial and Commercial Bank shrank 1.42 percent to 4.17 yuan. China Construction Bank edged down 0.61 percent to 4.89 yuan.
Property developers gained. China Vanke edged up 0.42 percent to 7.19 yuan. Gemdale gained 1.75 percent to 6.39 yuan. Wolong Real Estate Group went up 2.34 percent to 6.99 yuan.
The oil sector trailed on a decrease in crude oil prices and after the central government imposed a 5 percent price-based resource tax on crude oil and natural gas produced in the northwestern region of Xinjiang.
PetroChina, the biggest index component, went down 1.66 percent to 10.68 yuan. China Petroleum & Chemical Corp was 1.53 percent lower to close at 8.38 yuan. Oriental Energy Co tumbled 4.65 percent to 10.67 yuan.
The auto sector gained after the Ministry of Finance announced its desicion to grant allowance for personal purchase of new energy cars in five major cities. Chongqing Changan Automobile Company climbed 4.98 percent to 10.33 yuan. SAIC Motor Co edged up 0.43 percent to 16.30 yuan. FAW Car Co closed unchanged at 16.36 yuan.
The benchmark Shanghai Composite Index went down 1.6 percent to 2,527.27. Turnover shrank to 34.7 billion yuan (US$5.1 billion) from yesterday's 38.3 billion yuan. Losers outnumbered gainers by 806 to 126, and 176 remain unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, eased 1.14 points, to 1,004.93 points.
Bank of China today started to sell 40 billion yuan worth of bonds convertible to A shares. Its stock tumbled 6.1 percent to 3.85 yuan. Industrial and Commercial Bank shrank 1.42 percent to 4.17 yuan. China Construction Bank edged down 0.61 percent to 4.89 yuan.
Property developers gained. China Vanke edged up 0.42 percent to 7.19 yuan. Gemdale gained 1.75 percent to 6.39 yuan. Wolong Real Estate Group went up 2.34 percent to 6.99 yuan.
The oil sector trailed on a decrease in crude oil prices and after the central government imposed a 5 percent price-based resource tax on crude oil and natural gas produced in the northwestern region of Xinjiang.
PetroChina, the biggest index component, went down 1.66 percent to 10.68 yuan. China Petroleum & Chemical Corp was 1.53 percent lower to close at 8.38 yuan. Oriental Energy Co tumbled 4.65 percent to 10.67 yuan.
The auto sector gained after the Ministry of Finance announced its desicion to grant allowance for personal purchase of new energy cars in five major cities. Chongqing Changan Automobile Company climbed 4.98 percent to 10.33 yuan. SAIC Motor Co edged up 0.43 percent to 16.30 yuan. FAW Car Co closed unchanged at 16.36 yuan.
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