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Shanghai stocks dip on liquidity concerns
By Feng Jianmin |
July 5, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks dropped in the morning session on a slowdown economic outlook and liquidity concerns.
The benchmark Shanghai Composite Index went down 1.62 percent, or nearly 38.67 points, to close at 2344.23. Turnover stood at 22.2 billion yuan (US$ 3.3 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, retreated 1.88 percent to 908.24 points.
The impact of financial crisis has been more severe than expected, and the road to recovery is more zigzagging, said Premier Wen Jiabao on a tour to the 3 provinces in the South China during the weekend.
Meanwhile, Bank of China announced its plan to raise as much as 60 billion yuan in a rights offer, adding to the liquidity concerns as the Agricultural Bank of China will start online subscription of its initial public offering tomorrow.
Banks dropped. Bank of China eased 1.47 percent to 3.35 yuan. China Merchants Bank fell 1.55 percent to 12.71 yuan. Industrial and Commercial Bank of China edged down 0.74 percent to 4.03 yuan.
Coal producers were among the losers as Shanghai Securities Journal reported a shrinking demand of power by heavy industries. Datong Coal Industry Co slid 6.63 percent to 25.20 yuan. China Shenhua Energy Co, the nation's largest coal producer, went down 2.74 percent to 20.58 yuan.
Property developers were weak. China Vanke was 0.43 percent lower to 6.90 yuan. Poly Real Estate Co edged down 0.1 percent to 10.55 yuan. China Merchants Property Development Co fell 2.66 percent to 15.01 yuan.
The benchmark Shanghai Composite Index went down 1.62 percent, or nearly 38.67 points, to close at 2344.23. Turnover stood at 22.2 billion yuan (US$ 3.3 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, retreated 1.88 percent to 908.24 points.
The impact of financial crisis has been more severe than expected, and the road to recovery is more zigzagging, said Premier Wen Jiabao on a tour to the 3 provinces in the South China during the weekend.
Meanwhile, Bank of China announced its plan to raise as much as 60 billion yuan in a rights offer, adding to the liquidity concerns as the Agricultural Bank of China will start online subscription of its initial public offering tomorrow.
Banks dropped. Bank of China eased 1.47 percent to 3.35 yuan. China Merchants Bank fell 1.55 percent to 12.71 yuan. Industrial and Commercial Bank of China edged down 0.74 percent to 4.03 yuan.
Coal producers were among the losers as Shanghai Securities Journal reported a shrinking demand of power by heavy industries. Datong Coal Industry Co slid 6.63 percent to 25.20 yuan. China Shenhua Energy Co, the nation's largest coal producer, went down 2.74 percent to 20.58 yuan.
Property developers were weak. China Vanke was 0.43 percent lower to 6.90 yuan. Poly Real Estate Co edged down 0.1 percent to 10.55 yuan. China Merchants Property Development Co fell 2.66 percent to 15.01 yuan.
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