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Shanghai stocks drop in the morning on liquidity concern
By Feng Jianmin |
August 10, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped in the morning session on liquidity concerns as China Everbright Bank began to allow investors to subscribe for its shares today.
The benchmark Shanghai Composite Index lost 1.82 percent, or 48.74 points, to close at 2,623.79 points. Turnover shrank to 68 billion yuan (US$ 10.2 billion) from yesterday morning's 71.5 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, fell 2.18 percent to close at 1,097.86 points.
Everbright Bank is to raise up to 18.9 billion yuan in an initial public offering, in Shanghai making it the second largest IPO in China this year.
Banks were weak. Bank of China fell 0.86 percent to 3.47 yuan. Industrial and Commercial Bank of China was 1.1 percent lower to 4.21 yuan. Bank of Communications dropped 2.16 percent to 6.34 yuan. China Construction Bank lost 1 percent to 4.80 yuan.
Large steel makers outperformed the market after media reports on a drop of inventory, which may spur steel prices to pick up. Lingyuan Iron & Steel Co rose 1.69 percent to 7.81 yuan. Baoshan Iron & Steel Co gained 0.94 percent to 6.44 yuan. Wuhan Iron & Steel Co was unchanged at 4.82 yuan.
Drug makers gained on news of the central government's plan to invest 10 billion yuan to support pharmaceutical innovation. Guilin Layn Natural Ingredients Corp climbed 6.5 percent to 30 yuan. Anhui Anke Biotechnology Group Co advanced 4.67 percent to 24 yuan. Shenzhen Neptunus Bioengineering Co rose 2.41 percent to 12.32 yuan.
The benchmark Shanghai Composite Index lost 1.82 percent, or 48.74 points, to close at 2,623.79 points. Turnover shrank to 68 billion yuan (US$ 10.2 billion) from yesterday morning's 71.5 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, fell 2.18 percent to close at 1,097.86 points.
Everbright Bank is to raise up to 18.9 billion yuan in an initial public offering, in Shanghai making it the second largest IPO in China this year.
Banks were weak. Bank of China fell 0.86 percent to 3.47 yuan. Industrial and Commercial Bank of China was 1.1 percent lower to 4.21 yuan. Bank of Communications dropped 2.16 percent to 6.34 yuan. China Construction Bank lost 1 percent to 4.80 yuan.
Large steel makers outperformed the market after media reports on a drop of inventory, which may spur steel prices to pick up. Lingyuan Iron & Steel Co rose 1.69 percent to 7.81 yuan. Baoshan Iron & Steel Co gained 0.94 percent to 6.44 yuan. Wuhan Iron & Steel Co was unchanged at 4.82 yuan.
Drug makers gained on news of the central government's plan to invest 10 billion yuan to support pharmaceutical innovation. Guilin Layn Natural Ingredients Corp climbed 6.5 percent to 30 yuan. Anhui Anke Biotechnology Group Co advanced 4.67 percent to 24 yuan. Shenzhen Neptunus Bioengineering Co rose 2.41 percent to 12.32 yuan.
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