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Shanghai stocks drop led by auto and property firms
By Joyce Pan |
March 10, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly lower in the morning session as investors were cautious before China's export figures for February are released.
The benchmark Shanghai Composite Index lost 0.54 percent, or 16.6 points, to close at 3,052.54 points. Turnover stood at 54 billion yuan (US$7.9 billion). Losers outnumbered gainers 666 to 191 and 33 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.81 percent to close at 1,167.57 points.
The General Administration of Customs is set today to disclose trade data for February. UBS Securities Co has estimated exports for last month would grow 40 percent on a yearly base while imports growth would slow down.
Automakers led the decliners after the growth of vehicle sales lost steam in February. China's vehicle sales were 27 percent lower than January. Analysts expect the market will grow at a more moderate pace this year.
Anhui Jianghuai Automobile Co retreated 3 percent to 11.01 yuan. SAIC Motor Corp withdrew 2.7 percent to 21.36 yuan and Beiqi Foton Motor Co plunged 2.6 percent to 20.05 yuan. Faw Car Co decreased 2 percent to 23.56 yuan.
Property developers dropped and almost pared yesterday's gain. Shanghai Lujiazui Finance & Trade Zone eased 1.9 percent to 23.72 yuan. Shanghai-based Shimao Co lowered 1.90 percent to 14.7 yuan. Poly Real Estate Group declined 1 percent to 20.07 yuan.
The benchmark Shanghai Composite Index lost 0.54 percent, or 16.6 points, to close at 3,052.54 points. Turnover stood at 54 billion yuan (US$7.9 billion). Losers outnumbered gainers 666 to 191 and 33 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.81 percent to close at 1,167.57 points.
The General Administration of Customs is set today to disclose trade data for February. UBS Securities Co has estimated exports for last month would grow 40 percent on a yearly base while imports growth would slow down.
Automakers led the decliners after the growth of vehicle sales lost steam in February. China's vehicle sales were 27 percent lower than January. Analysts expect the market will grow at a more moderate pace this year.
Anhui Jianghuai Automobile Co retreated 3 percent to 11.01 yuan. SAIC Motor Corp withdrew 2.7 percent to 21.36 yuan and Beiqi Foton Motor Co plunged 2.6 percent to 20.05 yuan. Faw Car Co decreased 2 percent to 23.56 yuan.
Property developers dropped and almost pared yesterday's gain. Shanghai Lujiazui Finance & Trade Zone eased 1.9 percent to 23.72 yuan. Shanghai-based Shimao Co lowered 1.90 percent to 14.7 yuan. Poly Real Estate Group declined 1 percent to 20.07 yuan.
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