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Shanghai stocks drop led by steel and oil firms
By Ding Yining |
March 2, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market dipped in the morning session, as most heavily weighted shares remained weak. Steel makers and oil producers led the drop.
The benchmark Shanghai Composite Index eased 0.24 percent, or 7.32 points, to close at 3,080.52 points. Turnover was 69.6 billion yuan(US$10.2 billion). Losers outnumbered gainers 542 to 310, and 64 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.06 percent to close at 1,185.56 points.
Heavily-weighted steel makers and oil producers withdrew. Baoshan Iron and Steel Co, China's biggest steel maker, lost 0.85 percent to 8.13 yuan. PetroChina was down 0.54 percent to 12.99 yuan. Wuhan Iron & Steel dropped 0.87 percent to 6.85 yuan.
Other metal suppliers also dropped after yesterday's hike. Yunnan Copper Co lowered 2.75 percent to 27.28 yuan. Jiangxi Copper retreated 3.04 percent to 37.37 yuan. Zhongjin Gold Mining Co lost 1.59 percent to 49.55 yuan.
Beijing Yanjing Brewery Co said it plans to raise 1.2 billion yuan ($176 million) by selling five-year convertible bonds. Its shares lost 2.37 percent to 20.99 yuan.
Sichuan Swellfun Co jumped by the 10 percent daily limit after Britain's Diageo Plc said it plans to spend at least 624 million pounds to take over China's fourth-largest spirits group to add Chinese white spirits to its portfolio of top brands.
Banks showed mixed results. Bank of Communications dipped 0.24 percent to 8.31 yuan. China Merchants Bank added 1.29 percent to 16.51 yuan.
Low carbon technology-related shares were among the gainers after the Securities Times reported that a proposal to promote low emission and green economy will be on the top agenda during the upcoming meeting of China's top advisory body.
Jiangsu Guotai International Group surged 7.31 percent to 25.54 yuan. Shenzhen Desay Battery Technology Co Ltd rallied 10 percent to 11.61 yuan.
The benchmark Shanghai Composite Index eased 0.24 percent, or 7.32 points, to close at 3,080.52 points. Turnover was 69.6 billion yuan(US$10.2 billion). Losers outnumbered gainers 542 to 310, and 64 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.06 percent to close at 1,185.56 points.
Heavily-weighted steel makers and oil producers withdrew. Baoshan Iron and Steel Co, China's biggest steel maker, lost 0.85 percent to 8.13 yuan. PetroChina was down 0.54 percent to 12.99 yuan. Wuhan Iron & Steel dropped 0.87 percent to 6.85 yuan.
Other metal suppliers also dropped after yesterday's hike. Yunnan Copper Co lowered 2.75 percent to 27.28 yuan. Jiangxi Copper retreated 3.04 percent to 37.37 yuan. Zhongjin Gold Mining Co lost 1.59 percent to 49.55 yuan.
Beijing Yanjing Brewery Co said it plans to raise 1.2 billion yuan ($176 million) by selling five-year convertible bonds. Its shares lost 2.37 percent to 20.99 yuan.
Sichuan Swellfun Co jumped by the 10 percent daily limit after Britain's Diageo Plc said it plans to spend at least 624 million pounds to take over China's fourth-largest spirits group to add Chinese white spirits to its portfolio of top brands.
Banks showed mixed results. Bank of Communications dipped 0.24 percent to 8.31 yuan. China Merchants Bank added 1.29 percent to 16.51 yuan.
Low carbon technology-related shares were among the gainers after the Securities Times reported that a proposal to promote low emission and green economy will be on the top agenda during the upcoming meeting of China's top advisory body.
Jiangsu Guotai International Group surged 7.31 percent to 25.54 yuan. Shenzhen Desay Battery Technology Co Ltd rallied 10 percent to 11.61 yuan.
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