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Shanghai stocks drop slightly
By Feng Jianmin |
October 27, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly lower in the morning session as losses made by commodity producers offset gains in the pharmaceutical and property sectors.
The benchmark Shanghai Composite Index dipped 0.25 percent, or 7.57 points, to close at 3,034. Turnover grew to 127 billion yuan (US$19 billion) from yesterday morning's 153 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, edged up 0.01 percent to 13,731.
Drug makers led the gainers after three cases were found in the Chinese mainland to be infected by a drug-resistant "super virus." Anhui Anke Biotechnology Group Co advanced 3.6 percent to 23.86 yuan. Shenzhen Neptunus Bioengineering Co grew 3.9 percent to 14.83 yuan. Chongqing Lummy Pharmaceutical Co rose 2.8 percent to 28.70 yuan.
Coal, gold and metal producers lost as a stronger US dollar drives commodity prices lower on the global market. Yunnan Copper Co lost 2 percent to 29.50 yuan. Shandong Gold Mining Group Co lost 3 percent despite reporting its net profit increased 122 percent in the first three quarters from last year. Datong Coal Industry Co shed 2.8 percent to 25.84 yuan.
Property developers gained after central bank said that new loans to the property sector grew 32.9 percent from last year, 5.2 percentage points lower than the growth rate last year. China Vanke grew 3.5 percent to 9.72 yuan. Poly Real Estate Co advanced 4.1 percent to 15.23 yuan. China Merchants Property Development Co rose 2 percent to 19.50 yuan.
The benchmark Shanghai Composite Index dipped 0.25 percent, or 7.57 points, to close at 3,034. Turnover grew to 127 billion yuan (US$19 billion) from yesterday morning's 153 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, edged up 0.01 percent to 13,731.
Drug makers led the gainers after three cases were found in the Chinese mainland to be infected by a drug-resistant "super virus." Anhui Anke Biotechnology Group Co advanced 3.6 percent to 23.86 yuan. Shenzhen Neptunus Bioengineering Co grew 3.9 percent to 14.83 yuan. Chongqing Lummy Pharmaceutical Co rose 2.8 percent to 28.70 yuan.
Coal, gold and metal producers lost as a stronger US dollar drives commodity prices lower on the global market. Yunnan Copper Co lost 2 percent to 29.50 yuan. Shandong Gold Mining Group Co lost 3 percent despite reporting its net profit increased 122 percent in the first three quarters from last year. Datong Coal Industry Co shed 2.8 percent to 25.84 yuan.
Property developers gained after central bank said that new loans to the property sector grew 32.9 percent from last year, 5.2 percentage points lower than the growth rate last year. China Vanke grew 3.5 percent to 9.72 yuan. Poly Real Estate Co advanced 4.1 percent to 15.23 yuan. China Merchants Property Development Co rose 2 percent to 19.50 yuan.
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