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Shanghai stocks ease on weaker financial counters and developers
By Ding Yining |
May 14, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market dipped in the morning session with gains in pharmaceutical companies being overshadowed by weak performance of financial shares and the property sector.
The benchmark Shanghai Composite Index was down 0.25 percent, or 6.75 points, to close at 2,703.76 points. Turnover was 46 billion yuan (US$6.7 billion). Gainers outnumbered losers by 536 to 320 and 67 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.48 percent to close at 1,043.18 points.
The 21st Century Business Herald reported that China's taxation bureau may announce as early as May 20 the expansion of its property tax on commercial properties to residences, citing an unidentified person.
Property shares remained weak. Shanghai Shimao Co was down 0.28 percent to 10.53 yuan. Gemdale Corporation fell 0.96 percent to 6.18 yuan. Shanghai AJ Corporation lost 1.12 percent to 8.80 yuan. China Merchants Property Development Co Ltd dropped 1.47 percent to 16.09 yuan.
Ping An Insurance (Group) Co, the country's second largest insurer, fell 1.76 percent to 48.51 yuan. China Life Insurance Co dipped 0.47 percent to 25.49 yuan. Bank of Communications retreated 0.86 percent to 6.91 yuan. Shanghai Pudong Development Bank was down 1.12 percent to 19.49 yuan.
Oil producers and steel makers were also flat. Crude oil for June delivery extended Thursday's decline and dropped as much as 0.8 percent to US$73.98 a barrel in New York. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.29 percent to 9.18 yuan. PetroChina, the biggest index component, dropped 0.62 percent to 11.15 yuan.
Baoshan Iron & Steel Co retreated 1.20 percent to 6.56 yuan. Maanshan Iron & Steel fell 2.07 percent to 8.52 yuan.
Biopharmaceutical companies bucked the downward trend. Jiangzhong Pharmaceutical Co surged the daily limit of 10 percent to 34.87 yuan. Shanghai Kehua Bio-Engineering Co jumped 8.74 percent to 20.29 yuan. Kangmei Pharmaceutical Co rallied 5.76 percent to 14.70 yuan.
Metal producers showed mixed results. Jiangxi Copper lost 1.10 percent to 30.65 yuan. Yunnan Copper withdrew 0.90 percent to 22.14 yuan. Shandong Gold Mining Co advanced 2.07 percent to 80.90 yuan. Zhongjin Gold Mining Co added 1.60 percent to 61.09 yuan.
The benchmark Shanghai Composite Index was down 0.25 percent, or 6.75 points, to close at 2,703.76 points. Turnover was 46 billion yuan (US$6.7 billion). Gainers outnumbered losers by 536 to 320 and 67 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.48 percent to close at 1,043.18 points.
The 21st Century Business Herald reported that China's taxation bureau may announce as early as May 20 the expansion of its property tax on commercial properties to residences, citing an unidentified person.
Property shares remained weak. Shanghai Shimao Co was down 0.28 percent to 10.53 yuan. Gemdale Corporation fell 0.96 percent to 6.18 yuan. Shanghai AJ Corporation lost 1.12 percent to 8.80 yuan. China Merchants Property Development Co Ltd dropped 1.47 percent to 16.09 yuan.
Ping An Insurance (Group) Co, the country's second largest insurer, fell 1.76 percent to 48.51 yuan. China Life Insurance Co dipped 0.47 percent to 25.49 yuan. Bank of Communications retreated 0.86 percent to 6.91 yuan. Shanghai Pudong Development Bank was down 1.12 percent to 19.49 yuan.
Oil producers and steel makers were also flat. Crude oil for June delivery extended Thursday's decline and dropped as much as 0.8 percent to US$73.98 a barrel in New York. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.29 percent to 9.18 yuan. PetroChina, the biggest index component, dropped 0.62 percent to 11.15 yuan.
Baoshan Iron & Steel Co retreated 1.20 percent to 6.56 yuan. Maanshan Iron & Steel fell 2.07 percent to 8.52 yuan.
Biopharmaceutical companies bucked the downward trend. Jiangzhong Pharmaceutical Co surged the daily limit of 10 percent to 34.87 yuan. Shanghai Kehua Bio-Engineering Co jumped 8.74 percent to 20.29 yuan. Kangmei Pharmaceutical Co rallied 5.76 percent to 14.70 yuan.
Metal producers showed mixed results. Jiangxi Copper lost 1.10 percent to 30.65 yuan. Yunnan Copper withdrew 0.90 percent to 22.14 yuan. Shandong Gold Mining Co advanced 2.07 percent to 80.90 yuan. Zhongjin Gold Mining Co added 1.60 percent to 61.09 yuan.
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