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Shanghai stocks fall further in steps with exports and imports
By Pan Xiaoyi |
January 13, 2009, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index extended the loss today, led by materials producers and banks, after exports and imports fell in the country for a second consecutive month.
The Shanghai Composite Index declined 1.95 percent, or 36.98 points, to 1863.37 points.
Losers outnumbered gainers 753 to 122 while 9 stocks remained unchanged. Turnover shrank to 49.3 billion yuan, compared with 59.5 billion yuan on the previous trading day.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.9 percent, or 17.10 points, to 571.62 points.
Custom figures from General Administration of Customs shows today China's imports and exports fell for a second month in row in December.
Exports fell 2.8 percent last month from the same month a year earlier, after a 2.2 percent decline in November. Imports were US$72.18 billion, a drop of 21.3 percent, according to the General Administration of Customs.
Commodity stocks led the declines after commodity prices tumbled yesterday as the slumping global economy continued to slash demand for raw materials. Crude oil fell below US$38 a barrel and gold declined the most in six weeks.
China Petroleum & Chemical Corp, Asia's biggest oil refiner, also known as Sinopec, fell 0.42 percent, to 7.06 yuan. Zhongjin Gold Corp, the country's second-largest by market value, retreated 4.14 percent to 35.2 yuan.
Shenzhen Development Bank Co, the Chinese lender controlled by buyout firm TPG Inc, said 2008 profit may have dropped 77 percent to about 600 million yuan ($87.8 million) as it set aside more provisions against bad loans to bolster its financial strength. The stock slumped 3.96 percent, to 9.47 yuan.
Bucking the downward trend, automakers gained despite China vehicles sales may rise about 5 percent this year, the slowest pace since 1998, as a slowing economy and rising job insecurity damp demand, the China Association of Automobile Manufacturers said yesterday.
SAIC Motor Co, China's largest carmaker, rose 1.52 percent to 6 yuan. Dongfeng Automobile Co, which makes light trucks in China with Nissan Motor Co, added 1.94 percent, to 3.15 yuan.
Elsewhere, Air China Ltd, the nation's largest international carrier said its parent is in talks to buy all or part of East Star Airlines. The shares plunged 5.19 percent to 4.2 yuan.
China Southern Airlines Co, Asia's biggest carrier by passenger numbers, named Si Xianmin as its new chairman. Si was previously the carrier's general manager, it said. The shares eased 4.49 percent to 3.29 yuan.
Western Mining Co, China's fourth-largest maker of zinc concentrate, said a unit of Goldman Sachs Group Inc reduced its holdings in the company. Goldman Sachs Strategic Investments (Delaware) LLC sold a total of 78 million shares between August 7 last year and January 9, or close to 3.3 percent of total shares outstanding, it said in a statement yesterday. The shares lost 4.95 percent to 6.91 yuan.
The Shanghai Composite Index declined 1.95 percent, or 36.98 points, to 1863.37 points.
Losers outnumbered gainers 753 to 122 while 9 stocks remained unchanged. Turnover shrank to 49.3 billion yuan, compared with 59.5 billion yuan on the previous trading day.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.9 percent, or 17.10 points, to 571.62 points.
Custom figures from General Administration of Customs shows today China's imports and exports fell for a second month in row in December.
Exports fell 2.8 percent last month from the same month a year earlier, after a 2.2 percent decline in November. Imports were US$72.18 billion, a drop of 21.3 percent, according to the General Administration of Customs.
Commodity stocks led the declines after commodity prices tumbled yesterday as the slumping global economy continued to slash demand for raw materials. Crude oil fell below US$38 a barrel and gold declined the most in six weeks.
China Petroleum & Chemical Corp, Asia's biggest oil refiner, also known as Sinopec, fell 0.42 percent, to 7.06 yuan. Zhongjin Gold Corp, the country's second-largest by market value, retreated 4.14 percent to 35.2 yuan.
Shenzhen Development Bank Co, the Chinese lender controlled by buyout firm TPG Inc, said 2008 profit may have dropped 77 percent to about 600 million yuan ($87.8 million) as it set aside more provisions against bad loans to bolster its financial strength. The stock slumped 3.96 percent, to 9.47 yuan.
Bucking the downward trend, automakers gained despite China vehicles sales may rise about 5 percent this year, the slowest pace since 1998, as a slowing economy and rising job insecurity damp demand, the China Association of Automobile Manufacturers said yesterday.
SAIC Motor Co, China's largest carmaker, rose 1.52 percent to 6 yuan. Dongfeng Automobile Co, which makes light trucks in China with Nissan Motor Co, added 1.94 percent, to 3.15 yuan.
Elsewhere, Air China Ltd, the nation's largest international carrier said its parent is in talks to buy all or part of East Star Airlines. The shares plunged 5.19 percent to 4.2 yuan.
China Southern Airlines Co, Asia's biggest carrier by passenger numbers, named Si Xianmin as its new chairman. Si was previously the carrier's general manager, it said. The shares eased 4.49 percent to 3.29 yuan.
Western Mining Co, China's fourth-largest maker of zinc concentrate, said a unit of Goldman Sachs Group Inc reduced its holdings in the company. Goldman Sachs Strategic Investments (Delaware) LLC sold a total of 78 million shares between August 7 last year and January 9, or close to 3.3 percent of total shares outstanding, it said in a statement yesterday. The shares lost 4.95 percent to 6.91 yuan.
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