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Shanghai stocks lose led by banks and brokers
By Ding Yining |
January 27, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI shares dipped in the morning session among weak trading as investors remained cautious after the index fell to the lowest level in three months yesterday.
The benchmark Shanghai Composite Index dipped 0.10 percent, or 3.11 points, to close at 3,016.28 points. Turnover eased to 50.1 billion (US$7.3 billion) from yesterday's 55.5 billion yuan. Gainers outnumbered losers 525 to 340, and 59 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.29 percent to close at 1,115.58 points.
Banks continued to decline as investors speculated the central bank will take more aggressive moves to rein in credit growth to prevent inflation and asset bubbles after hiking banks' reserve ratio.
Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.40 percent to 4.92 yuan. Shanghai Pudong Development Bank was down 1.88 percent to 20.30 yuan. China Construction Bank dropped 2.40 percent to 5.70 yuan.
Property shares rebounded from yesterday's loss. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.54 percent to 9.27 yuan. Shanghai Shimao Co Ltd was up 0.35 percent to 14.17 yuan. Poly Real Estate Group added 1 percent to 19.16 yuan.
Brokerages also dragged the index down. Everbright Securities was down 1.50 percent to 27.50 yuan. Sinolink Securities dipped 0.24 percent to 21.05 yuan.
The consumer sector bucked the downward trend. Shanghai New World Co advanced 2.74 percent to 16.11 yuan. Shanghai Bailian Group Co surged 4.23 percent to 18 yuan. Shanghai Friendship Group Co rose 1.72 percent to 18.94 yuan.
Commodity counters slid after crude oil fell 0.7 percent in New York. Zijin Mining Co lost 0.93 percent to 8.53 yuan. Yunnan Copper Co retreated 1.26 percent to 25.85 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.09 percent to 11.64 yuan.
The benchmark Shanghai Composite Index dipped 0.10 percent, or 3.11 points, to close at 3,016.28 points. Turnover eased to 50.1 billion (US$7.3 billion) from yesterday's 55.5 billion yuan. Gainers outnumbered losers 525 to 340, and 59 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.29 percent to close at 1,115.58 points.
Banks continued to decline as investors speculated the central bank will take more aggressive moves to rein in credit growth to prevent inflation and asset bubbles after hiking banks' reserve ratio.
Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.40 percent to 4.92 yuan. Shanghai Pudong Development Bank was down 1.88 percent to 20.30 yuan. China Construction Bank dropped 2.40 percent to 5.70 yuan.
Property shares rebounded from yesterday's loss. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.54 percent to 9.27 yuan. Shanghai Shimao Co Ltd was up 0.35 percent to 14.17 yuan. Poly Real Estate Group added 1 percent to 19.16 yuan.
Brokerages also dragged the index down. Everbright Securities was down 1.50 percent to 27.50 yuan. Sinolink Securities dipped 0.24 percent to 21.05 yuan.
The consumer sector bucked the downward trend. Shanghai New World Co advanced 2.74 percent to 16.11 yuan. Shanghai Bailian Group Co surged 4.23 percent to 18 yuan. Shanghai Friendship Group Co rose 1.72 percent to 18.94 yuan.
Commodity counters slid after crude oil fell 0.7 percent in New York. Zijin Mining Co lost 0.93 percent to 8.53 yuan. Yunnan Copper Co retreated 1.26 percent to 25.85 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.09 percent to 11.64 yuan.
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