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Shanghai stocks plunge 6.6% in week
By Ding Yining |
July 2, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S market closed higher on the last trading day of the week after property shares rebounded from earlier losses, although metal producers stayed sluggish.
The benchmark Shanghai Composite Index edged up 0.38 percent, or 9.11 points, to close at 2,382.90 points. Turnover was 61.5 billion yuan (US$9 billion). The gauge lost 6.66 percent this week, the largest weekly drop in 16 months.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.61 percent to close at 925.68 points.
Metal companies dragged down the index. Shandong Gold Mining Co retreated 4.62 percent to 33.05 yuan. Yunnan Copper lost 2.07 percent to 16.99 yuan. Zhongjin Gold Mining Co tumbled 4.93 percent to 46.64 yuan. Zijin Mining Co lost 1.35 percent to 5.86 yuan. Yanzhou Coal Mining Co sank 3.16 percent to 15.30 yuan.
Banking stocks rebounded from earlier losses. Bank of Communications edged up 0.51 percent to 5.93 yuan. Shanghai Pudong Development Bank added 1.26 percent to 13.67 yuan. China Merchants Bank was up 0.78 percent to 12.91 yuan. Bank of China was up 0.29 percent to 3.40 yuan.
Real estate developers also ended higher. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd advanced 1.96 percent to 16.68 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd edged up 0.46 percent 10.96 yuan. Gemdale Corporation surged 4.63 percent to 6.33 yuan.
Steel producers also recovered from drops in the morning. Baoshan Iron & Steel, the country's largest steel maker, added 0.86 percent to 5.85 yuan. Maanshan Iron & Steel rose 1.40 percent to 7.17 yuan. Wuhan Iron & Steel was up 1.41 percent to 4.32 yuan.
Pharmaceutical companies were among the losers. Daan Gene Co Ltd tumbled 8.58 percent to 11.08 yuan. Harbin Gloria Pharmaceutical Co sank by the daily limit of 10 percent to 54.90 yuan.
China South Locomotive & Rolling Corp said its parent group bought 2 million of its shares and plans to increase the stake by as much as 2 percent in the next 12 months. The stock jumped 3.95 percent to 5 yuan.
The benchmark Shanghai Composite Index edged up 0.38 percent, or 9.11 points, to close at 2,382.90 points. Turnover was 61.5 billion yuan (US$9 billion). The gauge lost 6.66 percent this week, the largest weekly drop in 16 months.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.61 percent to close at 925.68 points.
Metal companies dragged down the index. Shandong Gold Mining Co retreated 4.62 percent to 33.05 yuan. Yunnan Copper lost 2.07 percent to 16.99 yuan. Zhongjin Gold Mining Co tumbled 4.93 percent to 46.64 yuan. Zijin Mining Co lost 1.35 percent to 5.86 yuan. Yanzhou Coal Mining Co sank 3.16 percent to 15.30 yuan.
Banking stocks rebounded from earlier losses. Bank of Communications edged up 0.51 percent to 5.93 yuan. Shanghai Pudong Development Bank added 1.26 percent to 13.67 yuan. China Merchants Bank was up 0.78 percent to 12.91 yuan. Bank of China was up 0.29 percent to 3.40 yuan.
Real estate developers also ended higher. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd advanced 1.96 percent to 16.68 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd edged up 0.46 percent 10.96 yuan. Gemdale Corporation surged 4.63 percent to 6.33 yuan.
Steel producers also recovered from drops in the morning. Baoshan Iron & Steel, the country's largest steel maker, added 0.86 percent to 5.85 yuan. Maanshan Iron & Steel rose 1.40 percent to 7.17 yuan. Wuhan Iron & Steel was up 1.41 percent to 4.32 yuan.
Pharmaceutical companies were among the losers. Daan Gene Co Ltd tumbled 8.58 percent to 11.08 yuan. Harbin Gloria Pharmaceutical Co sank by the daily limit of 10 percent to 54.90 yuan.
China South Locomotive & Rolling Corp said its parent group bought 2 million of its shares and plans to increase the stake by as much as 2 percent in the next 12 months. The stock jumped 3.95 percent to 5 yuan.
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