Shares end flat despite financial firms’ gains
Print Edition
SHANGHAI stocks closed yesterday generally flat, with financial shares up while shell companies fell after the securities watchdog vowed to tighten scrutiny over backdoor listings.
The Shanghai Composite Index edged up 0.13 percent to 2,888.81 points.
Banks rose, with China Construction Bank rising 0.41 percent to 4.92 yuan and Industrial and Commercial Bank of China adding 0.46 percent to 4.39 yuan.
Organic LED makers also rose, with Hangzhou Silan Microelectronics Co jumping 5.83 percent to 7.81 yuan.
Twelve “ST” companies, referring to those facing continued losses or other delisting risks, fell by the daily limit of 5 percent after China’s securities regulator said last Friday that it would tighten rules on major restructuring by listed firms to curb talk over shell companies used for backdoor listings.
Real estate developers were mixed after the National Bureau of Statistics said new home prices rose month on month in 60 out of the 70 large and medium-sized cities surveyed in May, down from 65 in April.
Poly Real Estate Group Co rose 3.02 percent to 8.54 yuan. Shanghai Lujiazui Finance & Trade Zone Development shed 2.23 percent to 23.26 yuan.
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