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Steel and property firms drag down Shanghai index
By Feng Jianmin |
August 4, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S benchmark stock index dipped in the morning session, led by steel makers and property developers.
The benchmark Shanghai Composite Index lost 0.46 percent, or 12 points, to close at 2,615 points. Turnover shrank to 56.3 billion yuan (US$ 8.3 billion) from yesterday's 67.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, went down 0.57 percent to close at 1,072.78 points.
Steel makers led the losers after the China Iron and Steel Association said that output of more than 40 percent of domestic steel mills shrank in July. Baoshan Iron & Steel Co lost 1.86 percent to 6.33 yuan. Xinjiang Ba Yi Iron & Steel Co edged down 0.26 percent to 11.55 yuan. Angang Steel Co retreated 2.54 percent to 8.44 yuan.
Property developers were weak as the central government tightened inspections on inappropriate land use. China Vanke dipped 0.36 percent to 8.22 yuan. Gemdale Corp lost 2 percent to 7.01 yuan. Poly Real Estate Co dropped 2.48 percent to 12.97 yuan.
Automakers outperformed the market after media reports said that the central government will invest some 100 billion yuan to promote new energy cars in the next decade. Chongqing Changan Automobile was 0.5 percent higher at 10.25 yuan. FAW Car Co edged up 0.29 percent to 17.08 yuan. SAIC fell 1.13 percent to 14.90 yuan.
Gold miners increased after the central government announced plans to further open the gold market to foreign investors and bullion suppliers. Zijin Mining Group, China's largest gold producer, added 0.16 percent to 6.17 yuan. Shandong Gold Mining gained 0.88 percent to 36.70 yuan. Zhongjin Gold Co went up 0.32 percent to 31.68 yuan.
The benchmark Shanghai Composite Index lost 0.46 percent, or 12 points, to close at 2,615 points. Turnover shrank to 56.3 billion yuan (US$ 8.3 billion) from yesterday's 67.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, went down 0.57 percent to close at 1,072.78 points.
Steel makers led the losers after the China Iron and Steel Association said that output of more than 40 percent of domestic steel mills shrank in July. Baoshan Iron & Steel Co lost 1.86 percent to 6.33 yuan. Xinjiang Ba Yi Iron & Steel Co edged down 0.26 percent to 11.55 yuan. Angang Steel Co retreated 2.54 percent to 8.44 yuan.
Property developers were weak as the central government tightened inspections on inappropriate land use. China Vanke dipped 0.36 percent to 8.22 yuan. Gemdale Corp lost 2 percent to 7.01 yuan. Poly Real Estate Co dropped 2.48 percent to 12.97 yuan.
Automakers outperformed the market after media reports said that the central government will invest some 100 billion yuan to promote new energy cars in the next decade. Chongqing Changan Automobile was 0.5 percent higher at 10.25 yuan. FAW Car Co edged up 0.29 percent to 17.08 yuan. SAIC fell 1.13 percent to 14.90 yuan.
Gold miners increased after the central government announced plans to further open the gold market to foreign investors and bullion suppliers. Zijin Mining Group, China's largest gold producer, added 0.16 percent to 6.17 yuan. Shandong Gold Mining gained 0.88 percent to 36.70 yuan. Zhongjin Gold Co went up 0.32 percent to 31.68 yuan.
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