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Steel drags down index to 2,570
By Feng Jianmin and Pan Xiaoyi |
June 23, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower today as steel mills and metal producers weakened after the State Council scrapped export tax rebates on 406 products including some steel and nonferrous metals.
The benchmark Shanghai Composite Index fell 0.73 percent, or 18.83 points, to close at 2,569.87. Turnover shrank to 61.9 billion yuan (US$9.4 billion) from yesterday's 65.9 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 0.23 percent to 1,045.16 points.
Baoshan Iron & Steel Co retreated 2.7 percent to 6.08 yuan. Angang Steel Co declined 2.4 percent to 7.75 yuan. Beijing Shougang Co lost 1.4 percent to 3.54 yuan.
Aluminum Corp of China shed 1.7 percent to 10.07 yuan. Yunnan Copper Industry Co dropped 2 percent to 20.79 yuan. Jiangxi Copper Co slid 1.6 percent to 27.83 yuan. Datong Coal Industry fell 1 percent to 33.05 yuan.
Technology firms gained on the central government's plan to boost the software industry and Internet of Things released in Dalian and Shanghai. Inspur Electronic Information Industry Co climbed 3.4 percent to 12.03 yuan. China National Software and Service Co advanced 5.8 percent to 24.1 yuan. Fujian Newland Computer Co edged up 1 percent to 13.42 yuan.
Bank stocks were mixed. Bank of Communications added 1.3 percent to 6.21 yuan after it announced it raised 17.1 billion yuan through the A-share market. Industrial and Commercial Bank of China eased 0.7 percent to 4.24 yuan. Bank of China edged down 0.7 percent to 4.24 yuan.
The benchmark Shanghai Composite Index fell 0.73 percent, or 18.83 points, to close at 2,569.87. Turnover shrank to 61.9 billion yuan (US$9.4 billion) from yesterday's 65.9 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 0.23 percent to 1,045.16 points.
Baoshan Iron & Steel Co retreated 2.7 percent to 6.08 yuan. Angang Steel Co declined 2.4 percent to 7.75 yuan. Beijing Shougang Co lost 1.4 percent to 3.54 yuan.
Aluminum Corp of China shed 1.7 percent to 10.07 yuan. Yunnan Copper Industry Co dropped 2 percent to 20.79 yuan. Jiangxi Copper Co slid 1.6 percent to 27.83 yuan. Datong Coal Industry fell 1 percent to 33.05 yuan.
Technology firms gained on the central government's plan to boost the software industry and Internet of Things released in Dalian and Shanghai. Inspur Electronic Information Industry Co climbed 3.4 percent to 12.03 yuan. China National Software and Service Co advanced 5.8 percent to 24.1 yuan. Fujian Newland Computer Co edged up 1 percent to 13.42 yuan.
Bank stocks were mixed. Bank of Communications added 1.3 percent to 6.21 yuan after it announced it raised 17.1 billion yuan through the A-share market. Industrial and Commercial Bank of China eased 0.7 percent to 4.24 yuan. Bank of China edged down 0.7 percent to 4.24 yuan.
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