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Steel makers and banks drop in Shanghai
By Ding Yining |
July 30, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market lost more than 1 percent in the morning session after steel producers and financial shares retreated on the concern previous rebounds were ahead of economic fundamentals and earnings.
The benchmark Shanghai Composite Index lost 1.16 percent, or 30.64 points, to close at 2,617.48 points. Turnover was 52 billion yuan(US$7.6 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.04 percent to close at 1,065.69 points.
Baoshan Iron & Steel Co, the country's largest steel maker, lost 0.92 percent to 6.49 yuan. Wuhan Iron & Steel dropped 1.22 percent to 4.86 yuan. Maanshan Iron & Steel retreated 1.82 percent to 8.64 yuan.
Airlines eased from previous gains. China Eastern Airlines dropped 1.86 percent to 7.90 yuan. Air China lost 1.38 percent to 12.12 yuan. Hainan Airlines was down 0.67 percent to 5.96 yuan.
Banks also dragged down index. Bank of Communications lost 1.06 percent to 6.51 yuan. Shanghai Pudong Development Bank retreated 1.13 percent to 14.91 yuan. China Merchants Bank dipped 0.21 percent to 14.51 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, was down 0.68 percent to 8.80 yuan. PetroChina lost 1.21 percent to 10.62 yuan.
Real estate developers showed mixed results. Shanghai Shimao Co sank 2.30 percent to 14.04 yuan. China Vanke Co lost 0.84 percent to 8.23 yuan. Shanghai Merchants Real Estate Group lost 0.84 percent to 19.20 yuan.
Aluminum Corp of China has agreed to pay Rio Tinto US$1.35 billion for a stake in an iron ore joint venture in the West African country Guinea. The stock surged 6.66 percent to 10.89 yuan.
Other metal companies were weak. Yunnan Copper lost 0.93 percent to 20.31 yuan. Ningbo Fubang Jingye Group retreated 2.35 percent to 7.90 yuan. Shandong Gold Mining Co lowered 2.06 percent to 35.67 yuan.
The benchmark Shanghai Composite Index lost 1.16 percent, or 30.64 points, to close at 2,617.48 points. Turnover was 52 billion yuan(US$7.6 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.04 percent to close at 1,065.69 points.
Baoshan Iron & Steel Co, the country's largest steel maker, lost 0.92 percent to 6.49 yuan. Wuhan Iron & Steel dropped 1.22 percent to 4.86 yuan. Maanshan Iron & Steel retreated 1.82 percent to 8.64 yuan.
Airlines eased from previous gains. China Eastern Airlines dropped 1.86 percent to 7.90 yuan. Air China lost 1.38 percent to 12.12 yuan. Hainan Airlines was down 0.67 percent to 5.96 yuan.
Banks also dragged down index. Bank of Communications lost 1.06 percent to 6.51 yuan. Shanghai Pudong Development Bank retreated 1.13 percent to 14.91 yuan. China Merchants Bank dipped 0.21 percent to 14.51 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, was down 0.68 percent to 8.80 yuan. PetroChina lost 1.21 percent to 10.62 yuan.
Real estate developers showed mixed results. Shanghai Shimao Co sank 2.30 percent to 14.04 yuan. China Vanke Co lost 0.84 percent to 8.23 yuan. Shanghai Merchants Real Estate Group lost 0.84 percent to 19.20 yuan.
Aluminum Corp of China has agreed to pay Rio Tinto US$1.35 billion for a stake in an iron ore joint venture in the West African country Guinea. The stock surged 6.66 percent to 10.89 yuan.
Other metal companies were weak. Yunnan Copper lost 0.93 percent to 20.31 yuan. Ningbo Fubang Jingye Group retreated 2.35 percent to 7.90 yuan. Shandong Gold Mining Co lowered 2.06 percent to 35.67 yuan.
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