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Stock index dips 0.39% in morning trade
By Louise Ho |
February 28, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market could not extend its six-week rally in the morning session as most of the sectors suffered losses.
The benchmark Shanghai Composite Index dropped 0.39 percent, or 9.59 points, to 2437.47 points. Turnover was 59.9 billion yuan (US$9.5 billion), down 8 percent compared to yesterday's morning session.
The financial, wine making, cement and insurance sectors were gainers. All other sectors were weak, with property and resources sectors leading the drop.
Property sectors fell after a rally yesterday. China Baoan Group Co dropped 7.65 percent to 13.15 yuan.
Solar energy company Liaoning Oxiranchem Inc dropped 7.86 percent to 16.65 yuan. Coal company Dalian Thermal Power Co dropped 4.48 percent to 6.40 yuan.
Shares listed on the Growth Enterprise Market dropped and affected the performance of the Shanghai index. The Growth Enterprise Market Index stood at 741.59, down 2.47 percent. Almost 80 percent of shares on the Growth Enterprise Market dropped.
Media sectors reversed an initial slump. Tangel Culture Co rose 7.79 percent to 27.54 yuan. Guangdong Alpha Animation and Culture Co added 2.08 percent to 28.42 yuan.
Over the weekend, the General Administration of Press and Publication in a guideline encouraged media groups to enter into more mergers and acquisitions.
Lenders were up. Bank of Beijing hiked 2.02 percent to 10.63 yuan. Bank of Communications rose 1.60 percent to 5.07 yuan.
Wine makers were also among the gainers. Sichuan Swellfun Co surged 4.05 percent to 22.89 yuan.
Gold sectors lost on the falling price of gold futures at the New York Mercantile Exchange Monday. Tyurin Group fell 4.84 percent at 9.25 yuan.
The benchmark Shanghai Composite Index dropped 0.39 percent, or 9.59 points, to 2437.47 points. Turnover was 59.9 billion yuan (US$9.5 billion), down 8 percent compared to yesterday's morning session.
The financial, wine making, cement and insurance sectors were gainers. All other sectors were weak, with property and resources sectors leading the drop.
Property sectors fell after a rally yesterday. China Baoan Group Co dropped 7.65 percent to 13.15 yuan.
Solar energy company Liaoning Oxiranchem Inc dropped 7.86 percent to 16.65 yuan. Coal company Dalian Thermal Power Co dropped 4.48 percent to 6.40 yuan.
Shares listed on the Growth Enterprise Market dropped and affected the performance of the Shanghai index. The Growth Enterprise Market Index stood at 741.59, down 2.47 percent. Almost 80 percent of shares on the Growth Enterprise Market dropped.
Media sectors reversed an initial slump. Tangel Culture Co rose 7.79 percent to 27.54 yuan. Guangdong Alpha Animation and Culture Co added 2.08 percent to 28.42 yuan.
Over the weekend, the General Administration of Press and Publication in a guideline encouraged media groups to enter into more mergers and acquisitions.
Lenders were up. Bank of Beijing hiked 2.02 percent to 10.63 yuan. Bank of Communications rose 1.60 percent to 5.07 yuan.
Wine makers were also among the gainers. Sichuan Swellfun Co surged 4.05 percent to 22.89 yuan.
Gold sectors lost on the falling price of gold futures at the New York Mercantile Exchange Monday. Tyurin Group fell 4.84 percent at 9.25 yuan.
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