Stock index rebounds but trading declines
By Ding Yining |
March 17, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index and banks rebounded from Monday's decline but coal producers ended yesterday weak.
The Shanghai Composite Index added 0.53 percent, or 15.90 points, to close at 2,992.84. Turnover shrank to 69.9 billion yuan (US$10.3 billion) from 74.8 billion yuan.
Banks rebounded from Monday's losses. China Merchants Bank advanced 3.22 percent to 15.37 yuan, Shanghai Pudong Development Bank jumped 2.47 percent to 21.19 yuan and Fujian-based Industrial Bank rose 2.88 percent to 35.40 yuan.
"The overall market is flat and turnover shrank as most investors were still cautious after Monday's fall," United Securities' Chen Wei wrote.
Coal producers lost after China's benchmark Qinhuangdao coal prices fell for a sixth week to between 670 yuan and 680 yuan a ton, according to China Coal Transport and Distribution. China Shenhua Energy Co, the top coal producer, lost 1.2 percent to 27.80 yuan and China Coal Energy Co shed 0.35 percent to 11.27 yuan.
Suning Appliance Co gained 1.7 percent to 18 yuan after saying its full-year profit jumped 33.17 percent from a year earlier to 2.89 billion yuan.
The Shanghai Composite Index added 0.53 percent, or 15.90 points, to close at 2,992.84. Turnover shrank to 69.9 billion yuan (US$10.3 billion) from 74.8 billion yuan.
Banks rebounded from Monday's losses. China Merchants Bank advanced 3.22 percent to 15.37 yuan, Shanghai Pudong Development Bank jumped 2.47 percent to 21.19 yuan and Fujian-based Industrial Bank rose 2.88 percent to 35.40 yuan.
"The overall market is flat and turnover shrank as most investors were still cautious after Monday's fall," United Securities' Chen Wei wrote.
Coal producers lost after China's benchmark Qinhuangdao coal prices fell for a sixth week to between 670 yuan and 680 yuan a ton, according to China Coal Transport and Distribution. China Shenhua Energy Co, the top coal producer, lost 1.2 percent to 27.80 yuan and China Coal Energy Co shed 0.35 percent to 11.27 yuan.
Suning Appliance Co gained 1.7 percent to 18 yuan after saying its full-year profit jumped 33.17 percent from a year earlier to 2.89 billion yuan.
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