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Stocks dragged down by pharmaceuticals, brokerages
By Feng Jianmin and Ding Yining |
July 8, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI stocks closed slightly lower today after two days of gains, as increases in the property sector and metal producers were overshadowed by weak brokerages and pharmaceutical shares.
The benchmark Shanghai Composite Index dipped 0.25 percent, or 5.97 points, to close at 2415.15. Turnover was 50.4 billion yuan (US$7.4 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, dipped 0.22 percent to 956.26 points.
The July contract for the CSI300 index futures added 0.19 percent to 2,569.690 points.
Banks increased slightly, as China Merchants Bank edged up 0.46 percent to 13.21 yuan after the bank projected a 50 percent increase of net income in the first half. Shanghai Pudong Development Bank added 0.22 percent to 13.79 yuan. Industrial and Commercial Bank of China gained 0.24 percent to 4.13 yuan after announcing its plan to raise US$ 6.6 billion yuan through a rights offer by the end of this year.
Metal producers were among the gainers among the rebound of metal prices. Jiangxi Copper Co climbed 5.24 percent to 24.31 yuan. Yunnan Copper Co advanced 3.98 percent to 17.75 yuan. Aluminum Corp of China was up 0.68 percent to 8.89 yuan.
Small-capitalized firms closed lower. Hainan Expressway Co lost 4.02 percent to 5.97 yuan. Shanghai Wangsu Science and Technology Co sank 4.29 percent to 17.40 yuan. Zhejiang Huahai Pharmaceutical Ltd dropped 1.12 percent to 12.41 yuan. Renhe Pharmacy Co lost 1.55 percent to 14.57 yuan.
Auto makers were also among the gainers as strong sales are expected to boost their earnings. Dongfeng Automobile Co advanced 3.30 percent to 4.69 yuan. SAIC Motor Co Ltd jumped 3.74 percent to 13.05 yuan.
Property developers picked up after Poly Real Estate (Group) Co said that its first-half sales in terms of area rose 5.81 percent from a year earlier. Its stock went up 0.64 percent to 10.98 yuan. China Vanke rose 0.71 percent to 7.10 yuan. Gemdale Real Estate Corp added 1.6 percent to 6.40 yuan.
The benchmark Shanghai Composite Index dipped 0.25 percent, or 5.97 points, to close at 2415.15. Turnover was 50.4 billion yuan (US$7.4 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, dipped 0.22 percent to 956.26 points.
The July contract for the CSI300 index futures added 0.19 percent to 2,569.690 points.
Banks increased slightly, as China Merchants Bank edged up 0.46 percent to 13.21 yuan after the bank projected a 50 percent increase of net income in the first half. Shanghai Pudong Development Bank added 0.22 percent to 13.79 yuan. Industrial and Commercial Bank of China gained 0.24 percent to 4.13 yuan after announcing its plan to raise US$ 6.6 billion yuan through a rights offer by the end of this year.
Metal producers were among the gainers among the rebound of metal prices. Jiangxi Copper Co climbed 5.24 percent to 24.31 yuan. Yunnan Copper Co advanced 3.98 percent to 17.75 yuan. Aluminum Corp of China was up 0.68 percent to 8.89 yuan.
Small-capitalized firms closed lower. Hainan Expressway Co lost 4.02 percent to 5.97 yuan. Shanghai Wangsu Science and Technology Co sank 4.29 percent to 17.40 yuan. Zhejiang Huahai Pharmaceutical Ltd dropped 1.12 percent to 12.41 yuan. Renhe Pharmacy Co lost 1.55 percent to 14.57 yuan.
Auto makers were also among the gainers as strong sales are expected to boost their earnings. Dongfeng Automobile Co advanced 3.30 percent to 4.69 yuan. SAIC Motor Co Ltd jumped 3.74 percent to 13.05 yuan.
Property developers picked up after Poly Real Estate (Group) Co said that its first-half sales in terms of area rose 5.81 percent from a year earlier. Its stock went up 0.64 percent to 10.98 yuan. China Vanke rose 0.71 percent to 7.10 yuan. Gemdale Real Estate Corp added 1.6 percent to 6.40 yuan.
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