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Stocks drop on inflation concerns in morning
By Pan Xiaoyi |
August 5, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market ended lower in the morning session on concerns inflation may pick up in July.
The benchmark Shanghai Composite Index dipped 0.6 percent, or 15.72 points, to close at 2,622.81 points. Turnover stood at 58.4 billion yuan (US$8.6 billion). The Shenzhen Composite Index added 0.16 percent to 1088.76 points.
Property developers led the decliners on speculation more severe measures to curb the housing prices may be unveiled. Gemdale Corp lost 2.8 percent to 6.89 yuan. Poly Real Estate Co dropped 3.4 percent to 12.65 yuan. Shanghai Shimao Corp retreated 2.1 percent to 13.54 yuan.
Heavyweights and blue chips underperformed. PetroChina, the biggest component of the index, was off 0.9 percent 10.58 yuan. Sinopec withdrew 1.3 percent to 8.59 yuan.
China Merchants Bank Co fell 2 percent to 14.03 yuan. Shanghai Pudong Development Bank Co withdrew 1.6 percent to 14.55 yuan. Bank of Communications Co was down 1.8 percent to 6.42 yuan.
Consumer-related stocks bucked the downward trend. Yinchuan Xinhua Department Store Co surged 7.5 percent to 34.88 yuan. Shanghai New World Co jumped 4 percent to 13.67 yuan. Beijing Hualian Hypermarket Co gained 3.8 percent to 10.84 yuan.
The benchmark Shanghai Composite Index dipped 0.6 percent, or 15.72 points, to close at 2,622.81 points. Turnover stood at 58.4 billion yuan (US$8.6 billion). The Shenzhen Composite Index added 0.16 percent to 1088.76 points.
Property developers led the decliners on speculation more severe measures to curb the housing prices may be unveiled. Gemdale Corp lost 2.8 percent to 6.89 yuan. Poly Real Estate Co dropped 3.4 percent to 12.65 yuan. Shanghai Shimao Corp retreated 2.1 percent to 13.54 yuan.
Heavyweights and blue chips underperformed. PetroChina, the biggest component of the index, was off 0.9 percent 10.58 yuan. Sinopec withdrew 1.3 percent to 8.59 yuan.
China Merchants Bank Co fell 2 percent to 14.03 yuan. Shanghai Pudong Development Bank Co withdrew 1.6 percent to 14.55 yuan. Bank of Communications Co was down 1.8 percent to 6.42 yuan.
Consumer-related stocks bucked the downward trend. Yinchuan Xinhua Department Store Co surged 7.5 percent to 34.88 yuan. Shanghai New World Co jumped 4 percent to 13.67 yuan. Beijing Hualian Hypermarket Co gained 3.8 percent to 10.84 yuan.
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