Stocks finish lower after 2 days of gains
By Feng Jianmin and Ding Yining |
July 9, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI stocks closed slightly lower in flat trading yesterday after two days of gains because increases in property shares and metal producers were clouded by weak performance of brokerages.
The Shanghai Composite Index dipped 0.25 percent, or 5.97 points, to close at 2,415.15. Turnover totaled 50.4 billion yuan (US$7.4 billion).
A low turnover is expected as investors continue to wait for the macroeconomic statistics to be released next week, United Securities said.
Brokerages fell, with GF Securities off 2.13 percent to 29.89 yuan and Haitong Securities lost 1.20 percent to 9.05 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 gained 0.64 percent to 10.98 yuan. Gemdale Real Estate Corp added 1.6 percent to 6.40 yuan.
Banks gained. China Merchants Bank edged up 0.46 percent to 13.21 yuan after the bank projected a 50 percent increase in net income in the first half of the year. Shanghai Pudong Development Bank rose 0.22 percent to 13.79 yuan.
The Industrial and Commercial Bank of China added 0.24 percent at 4.13 yuan after announcing a plan to raise US$6.6 billion through an rights offer by the end of this year.
Jiangxi Copper Co climbed 5.24 percent to 24.31 yuan. Yunnan Copper Co advanced 3.98 percent to 17.75 yuan.
The Shanghai Composite Index dipped 0.25 percent, or 5.97 points, to close at 2,415.15. Turnover totaled 50.4 billion yuan (US$7.4 billion).
A low turnover is expected as investors continue to wait for the macroeconomic statistics to be released next week, United Securities said.
Brokerages fell, with GF Securities off 2.13 percent to 29.89 yuan and Haitong Securities lost 1.20 percent to 9.05 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 gained 0.64 percent to 10.98 yuan. Gemdale Real Estate Corp added 1.6 percent to 6.40 yuan.
Banks gained. China Merchants Bank edged up 0.46 percent to 13.21 yuan after the bank projected a 50 percent increase in net income in the first half of the year. Shanghai Pudong Development Bank rose 0.22 percent to 13.79 yuan.
The Industrial and Commercial Bank of China added 0.24 percent at 4.13 yuan after announcing a plan to raise US$6.6 billion through an rights offer by the end of this year.
Jiangxi Copper Co climbed 5.24 percent to 24.31 yuan. Yunnan Copper Co advanced 3.98 percent to 17.75 yuan.
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