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Stocks flat as blue chip woes overshadow utilities rally
By Feng Jianmin |
November 15, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed almost unchanged today as gains in the power sector were overshadowed by weak performance among blue chips.
The benchmark Shanghai Composite Index edged up 0.04 percent to 2,529.76 points. Turnover was 80.4 billion yuan (US$12.7 billion).
Power generators extended yesterday's gains on speculation that China will soon raise electricity prices to prevent utilities from racking up huge losses. TOP Energy Co jumped 4.5 percent to 8.88 yuan. GD Power Development Co rose 1.85 percent to 2.75 yuan.
Energy and resource shares were mixed after President Hu Jintao pledged to stabilize commodity prices and maintain normal market order. PetroChina fell 0.7 percent to 10.11 yuan. Jiangxi Copper Co lost 0.92 percent to 28.yuan.
Banks were weak after Bank of America Corp, the second largest lender in the United States by assets, had agreed to sell most of its remaining stake in China Construction Bank, after dropping about 13 billion shares in August.
China Construction Bank trailed 0.6 percent to 4.83 yuan despite claiming the share sale would have no impact on its operations. Agricultural Bank of China fell 1.13 percent to 2.63 yuan.
The benchmark Shanghai Composite Index edged up 0.04 percent to 2,529.76 points. Turnover was 80.4 billion yuan (US$12.7 billion).
Power generators extended yesterday's gains on speculation that China will soon raise electricity prices to prevent utilities from racking up huge losses. TOP Energy Co jumped 4.5 percent to 8.88 yuan. GD Power Development Co rose 1.85 percent to 2.75 yuan.
Energy and resource shares were mixed after President Hu Jintao pledged to stabilize commodity prices and maintain normal market order. PetroChina fell 0.7 percent to 10.11 yuan. Jiangxi Copper Co lost 0.92 percent to 28.yuan.
Banks were weak after Bank of America Corp, the second largest lender in the United States by assets, had agreed to sell most of its remaining stake in China Construction Bank, after dropping about 13 billion shares in August.
China Construction Bank trailed 0.6 percent to 4.83 yuan despite claiming the share sale would have no impact on its operations. Agricultural Bank of China fell 1.13 percent to 2.63 yuan.
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