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Stocks retreat as property shares slide
By Pan Xiaoyi |
February 2, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock reversed earlier gains today, extending its losing streak after it failed to break through 3,000 points.
The benchmark Shanghai Composite Index dipped 0.23 percent, or 6.65 points, to close at 2,934.71 points. Turnover shrank to billion yuan (US$7.8 billion) from 103.8 billion yuan. Losers outnumbered gainers 542 to 323 and 30 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.58 percent to close at 1,096.29 points.
The key index tumbled 1.6 percent yesterday after losing 8.8 percent in January.
Property developers led the decliners. Shanghai-based Shimao Co lost 2.7 percent to 13.89 yuan. Shanghai Lujiazui Finance & Trade Zone eased 1.3 percent to 22.16 yuan. Beijing Capital Development Co slid 2.4 percent to 16.51 yuan.
Bucking the downward trend, gold producers gained on the higher bullion price. Zijin Mining Group Co, the country's largest gold producer, surged 5.9 percent to 8.51 yuan. Zhongjin Gold Corp, the second biggest by market value, jumped 3.2 percent to 49.39 yuan. Shandong Gold Mining Co soared 5.1 percent to 66.35 yuan.
Regional shares were among the gainers on media reports the government is working on more guidelines and plans to prompt regional development in the Yangtze Delta and Heibei Province. Lawton Development Co jumped by the 10 percent daily cap to 13.44 yuan. Anhui Expressway Co advanced 9.6 percent to 8.08 yuan.
The benchmark Shanghai Composite Index dipped 0.23 percent, or 6.65 points, to close at 2,934.71 points. Turnover shrank to billion yuan (US$7.8 billion) from 103.8 billion yuan. Losers outnumbered gainers 542 to 323 and 30 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.58 percent to close at 1,096.29 points.
The key index tumbled 1.6 percent yesterday after losing 8.8 percent in January.
Property developers led the decliners. Shanghai-based Shimao Co lost 2.7 percent to 13.89 yuan. Shanghai Lujiazui Finance & Trade Zone eased 1.3 percent to 22.16 yuan. Beijing Capital Development Co slid 2.4 percent to 16.51 yuan.
Bucking the downward trend, gold producers gained on the higher bullion price. Zijin Mining Group Co, the country's largest gold producer, surged 5.9 percent to 8.51 yuan. Zhongjin Gold Corp, the second biggest by market value, jumped 3.2 percent to 49.39 yuan. Shandong Gold Mining Co soared 5.1 percent to 66.35 yuan.
Regional shares were among the gainers on media reports the government is working on more guidelines and plans to prompt regional development in the Yangtze Delta and Heibei Province. Lawton Development Co jumped by the 10 percent daily cap to 13.44 yuan. Anhui Expressway Co advanced 9.6 percent to 8.08 yuan.
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