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Weak banks pull down Shanghai index
By Feng Jianmin |
December 14, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index dipped this morning as the drops in banks overshadowed the gains in air carriers and cement firms.
The benchmark Shanghai Composite Index edged down 0.2 percent, or 5.8 points, to 2,917.15. Turnover grew to 86.5 (US$13 billion) billion yuan from yesterday morning's 76.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.25 percent to 1,341.8.
Banks were weak among concerns about tightening lending. Agriculture Bank of China fell 0.4 percent to 2.65 yuan. China Construction Bank was 0.6 percent lower at 4.75 yuan. Bank of China added 0.3 percent to 3.32 yuan.
Carriers gained after China Eastern Airlines said yesterday it flew 40 percent more passengers in the first 11 months from the same period last year. Its shares added 1 percent to 7.18 yuan. Air China rose 1.2 percent to 13.18 yuan. China Southern Airlines grew 2 percent to 9.50 yuan.
Cement firms led the gainers on speculation that demand may be boosted as the Chinese government pledged to give priority to construction of low-cost homes in the next five years. Jiangxi Wannianqing Cement Co jumped 9.2 percent to 12.99 yuan. Fujian Cement Inc rose 1.9 percent to 8.22 yuan. Hebei Taihang Cement Co went up 2.8 percent to 13.79 yuan.
The benchmark Shanghai Composite Index edged down 0.2 percent, or 5.8 points, to 2,917.15. Turnover grew to 86.5 (US$13 billion) billion yuan from yesterday morning's 76.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.25 percent to 1,341.8.
Banks were weak among concerns about tightening lending. Agriculture Bank of China fell 0.4 percent to 2.65 yuan. China Construction Bank was 0.6 percent lower at 4.75 yuan. Bank of China added 0.3 percent to 3.32 yuan.
Carriers gained after China Eastern Airlines said yesterday it flew 40 percent more passengers in the first 11 months from the same period last year. Its shares added 1 percent to 7.18 yuan. Air China rose 1.2 percent to 13.18 yuan. China Southern Airlines grew 2 percent to 9.50 yuan.
Cement firms led the gainers on speculation that demand may be boosted as the Chinese government pledged to give priority to construction of low-cost homes in the next five years. Jiangxi Wannianqing Cement Co jumped 9.2 percent to 12.99 yuan. Fujian Cement Inc rose 1.9 percent to 8.22 yuan. Hebei Taihang Cement Co went up 2.8 percent to 13.79 yuan.
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