Weak mills dim power firms' gains
By Pan Xiaoyi |
June 18, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI shares closed flat yesterday as weak steel mills offset gains made by power producers.
The Shanghai Composite Index dipped 0.38 percent, or 9.7 points, to 2,560.24. Turnover stood at 61.7 billion yuan (US$9.1 billion).
It was the first trading day after the three-day break due to the Dragon Boat Festival. The key index opened higher following stronger showing by the neighboring markets during the domestic holiday break.
But it fell after the Agricultural Bank of China said it plans to issue 22.235 billion A shares in the world's largest initial public offering. It led to concerns that market liquidity was to be siphoned although the price range would be decided next Friday.
The Industrial and Commercial Bank of China increased 1.4 percent to 4.23 yuan, China Citic Bank Corp rose 2 percent to 5.56 yuan and China Merchants Bank Co increased 0.9 percent to 12.84 yuan.
Steel mills led the decline on media reports Baosteel Group Corp has agreed to accept a 23 percent increase in third-quarter iron ore prices asked by Rio Tinto Group and BHP Billiton Ltd.
Baoshan Iron and Steel Co lost 1 percent to 6.07 yuan, Tangshan Iron and Steel Co dipped 1.2 percent to 4.02 yuan and Maanshan Iron and Steel Co fell 1.2 percent to 3.42 yuan.
Power producers gained on talks of a tariff rise. An official from the National Development and Reform Commission, the top economic planner, said the government may adjust electricity prices. GD Power Development Co increased 0.3 percent to 3.38 yuan. Chongqing Jiulong Electric Power Co jumped 2.9 percent to 9.21 yuan.
The Shanghai Composite Index dipped 0.38 percent, or 9.7 points, to 2,560.24. Turnover stood at 61.7 billion yuan (US$9.1 billion).
It was the first trading day after the three-day break due to the Dragon Boat Festival. The key index opened higher following stronger showing by the neighboring markets during the domestic holiday break.
But it fell after the Agricultural Bank of China said it plans to issue 22.235 billion A shares in the world's largest initial public offering. It led to concerns that market liquidity was to be siphoned although the price range would be decided next Friday.
The Industrial and Commercial Bank of China increased 1.4 percent to 4.23 yuan, China Citic Bank Corp rose 2 percent to 5.56 yuan and China Merchants Bank Co increased 0.9 percent to 12.84 yuan.
Steel mills led the decline on media reports Baosteel Group Corp has agreed to accept a 23 percent increase in third-quarter iron ore prices asked by Rio Tinto Group and BHP Billiton Ltd.
Baoshan Iron and Steel Co lost 1 percent to 6.07 yuan, Tangshan Iron and Steel Co dipped 1.2 percent to 4.02 yuan and Maanshan Iron and Steel Co fell 1.2 percent to 3.42 yuan.
Power producers gained on talks of a tariff rise. An official from the National Development and Reform Commission, the top economic planner, said the government may adjust electricity prices. GD Power Development Co increased 0.3 percent to 3.38 yuan. Chongqing Jiulong Electric Power Co jumped 2.9 percent to 9.21 yuan.
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