Weak stocks offset sectoral gains
By Ding Yining |
March 19, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S stock market remained generally flat yesterday as a weak performance of banks and financial-related shares eroded gains in the technology and telecommunication sectors.
The benchmark Shanghai Composite Index dipped 0.14 percent, or 4.39 points, to close at 3,046.09. Turnover totaled 108.5 billion yuan (US$15.9 billion).
The Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.41 percent to 4.86 yuan and China Construction Bank fell 0.89 percent to 5.56 yuan. The Industrial Bank dropped 1.14 percent to 35.58 yuan and the Bank of Communications lost 0.86 percent to 8.06 yuan.
"The index is not likely to fall further as there are no signs of an interest rate rise in the near future and no shift in macroeconomic policy," Guolian Securities wrote.
Other decliners included Haitong Securities which edged down 0.86 percent to 17.23 yuan and China Life Insurance Group which fell 0.92 percent to 28.15 yuan.
Electronic and telecom shares gained after Minister of Industry and Information Technology, Li Yizhong, said a trail run of networks combining telecom services and the Internet may be launched in June, Xinhua said.
Ningbo Kangqiang Electronics Co surged by the 10 percent daily limit to 12.41 yuan, ZTE Corp rose 0.28 percent to 43.28 yuan and Shenzhen Terca Technology Co rallied 6.58 percent to end at 15.55 yuan.
The benchmark Shanghai Composite Index dipped 0.14 percent, or 4.39 points, to close at 3,046.09. Turnover totaled 108.5 billion yuan (US$15.9 billion).
The Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.41 percent to 4.86 yuan and China Construction Bank fell 0.89 percent to 5.56 yuan. The Industrial Bank dropped 1.14 percent to 35.58 yuan and the Bank of Communications lost 0.86 percent to 8.06 yuan.
"The index is not likely to fall further as there are no signs of an interest rate rise in the near future and no shift in macroeconomic policy," Guolian Securities wrote.
Other decliners included Haitong Securities which edged down 0.86 percent to 17.23 yuan and China Life Insurance Group which fell 0.92 percent to 28.15 yuan.
Electronic and telecom shares gained after Minister of Industry and Information Technology, Li Yizhong, said a trail run of networks combining telecom services and the Internet may be launched in June, Xinhua said.
Ningbo Kangqiang Electronics Co surged by the 10 percent daily limit to 12.41 yuan, ZTE Corp rose 0.28 percent to 43.28 yuan and Shenzhen Terca Technology Co rallied 6.58 percent to end at 15.55 yuan.
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