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Weaker banks and steel firms drag down Shanghai index
By Feng Jianmin |
August 3, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market dropped on weaker banks and steel makers.
The benchmark Shanghai Composite Index fell 0.63 percent, or 16.95 points, to close at 2,655.57 points. Turnover expanded to 67.3 billion yuan (US$9.9 billion) from yesterday's 52.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.74 percent to close at 1,089 points.
Coal producers outperformed the market on growing demand for power as temperature rises. China Shenhua Energy Co, China's largest coal producer, added 0.66 percent to 24.23 yuan. China Coal Energy Co edged up 0.2 percent to 10.05 yuan. Datong Coal Industry Co climbed 3.71 percent to 17.05 yuan.
Banks were weak. Industrial and Commercial Bank of China went down 1.6 percent to 4.3 yuan. Bank of China fell 1.1 percent to 3.58 yuan. Bank of Communications was 1.2 percent lower at 6.61 yuan.
Steel makers led the losers. Baoshan Iron & Steel Co lost 2.11 percent to 6.48 yuan. Xinjiang Ba Yi Iron & Steel Co fell 1.25 percent to 11.86 yuan. Hunan Valin Steel Co retreated 2.77 percent to 4.57 yuan.
The benchmark Shanghai Composite Index fell 0.63 percent, or 16.95 points, to close at 2,655.57 points. Turnover expanded to 67.3 billion yuan (US$9.9 billion) from yesterday's 52.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.74 percent to close at 1,089 points.
Coal producers outperformed the market on growing demand for power as temperature rises. China Shenhua Energy Co, China's largest coal producer, added 0.66 percent to 24.23 yuan. China Coal Energy Co edged up 0.2 percent to 10.05 yuan. Datong Coal Industry Co climbed 3.71 percent to 17.05 yuan.
Banks were weak. Industrial and Commercial Bank of China went down 1.6 percent to 4.3 yuan. Bank of China fell 1.1 percent to 3.58 yuan. Bank of Communications was 1.2 percent lower at 6.61 yuan.
Steel makers led the losers. Baoshan Iron & Steel Co lost 2.11 percent to 6.48 yuan. Xinjiang Ba Yi Iron & Steel Co fell 1.25 percent to 11.86 yuan. Hunan Valin Steel Co retreated 2.77 percent to 4.57 yuan.
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