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Weaker banks cripple key index in Shanghai
By Feng Jianmin |
September 28, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped in the morning session, led by banks and property developers, while rare earth firms gained.
The benchmark Shanghai Composite Index went down 0.27 percent, or 7.22 points, to close at 2,620.75 points. Turnover expanded to 60 billion yuan (US$ 9 billion) from yesterday morning's 47 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, decreased 0.59 percent to 11,342.16.
Metal producers extended previous gains after the country cut export quotas of rare earth, raw material used in liquid crystal displays and wind turbines, for the second half of the year, which has been driving up prices.
Aluminum Corp of China jumped by the 10 percent daily limit to 10.88 yuan after the Xinhua news agency reported that its parent agreed to invest in rare-earth production. Rising Nonferrous Metals Share Co jumped by daily limit of 10 percent to 48.90 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co advanced 5.36 percent to 74.68 yuan.
Banks were weak after the China Business News cited an unidentified insider as saying that the country may start a second round of curbs on property speculation.
Industrial and Commercial Bank of China lost 0.25 percent to 3.99 yuan. China Merchants Bank slid 1.64 percent to 12.63 yuan. China Construction Bank lost 0.22 percent to 4.56 yuan. Shanghai Pudong Development Bank shed 1.62 percent to 12.72 yuan.
Property developers went mixed. Jiangxi Zhongjiang Real Estate Co dropped 5.6 percent to 9.79 yuan. China Vanke fell 1.35 percent to 8.01 yuan. Gemdale Corp added 0.81 percent to 6.20 yuan. Poly Real Estate Co jumped 2.4 percent to 11.53 yuan.
The benchmark Shanghai Composite Index went down 0.27 percent, or 7.22 points, to close at 2,620.75 points. Turnover expanded to 60 billion yuan (US$ 9 billion) from yesterday morning's 47 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, decreased 0.59 percent to 11,342.16.
Metal producers extended previous gains after the country cut export quotas of rare earth, raw material used in liquid crystal displays and wind turbines, for the second half of the year, which has been driving up prices.
Aluminum Corp of China jumped by the 10 percent daily limit to 10.88 yuan after the Xinhua news agency reported that its parent agreed to invest in rare-earth production. Rising Nonferrous Metals Share Co jumped by daily limit of 10 percent to 48.90 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co advanced 5.36 percent to 74.68 yuan.
Banks were weak after the China Business News cited an unidentified insider as saying that the country may start a second round of curbs on property speculation.
Industrial and Commercial Bank of China lost 0.25 percent to 3.99 yuan. China Merchants Bank slid 1.64 percent to 12.63 yuan. China Construction Bank lost 0.22 percent to 4.56 yuan. Shanghai Pudong Development Bank shed 1.62 percent to 12.72 yuan.
Property developers went mixed. Jiangxi Zhongjiang Real Estate Co dropped 5.6 percent to 9.79 yuan. China Vanke fell 1.35 percent to 8.01 yuan. Gemdale Corp added 0.81 percent to 6.20 yuan. Poly Real Estate Co jumped 2.4 percent to 11.53 yuan.
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