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Power firms gain but steel mills drop in Shanghai
By Joyce Pan |
June 17, 2010, Thursday
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Online Edition
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SHANGHAI shares remained flat at the mid-day break as gains in power producers were offset by weak steel mills.
The benchmark Shanghai Composite Index, which tracks the bigger mainland bourse, dipped 0.06 percent, or 1.59 points to 2,568.35 points. Turnover stood at 32.5 billion yuan (US$4.7 billion). Losers outnumbered gainers 432 to 382 while 52 remained unchanged.
The Shenzhen Component Index, which covers the smaller mainland exchange, edged down 0.66 percent to finish at 1,059.11.
It was the first trading day after the five-day Dragon Boat trading break. The key index opened higher following the strong surrounding markets during the break.
But it headed south after the Agricultural Bank of China said it plans to issue 22.235 billion A shares in the world's largest ever initial public offering. It leads to concerns that market liquidity is to be siphoned although the price range is yet to be decided.
Steel mills led the decliners on media reports that Baosteel Group Corp has agreed to accept a 23 percent increase in third-quarter iron ore prices from Rio Tinto Group and BHP Billiton Ltd.
Baoshan Iron & Steel Co lost 0.7 percent to 6.09 yuan. Tangshan Iron & Steel Co retreated 1.2 percent to 4.02 yuan and Maaanshan Iron & Steel Co withdrew 1.2 percent to 2.42 yuan.
Power producers bucked the downward trend on talks of a power tariff rise. GD Power Development Co added 1.2 percent to 3.41 yuan. Chongqing Jiulong Electric Power Co jumped 4.5 percent to 9.35 yuan. Huadian Power International Corp climbed 0.5 percent to 3.94 yuan.
The benchmark Shanghai Composite Index, which tracks the bigger mainland bourse, dipped 0.06 percent, or 1.59 points to 2,568.35 points. Turnover stood at 32.5 billion yuan (US$4.7 billion). Losers outnumbered gainers 432 to 382 while 52 remained unchanged.
The Shenzhen Component Index, which covers the smaller mainland exchange, edged down 0.66 percent to finish at 1,059.11.
It was the first trading day after the five-day Dragon Boat trading break. The key index opened higher following the strong surrounding markets during the break.
But it headed south after the Agricultural Bank of China said it plans to issue 22.235 billion A shares in the world's largest ever initial public offering. It leads to concerns that market liquidity is to be siphoned although the price range is yet to be decided.
Steel mills led the decliners on media reports that Baosteel Group Corp has agreed to accept a 23 percent increase in third-quarter iron ore prices from Rio Tinto Group and BHP Billiton Ltd.
Baoshan Iron & Steel Co lost 0.7 percent to 6.09 yuan. Tangshan Iron & Steel Co retreated 1.2 percent to 4.02 yuan and Maaanshan Iron & Steel Co withdrew 1.2 percent to 2.42 yuan.
Power producers bucked the downward trend on talks of a power tariff rise. GD Power Development Co added 1.2 percent to 3.41 yuan. Chongqing Jiulong Electric Power Co jumped 4.5 percent to 9.35 yuan. Huadian Power International Corp climbed 0.5 percent to 3.94 yuan.
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