Stocks News
- Chinese share prices close slightly down
Date: 7-Dec-2007 Sources: (Xinhua Online)
BEIJING, Dec. 6 (Xinhua) -- Chinese share prices closed marginally down on Thursday with the nonferrous metal, construction, financial and energy sectors driving the indices down.
Baoshan Iron and Steel, which has seen its share price soar for two consecutive days upon rumors about a possible bid by its parent company, the Baosteel Group, for mining giant Rio Tinto, dropped 0.06 percent to 16.5 yuan (2.2 U.S. dollar).
However, other steel makers continued their recent rise. Gansu Jiu Steel Group and Liuzhou Iron and Steel, which rose to the daily 10 percent limit on Wednesday, increased 2.08 percent and 0.24 percent respectively on Thursday.
China Railway Group, which made a strong debut on the Shanghai bourse on Monday when its shares rose 68.54 percent higher than its 4.8 yuan initial public offering price, dropped 1.53 percent to 8.35 yuan.
The railway construction firm will launch on the Hong Kong stock Exchange tomorrow.
In Thursday trading, the benchmark Shanghai Composite Index slipped 7.58 points, or 0.15 percent, to close at 5,035.07.
The Shenzhen Component Index on the smaller Shenzhen Stock Exchange ended at 16,539.14 points, down 30.67 points, or 0.19 percent.
Gains outnumbered losses by 506 to 361 in Shanghai, and by 352 to 297 in Shenzhen.
The combined turnover of the two bourses shrank to 95.3 billion yuan (12.9 billion U.S. dollars) from 117.48 billion yuan the previous trading day.
PetroChina, the country's largest oil producer, fell 1.02 percent to 31.12 yuan, while fellow oil heavyweight Sinopec rose 0.23 percent to 22.27 yuan.
China Life, the nation's biggest life insurer, increased 0.55 percent to 59.8 yuan. China Ping An, another major insurer, dropped 0.09 percent to 118.95 yuan.
The Industrial and Commercial Bank of China went down 0.6 percent to 8.34 yuan. Bank of China was also down 0.6 percent to 6.66 yuan, while China Construction Bank fell 1.43 percent to 10.36 yuan.
Despite of the slight downward adjustment of the two major indices, the Hushen 300 Index, which tracks one fifth of all stocks traded in the Shanghai and Shenzhen bourses, closed at 4,971.06 points, up 5.11 points, or 0.1 percent.
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