Stocks News
- Big caps lead Shanghai shares down at noon
Date: 27-Dec-2007 Sources: (Xinhua Online)
BEIJING, Dec. 26 -- Blue chips led the market in Shanghai lower in the morning session today.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, fell 0.60 percent, or 33.08 points, to 5,170.19 at 11:30 am today.
Winners in the Shanghai market outnumbered losers 414 to 334 and 98 were unchanged.
But the Shenzhen Composite Index, which covers the smaller mainland stock market, gained 0.30 percent, or 10.23 points, to 1,413.97.
Airlines, banks and developers were among the worst performing sectors this morning.
Air China, the world's biggest airline by market value, lost 2.70 percent, or 0.72 yuan (10 US cents), to 25.98 yuan while China Eastern, the nation's third-largest carrier, shed 2.04 percent, or 0.39 yuan, to 18.71 yuan.
China Vanke, the nation's biggest listed property developer, declined 1.51 percent, or 0.42 yuan, to 27.40 yuan. Gemdale Corp, a Chinese developer allied with ING Groep NV, dropped 1.89 percent, or 0.73 yuan, to 37.85 yuan.
Industrial and Commercial Bank of China Ltd, the nation's biggest listed lender, fell 2.10 percent, or 0.17 yuan, to 7.91 yuan.
'Gains by the blue chips in previous sessions have cast a big pressure on the overall market, which still has high valuation concerns,' said Wan Bing, an analyst with Guangfa Securities.
China Pacific Insurance (Group) Co, the nation's third-largest insurer, edged up 0.25 percent, or 0.12 yuan, to finish the session at 48.29 yuan.
The insurer was up 60.57 percent, or 18.17 yuan, to close at 48.17 yuan from its initial public offering price of 30 yuan on the Shanghai debut yesterday. It jumped as high as 51.97 yuan yesterday.
But shares of China Life lost 3.32 percent, or 1.94 yuan, to 56.48 yuan while Ping An Insurance (Group) Co fell 3.49 percent, or 3.76 yuan, to 103.96 yuan.
Meanwhile, industrial stocks also performed weak this morning with PetroChina Co, a key heavyweight in the market, lost 0.42 percent, or 0.13 yuan, to finish the morning session at 31.12 yuan.
PetroChina, the nation's biggest oil company, said it started a 200-million-yuan unit with annual capacity of 1.2 million metric tons at its Liaoyang City plant in northern China to boost output of cleaner fuel.
Yangtze Power, owner of the world's biggest hydropower project the Three Gorges, slipped 1.46 percent, or 0.29 yuan, to 19.64 yuan.
China's electricity output at the world's biggest hydropower project rose by about 25 percent this year after new generators were installed. The Three Gorges station generated 60.86 million megawatt-hours of electricity so far in 2007, with output until the end of the year expected to touch 61.6 million, the State-owned Assets Supervision and Administration Commission said yesterday.
Sponsor Results:
