Index slips against surging of financial shares, 07/10
Updated: 2007-07-10 16:28
After two days of strong growth, Chinese stocks today saw frequent price adjustments and ended with dissappointment. The Shanghai Composite Index closed down 30.19 points or 0.78 percent to 3,853.02.
Nonetheless, financial shares continued surging and were more resistant to depressing forces on their satisfactory expected half-year results.
Total turnover of the stocks enclosed by the major indices was 145.8 billion yuan, slightly lower than yesterday's figure.
Opening higher at 3,895.91, the benchmark index broke through the 3,900-point mark after a couple of shallow dives, and soon reached the highest 3,929.42. Then it turned downward and slid all the way to the bottom. A few turning-backs failed to recover lost ground and finally the index ended a little higher than the daily low of 3841.80.
Of the A shares listed in Shanghai, 163 went up, while 630 dropped and 47 ended flat. Jiangxi Changli Automobile Spring rose 10.06 percent to 8.86 yuan as the top gainer, followed by Kunming Pharmaceutical and SDIC Zhonglu Fruit Juice, also sealed at the maximum growth cap of 10 percent. Zhejiang HSD Industrial, however, slid 10 percent as the biggest loser.
The Industrial and Commercial Bank of China, with the largest trading volume, added 0.09 yuan to its share price. The bank said today it is expecting a 50 percent rise in net profit in its half-year report. Based on the net profit of 25.143 billion yuan for the first half of 2006, the largest commercial bank in China may have earned 37.7 billion yuan in the first half this year, according to industrial analysts.
Meanwhile, China Minsheng Banking Corp, which announced earlier that it was anticipating a 60 percent rise in net profit in the first half, saw the largest transaction value today and rose 0.68 percent.
The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened higher at 12,519.61 but closed at 12,682.04, down 164.37 points or 1.28 percent. Its share price ranged from 12,667.35 to 12,956.71 through the day.
Of its A shares, 90 were up, 461 down and 63 unchanged. Hengda Real Estate ranked on top of the surging shares with a 10.05 percent rise while Hubei Sanonda lost 10 percent to lead the fall. China Vanke, with both the largest trading volume and transaction value, added up 0.59 yuan to its share price.
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