Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200812/20081218/article_384914.htm
Index up but held back by the banks
Created: 2008-12-18 0:26:30
Author:Ding Yining
SHANGHAI'S key stock index saw little change at the end of trading yesterday with a sluggish performance in the banking and financial sector.
The Shanghai Composite Index edged up 0.09 percent, or 1.81 points, to close at 1,976.82 points. Turnover was 68.3 billion yuan (US$9.9 billion), up from the previous day's 52.8 billion yuan. Gainers outnumbered losers 589 to 218 with 70 unchanged.
The index climbed above 2,000 points in the middle of trading but dropped in the afternoon.
"The market is still lacking in confidence after quite a long time of adjustment but we think the index is already at a very low level so a rebound is likely in the future," said GF Securities.
Heavyweights showed mixed performance. Ping An Insurance (Group) Co was up 0.99 percent to 27.57 yuan while PetroChina decreased 0.90 percent to 11 yuan. China Petroleum & Chemical Corp dipped 0.38 percent to 7.85 yuan.
The Industrial and Commercial Bank of China dipped 0.26 percent to 3.78 yuan. Shanghai Pudong Development Bank was down 1.71 percent to close at 13.80 yuan.
Brokerages ended lower. Haitong Securities dropped 3.45 percent to 8.67 yuan while Sinolink Securities dipped 1.62 percent to close at 26.68 yuan.
Electric generators rose on speculation they would receive capital injections from central government. Chongqing Jiulong Electric Power Co Ltd surged by the daily limit of 10 percent to 3.81 yuan. Shanghai Electric Power Co Ltd was up 1.43 percent to 3.54 yuan and Leshan Electric Power Co Ltd advanced 4.35 percent to 6.47 yuan.
The Shanghai Composite Index edged up 0.09 percent, or 1.81 points, to close at 1,976.82 points. Turnover was 68.3 billion yuan (US$9.9 billion), up from the previous day's 52.8 billion yuan. Gainers outnumbered losers 589 to 218 with 70 unchanged.
The index climbed above 2,000 points in the middle of trading but dropped in the afternoon.
"The market is still lacking in confidence after quite a long time of adjustment but we think the index is already at a very low level so a rebound is likely in the future," said GF Securities.
Heavyweights showed mixed performance. Ping An Insurance (Group) Co was up 0.99 percent to 27.57 yuan while PetroChina decreased 0.90 percent to 11 yuan. China Petroleum & Chemical Corp dipped 0.38 percent to 7.85 yuan.
The Industrial and Commercial Bank of China dipped 0.26 percent to 3.78 yuan. Shanghai Pudong Development Bank was down 1.71 percent to close at 13.80 yuan.
Brokerages ended lower. Haitong Securities dropped 3.45 percent to 8.67 yuan while Sinolink Securities dipped 1.62 percent to close at 26.68 yuan.
Electric generators rose on speculation they would receive capital injections from central government. Chongqing Jiulong Electric Power Co Ltd surged by the daily limit of 10 percent to 3.81 yuan. Shanghai Electric Power Co Ltd was up 1.43 percent to 3.54 yuan and Leshan Electric Power Co Ltd advanced 4.35 percent to 6.47 yuan.
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