China shares fall 1.1pc to 7-month closing low
Friday, 30 April 2010
SHANGHAI, Apr 29 (Reuters): China's key stock index fell 1.1 per cent Thursday to a seven-month closing low, hit by late selling of small-cap shares although Merchants Bank and other lenders outperformed after positive earnings reports.
The Shanghai Composite Index ended the day at 2,868.4 points, extending its losing streak to a sixth day, as investors remained cautious over the impact of a series of steps to cool the country's surging property sector.
Nearly all 14 banks listed on the Shanghai and Shenzhen stock exchanges rose, with Minsheng bank, the most actively traded Shanghai share, up 1.9 per cent, while second most-active ICBC rose 0.2 per cent and Merchants Bank was up 1.5 per cent.
"Banking stocks are rebounding today and are likely to continue to extend their gains," said Cao Xuefeng, analyst at Western Securities. Losing Shanghai stocks outnumbered gainers by 770 to 120, while turnover rose to 112 billion yuan ($16.41 billion) from Wednesday's 104 billion yuan.
The Shanghai Composite Index ended the day at 2,868.4 points, extending its losing streak to a sixth day, as investors remained cautious over the impact of a series of steps to cool the country's surging property sector.
Nearly all 14 banks listed on the Shanghai and Shenzhen stock exchanges rose, with Minsheng bank, the most actively traded Shanghai share, up 1.9 per cent, while second most-active ICBC rose 0.2 per cent and Merchants Bank was up 1.5 per cent.
"Banking stocks are rebounding today and are likely to continue to extend their gains," said Cao Xuefeng, analyst at Western Securities. Losing Shanghai stocks outnumbered gainers by 770 to 120, while turnover rose to 112 billion yuan ($16.41 billion) from Wednesday's 104 billion yuan.