Earnings concerns gives morning market a dip | Shanghai Daily

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Earnings concerns gives morning market a dip

SHANGHAI'S key stock index dipped in the morning session, on concerns over first-half corporate earnings.

The benchmark Shanghai Composite Index was down 0.14 percent, or 4.47 points, to close at 3,118.56 points. Turnover reached 93.4 billion yuan (US$13.74 billion). Gainers outnumbered losers 513 to 331 and 27 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.69 percent to close at 1,044.7 points.

China Pacific Insurance (Group) Co dropped 1.38 percent to 26.43 yuan. Ping An Insurance (Group) Co fell 1.19 percent to 55.6 yuan while China Life Insurance Co edged down 1.04 percent to 29.36 yuan.

Baoshan Iron & Steel Co, the nation's biggest steelmaker, eased 0.86 percent to 8.11 yuan. Angang Steel Co retreated 2.22 percent to 14.08 yuan. Maanshan Iron & Steel Co slid 1.44 percent to 5.46 yuan.

Bucking the downward trend, Guilin Sanjin Pharmaceutical Co and Zhejiang Wanma Cable Co sky-rocketed after their first day initial public offerings. Sanjin surged 85.1 percent to 36.65 yuan and Wanma soared 122.87 percent to 25.63 yuan.



 

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