- Wednesday 2010-03-10 18:02
The Shenzhen Component Index slumped 116.02 points or 0.93% to close at 12,391.6 points, with turnover of 71.94 billion yuan.
Led by the real estate and financial sectors, about 70% of the stocks fell. About 20% of the stocks gained.
MCC Meili Paper Industry (000815, 12.43, +10%), which announced that it will distribute stock dividends of 9 shares and cash dividends of 1.1 yuan for every 10 shares, rose by the daily limit. Other stocks that rose by the daily limit include Chengdu Tianxing Instrument & Meter (000710, 16.04, +10.01%), Jiangsu Xinmin Textile Science & Technology (002127, 14.63, +10%) and CEC CoreCast Corporation Ltd. (600764, 9.81, +9.98%).
After two days of gains, the real estate sector fell. Ma Kening, representative of National People's Congress, was reported to have proposed that only houses that have been built are to be allowed to be sold. Winsan (Shanghai) Industrial (600767, 6.98, -5.03%) led the declines. Rongfeng Holding Group (000668, 14.25, -5.57%) and Cosmos Group Co Ltd (002133, 9.08, -5.12%) were also among the losers.
There were reports that new loan growth in February had declined nearly 50% from January to about 700 billion yuan. Most banking stocks fell, including Bank of China (601988, 4.14, -0.72%), which said it will not raise funds from the A-share market in the next two years, and Shenzhen Development Bank (000001, 23.40, -1.76%).
On news that prices of 61.1% of petrochemical products rose in February from the previous month, PetroChina (601857, 12.85, -0.23%) and Sinopec (600028, 11.26, +0.81%) rallied in morning trading but were unable to sustain their gains.
Gold, non-ferrous metal stocks outperformed even through international gold price continued to decline. Shandong Gold Mining (600547, 69.85, +2.40%) was the largest gainer among gold stocks. Zhongjin Gold (600489, 49.9, +0.75%) and Zijin Mining (601899, 8.47, +0.47%) both rose.
Of the stocks listed on the ChiNext board, only 16 gained while 7 recorded declines of more than 3%.
