China A-shares close mixed; textile, property stocks gain - UPDATE
Source: SHANGHAI (XFN-ASIA) Date: 2006-08-14
A-shares in Shanghai and Shenzhen closed mixed amid some bargain-hunting interest, with textile stocks and property developers in favor, dealers said.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed down 0.14 points or 0.01 pct at 1,605.93. The key index rose 2.28 pct for the week.
Turnover fell to 12.31 bln yuan from 13.87 bln in the previous session.
'The market saw some bargain-hunting interest in late afternoon, but the follow-through buying was not strong amid investor caution,' said Zhang Yidong, an analyst at Industrial Securities.
Analysts said that the consolidation is likely to go on over the next week given no sign of fresh fund inflows.
'The thin turnover indicated that there were limited inflows of new money, and the indices might continue correcting over the next week if there is no major market-moving news,' said Wu Dazhong, an analyst at Chinalion Securities.
Textile companies were buoyed after China recorded a strong trade surplus in July.
Shanghai Kaikai Industry Co Ltd (SHA 600272; SHB 900943) added 0.30 yuan or 6.99 pct to 4.59.
Youngor Group Co Ltd (SHA 600177) gained 0.25 yuan or 4.70 pct to 5.57. Xinjiang Tianshan Woollen Textiles Co Ltd (SZA 000813) rose 0.13 or 5.53 pct to 2.48.
Real estate developers were buoyed by expectations of futher appreciation in the yuan.
Poly Real Estate Group Co Ltd (SHA 600048) climbed 1.58 yuan or 7.09 pct to 23.86.
Shanghai Zhangjiang Hi-Tech Park Development Co Ltd (SHA 600895) rose 0.12 yuan or 2.52 pct to 4.88 and Shenzhen Properties & Resources Development (Group) Co Ltd (SZA 000011; SZB 200011) gained 0.08 or 1.64 pct to 4.95.
Sinochem International Co Ltd (SHA 600500) rose 0.12 yuan or 2.36 pct to 5.20, though its first-half net profit tumbled 50 pct from a year earlier.
Qingdao Haier Co (SHA 600690) gained 0.08 yuan or 1.86 pct to 4.38. It announced unaudited net profit growth of 26 pct year-on-year for the first half.
Petrochemical producers were under pressure as China Petroleum & Chemical Corp (Sinopec) (SHA 600028; HK 0386; NYSE SNP) denied market talk that it plans to privatize its unit Sinopec Shanghai Petrochemical Co Ltd (SHA 600688; HK 0338; NYSE SHI).
The Shanghai Securities News quoted an official at Sinopec as saying that the oil refiner has no plan to privatize any units or launch the restructuring of its state shareholdings anytime soon.
China Petroleum & Chemical Corp (Sinopec) (SHA 600028; HK 0386; NYSE SNP) shed 0.08 yuan or 1.28 pct to 6.17.
Sinopec Shanghai Petrochemical Co Ltd (SHA 600688; HK 0338; NYSE SHI) fell 0.19 yuan or 2.90 pct to 6.39. Shijiazhuang Refining-Chemical Co Ltd (SZA 000783) lost 0.17 or 3.49 pct to 4.70.
Metal stocks were hit after Nymex gold futures ended weaker, on news of a terror plot against air flights from the U.K. to the U.S. sent oil futures sharply lower and the U.S. dollar higher.
Gold for December delivery closed down 16.0 usd at 646.0 usd an ounce.
Zhongjin Gold Co Ltd (SHA 600489) slid 0.51 yuan or 2.76 pct to 17.99.
Shandong Gold-Mining Co Ltd (SHA 600547) tumbled 0.58 yuan or 2.39 pct to 23.66. Yunnan Chihong Zinc & Germanium Co Ltd (SHA 600497) fell 1.02 or 2.74 pct to 36.25.
Angang New Steel Co Ltd (SZA 000898; HK 0347) fell 0.13 yuan or 2.36 pct to 5.38 after it announced the investment of about 22.6 bln yuan to build a new plant in Yingkou city.
The Shanghai A-share Index shed 0.16 points or 0.01 pct to 1,687.99 on turnover of 12.25 bln yuan and the Shenzhen A-share Index was up 1.81 points or 0.44 pct at 414.05 on turnover of 7.66 bln yuan.
The FTSE/Xinhua China A 50 Index was down 3.27 points at 4,900.32. The FTSE/Xinhua China A 200 Index gained 6.92 points to 3,673.38 and the FTSE/Xinhua China A 600 Index was up 10.94 points at 3,281.77.
(1 usd = 8.00 yuan)
