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Stocks falls from record

(Shanghai Daily)
Updated: 2007-03-29 16:03

Shares on the Chinese mainland fell from a record high on concern that recent gains have more than reflected prospects for earnings growth.

"There are no bargains in the market and some are selling on concern about the valuation of shares," Bloomberg News said, citing Sun Chao, aShanghai-based analyst at Citic Securities Co. "The market needs to retreat to a more attractive level in terms of valuation before it comes back."

Shanghai International Port (Group) Co, the operator of China's biggest port, declined 0.31 yuan (four US cents), or three percent, to 9.92 yuan. The stock has climbed 42 percent so far this year. Shanghai Automotive Co, the listed unit of the country's largest automaker, fell 0.40 yuan, or three percent, to 12.76 yuan. ZTE Corp, the nation's biggest publicly traded phone-equipment maker, retreated 1.01 yuan, or 2.3 percent, to 43.90 yuan.

The Shanghai Composite Index, which tracks the bigger of mainland's stock exchanges, rose 0.8 percent to 3,197.54, a record close. The Shenzhen Composite Index, which covers the smaller one, slid 1.8 percent to 820.72.

Industrial & CommercialBank of ChinaLtd led lenders higher after a central bank survey showed their confidence is improving.

ICBC, the nation's largest bank, jumped 5.5 percent to 5.59 yuan. It overtook Bank of America Corp as the world's second-largest bank by market value.

Bank of China, the nation's second-biggest lender, surged 6.4 percent to 5.67 yuan.

China Minsheng Banking Corp rose 1.7 percent to 12.61 yuan. Shanghai Pudong Development Bank Co, partly owned by Citigroup Inc., climbed 2.9 percent to 26.69 yuan.

The bankers' confidence index rose to 60.6 in the first quarter from 58.4 in the previous three months, and the percentage of bankers who thought the economy will continue to overheat fell to 34.7 percent from 44.7 percent. The results were based on a survey of 2,850 heads of financial institutions.

Elsewhere, China Merchants Energy Shipping Co, the country's largest operator of international oil tankers, fell four percent, to 9.14 yuan. The company said net income for 2006 fell 38 percent from a year earlier to 829.3 million yuan as higher fuel costs eroded earnings.

The benchmark Composite Index on the Shanghai Stock Exchange closed at 3,197.54 points on Thursday, up 24.52 points from the previous close.

Graphical chart of Composite Index on the Shanghai Stock Exchange. [stockstar.com]

 

The Component Index on the Shenzhen Stock Exchange closed at 8,579.32 points on Thursday, down 8.03 points from the previous close.

 

Graphical chart of the Component Index on the Shenzhen Stock Exchange . [stockstar.com]