China's stocks slightly down Thursday

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Publish time: 29th July, 2011      Source: ChinaCCM
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China''s stocks closed lower Thursday with the benchmark Shanghai Composite Index down 0.54 percent to close at 2,708.78.

The Shenzhen Component Index slid 0.26 percent to finish at 12,085.92.

Aggregated turnover expanded to 170.04 billion yuan (26.16 billion U.S. dollars) from 169.9 billion yuan on the previous day.

Losers outnumbered gainers by 647 to 269 in Shanghai and by 782 to 496 in Shenzhen.

The Asian Development Bank released a report Thursday, maintaining its forecast for China''s GDP growth at 9.6 percent this year and 9.2 percent next year.

The report said weak export demand and interest rate hikes by China''s authorities aimed at keeping inflation under control is expected to help moderate growth to more sustainable levels in the months ahead.

Coal companies rose with Henan Shenhuo Coal and Power Co. Ltd. up 3.95 percent to 16.83 yuan. China Shenhua Energy Company Limited, the country''s largest coal producer, gained 1.3 percent to 30.4 yuan.

Rare earth shares rose on news that the Ministry of Environmental Protection would soon require rare earth companies to set aside cash deposits. Beijing Zhong Ke San Huan High-Tech Co., Ltd. surged 3.16 percent to 28.1 yuan.

Pharmaceutical companies continued to rise after media reports that a type of multi-resistant bacteria may have caused 27 deaths in the Netherlands since June 1. Guangzhou Baiyunshan Pharmaceutical Co., Ltd. rose 3.46 percent to 15.53 yuan.

Cement producers led the fall. Guangdong Tapai Group Co., Ltd. lost 6.36 percent to 14.29 yuan. Jiangxi Wannianqing Cement Co., Ltd. dropped 5.81 percent to 17.5 yuan.

Airlines retreated as several companies announced a reduction in fuel oil surcharges on international services, effective August 1. Hainan Airlines Company Ltd. lost 2.88 percent to 7.08 yuan.

Stocks of ship manufacturers were boosted by news that the country is making use of an imported aircraft carrier body to be used for research and training. China Shipbuilding Industry Company Limited edged up 0.07 percent to 13.72 yuan.

Source: Xinhua