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Stocks easier at midday amid profit-taking

(Xinhua)
Updated: 2008-09-23 16:38

Chinese stocks lost ground on Tuesday morning in a broad-based decline after two days of strong gains, as investors reacted to overnight losses in the United States.

However, heavy buying of major blue chips helped keep the main stock index above 2,200 points.

China National Petroleum Corp (CNPC), a major state-owned enterprise, said on Monday it had purchased 60 million A-shares of its Shanghai-listed subsidiary, PetroChina Co Ltd as a response to the government's calls to stabilize the stock market. PetroChina is a major index component.

The benchmark Shanghai Composite Index finished the morning down 21.44 points, or 0.96 percent, at 2,214.97, and the Shenzhen Component Index fell 321.28 points, or 4.3 percent, to 7,147.79.

Combined turnover shrank to 63.68 billion yuan ($9.36 billion) from 116.503 billion yuan on Monday morning. Gains were dwarfed by losses: 54 to 821 in Shanghai and 32 to 712 in Shenzhen.

Analysts said other negative factors weighed on the market besides the US market slump, such as the record daily world price rise for crude oil.

After two days of rising by the daily 10-percent limit, most banks slid on profit-taking. Among the exceptions were the three major banks, which the Central Huijin Investment Co Ltd, the government's investment arm, said it would buy to bolster their prices.

The Industrial and Commercial Bank of China gained 3.12 percent to 4.29 yuan, Bank of China rose 0.81 percent to 3.73 yuan and China Construction Bank was up 1.08 percent to 4.66 yuan. Analysts said the gains indicated that Central Huijin had started its buying scheme.

However, Bank of Ningbo fell 6.76 percent to 7.73 yuan, Bank of Beijing went down 6.02 percent to 7.96 yuan, and Pudong Development Bank slipped 6.19 percent to 15.75 yuan.

The coal sector was strong. China Shenhua gained 7 percent to 26.6 yuan, Zhongmei Energy went up 4.49 percent to 11.4 yuan and Datong Coal Industry was up 3.89 percent to 15.24 yuan.

With China ready to launch its third manned space flight, Space Sci-Tech soared 8.8 percent to 8.16 yuan, Space Power rose 6.54 percent to 9.61 yuan and Rocket Holding was up 6.39 percent at 9.82 yuan.

Affected by the milk powder scandal, food shares nose-dived. Shuanghui Development fell by the 10-percent daily limit to 25.65 yuan, Chengde Lulu slid 9.98 percent to 14.52 yuan and Yili sank 9.97 percent to 9.93 yuan.

Tainted baby formula has sickened nearly 53,000 Chinese infants and killed three, and it has cost the head of the country's food safety regulator his job.