Latest News:  
Beijing   Overcast/Moderate rain    9 / 12 ℃  City Forecast

English>>China Business

China stocks close lower Friday


07:52, October 27, 2012

BEIJING, Oct. 26 (Xinhua) -- Chinese stocks dropped on Friday with losers outnumbering gainers by 861 to 101 in Shanghai and by 1,332 to 194 in Shenzhen.

The benchmark Shanghai Composite Index declined 1.68 percent, or 35.37 points, to finish at 2,066.21. The Shenzhen Component Index closed at 8,414.85, down 187.96 points, or 2.18 percent.

Combined turnover dipped to 104.50 billion yuan (16.58 billion U.S. dollars) from 107.61 billion yuan the previous trading day.

Non-ferrous metals and technical stocks led the drop on Friday.

Rare earth stocks dropped heavily as Baotou Steel Rare Earth Hi-Tech Company, China's largest rare earth supplier, and industry giant Ganzhou Rare Earth Mineral Industry Co., Ltd. suspended production to stabilize prices.

Baotou Steel Rare Earth Hi-Tech Company declined 6.98 percent to close at 28.92 yuan.

Steel stocks also dropped as the sector started to adjust after a period of strong performance. Zhongyuan Special Steel Co., Ltd. led the decline, dropping 6.92 percent to close at 8.20 yuan.

Despite China's successful launch of a satellite into space for its indigenous global navigation and positioning network late on Thursday, China Spacesat Co., Ltd. lost 3.75 percent from the previous trading day to close at 10.78 yuan.

The banking sector failed to be encouraged by the quarterly profit reports announced by major banks.

Bank of China dipped 1.09 percent to close at 2.71 yuan although it said its net profits rose 10.37 percent to 106.36 billion yuan in the first three quarters of the year.

News we recommend:
"Made in China":Charming the World "Made in China":A Boon for the Masses "Made in China":A Blessing for Businesses
"Made in China":The Bitter Blessing From 'Made in China' to 'Created in China' China's tourism industry reaps golden harvest
Remedies for economic challenges  The construction of nuclear plants Rays of hope for manufacturing


Leave your comment0 comments

  1. Name


Selections for you

  1. Simulated battlefield environment drill

  2. Aircraft carrier USS George Washington docked

  3. U.S. naval vessels cruise in waters

  4. Sexy girls in China's national pole dancing team

  5. A glimpse of hard security guard training

  6. Key economic figures raise China's growth hopes

  7. Independent designers strut onto int'l catwalks

  8. Data center of Google

Most Popular


  1. Fears that yuan rise will hit exports unfounded
  2. Tax reform crucial to stable growth
  3. No sharp decline for property prices
  4. Japan to bear consequence of breaking promise
  5. How to hard sell China's soft power
  6. Commentary: China's top spot for global FDI
  7. Commentary: Remedies for economic challenges
  8. San Francisco treaty doesn't help Japan
  9. Public angered over Chinese 'forced kowtow'
  10. Environment anger shows need for reform

What’s happening in China

Teacher abuses kids, posts photos

  1. Girls forced to sell sex, fake virginity with eel blood
  2. Hospital staff members jailed for taking bribes
  3. Pressure takes its toll on Beijingers: survey
  4. Plan to halve capital's traffic controversial
  5. Authorities gear up for poaching season