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RPT China A-shares close lower on profit-taking - UPDATE


Published :
Tue, 08 Jan 2008 09:22
By : Agencies
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BEIJING (XFN-ASIA) - China A-shares closed lower in volatile trading, with investors taking profits after four consecutive days of gains that held until today's morning session, dealers said.

The benchmark Shanghai Composite Index closed down 6.81 points or 0.13 pct at 5,386.53.

Turnover rose to 184.6 bln yuan from 162.23 bln in the previous session.

'The market opened higher because two financial companies projected strong earnings growth for 2007, and some investors took the rise as an opportunity to sell,' said Hu Yu, an analyst at ChinaLion Securities.

'However, the fundamentals of the stock market have not changed. The decline in the afternoon will provide a firm base for the upward trend in the next few days,' he said.

China Merchants Bank Co Ltd (SHA 600036) closed up 3.17 pct at 40.31 yuan after announcing that its 2007 net profit is expected to have risen about 110 pct.

CITIC Securities Co Ltd (SHA 600030) rose 2.6 pct to 92.88 yuan after projecting net profit growth of over 400 pct for 2007.

Shenzhen Development Bank Co Ltd (SZA 000001) advanced 1.22 yuan to 40.39, and Bank of Communications Co Ltd (SHA 601328; HK 3328) gained 0.31 yuan to 15.64.

Ping An Insurance (Group) Co of China Ltd (SHA 601318; HK 2318) rose 3.7 yuan or 3.61 pct to 106.09, and China Life Insurance Co Ltd (SHA 601628; HK 2628) rose 2.23 yuan to 58.13.

'The stock market fell in afternoon trading, but that is normal. Some stocks have gained about 30-40 pct in recent trading,' said Cao Xuefeng, an analyst at West China Securities.

'Weakness in small caps, especially some Olympics-related stocks, dragged down major indices, but investors continue to be confident in many large caps,' he said.

Hisense Electric Co Ltd (SHA 600060) fell 0.76 yuan to 13.03, and Beijing Yanjing Brewery Co Ltd (SZA 000729) decreased 0.73 yuan to 24.65.

China Petroleum & Chemical Corp (Sinopec) (SHA 600028; HK 0386; NYSE SNP) rose 0.62 yuan to 24.22, and PetroChina Co Ltd (SHA 601857; HK 0857) fell 0.11 yuan to 30.98.

China Shenhua Energy Co Ltd (SHA 601088) fell 0.32 yuan to 67.59 and Aluminum Corp of China Ltd (SHA 601600; HK 2600) fell 0.40 yuan to 39.99.

'The market's attitude towards property continues to be that the sector has big risks,' Cao added.

China Vanke Co Ltd (SZA 000002; SZB 200002) fell 0.3 yuan to 29.88, while China Merchants Property Development Co Ltd (SZA 000024; SZB 200024) advanced 0.84 yuan to 64.00.

China Yangtze Power Co Ltd (SHA 600900), the listed arm of the China Three Gorges Project Corp, fell 0.35 yuan to 19.98. It estimates 2007 unaudited net profit growth of 47 pct to 5.32 bln yuan.

Air China Ltd (SHA 601111) fell 0.63 yuan to 28.26 amid uncertainty over a shareholder vote on China Eastern Airlines' proposed stake sale to Singapore Airlines later today.

Cathay Pacific Airways Ltd said it will consider teaming up with Air China's parent China National Aviation Corp (CNAC) to form a strategic alliance with China Eastern if a bid by Singapore Airlines and Temasek to buy the 24 pct stake is voted down.

The Shanghai A-share Index fell 6.78 points or 0.12 pct to 5,653.26 and the Shenzhen A-share Index was down 24.16 points or 1.5 pct at 1,583.26.

The FTSE/Xinhua China A 50 Index was up 147 points at 20,994.55, and the FTSE/Xinhua China A 200 Index was down 48.99 points at 15,580.80.

(1 usd = 7.27 yuan)

zachary.wei@xfn.com

-

xfnzw/xfntm/xfnkm

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Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.




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