The Shanghai Composite Index dropped 2.96 percent or 82.04 points to close at 2,688.75 points today on transaction value of 12.09 billion yuan. It is the biggest single-day percentage fall since mid-January.
 
The Shenzhen Component Index fell 3.13 percent or 386.26 points to close at 11,966.24 points today on transaction value of 96.75 billion yuan.
 
China’s share index was weighed down by the fall in rail stocks after a deadly train crash on July 23. The related rail suppliers such as Beijing Century Real Technology (300150) and Beijing Jiaxun Feihong Electrical (300213) suspended trading today, while Qingdao Tgood Electric (300001, 20.73, -8.92%) dropped nearly 9 percent. In addition, the construction agent of the railway track where the accident happened, China Railway Group (601390, 3.63, -5.71%) fell 5.45 percent. CSR (601766, 6.04, -8.90%) and CNR (601299, 5.87, -9.69%) both traded lower greatly. CSR produced the two trains that crashed.
 
Airlines outperformed as the deadly train crash drove rail stocks down. China Southern Airlines (600029, 7.95, -0.38%), Hainan Airlines (600221, 6.85, -0.72%) and Air China (601111, 9.70, -1.12%) fell less than 1.5 percent, while China Eastern Airlines Corporation (600115, 5.09, +1.19%) rose by more than 1 percent.
 
The utilities sector underperformed today. Both Luenmei Holding (600167, 13.90, -9.92%) and Sichuan Minjiang Hydropower (600131, 8.31, -9.77%) plummeted more than 9 percent today. Henan Yuneng Holdings (001896, 8.26, -8.02%), Dalian Thermal Power (600719, 10.62, -7.25%), Guangdong Shaoneng Group (000601, 4.54, -7.16%) and Chongqing Three Gorges Water Conservancy and Electric Power (600116, 16.10, -7.04%) followed with decreases of above 7 percent. China Yangtze Power (600900, 6.79, -3.96%) filed it will purchase six hydropower generating units and related assets from the Three Gorges Dam’s underground power station.
 
Heavyweight PetroChina (601857, 10.36, -2.08%) was down more than 2 percent today to close at 10.35 yuan, the lowest close since October 2010. China Petroleum & Chemical Corporation (600028, 7.72, -2.03%) lost more than 2 percent as well. Coal stocks all finished with losses. Shanghai Ace (600652, 8.11, -7.74%) and Qinghai Jinrui Mineral Development (600714, 19.61, -7.54%) led the decreases. Several stocks slumped more than 5 percent, such as Sichuan Shengda Industrial (000835, 8.79, -5.38%), Guizhou Panjiang Refined Coal (600395, 32.13, -5.14%) and Gansu Jingyuan Coal Industry And Electricity Power (000552, 16.64, -5.02%).
 
The real estate sector was one the largards today. DongGuan Winnerway Industrial Zone (600807, 8.67, -9.97%) and Zhejiang WHWH Industry (600576, 13.49, -9.95%) dropped by its daily limit. Winsan (Shanghai) Industrial Corporation (600767, 5.75, -9.73%) fell as much as 9.73 percent today. China Vanke (000002, 8.14, -3.33%) lost above 3 percent, as did Gemdale Corporation (600383, 6.10, -3.63%) and Poly Real Estate Group (600048, 10.23, -4.57%). Shenzhen International Enterprise (000056, 24.21, -7.60%) ended with a decrease of above 7 percent. Its second largest shareholder sold a 1.01 percent stake in the listed company between January 8, 2008 and July 21, 2011.
 
SOURCE: capitalvue.com

 
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