Good day in Shanghai, Hong Kong retreats
China’s financial shares surged on Shanghai but dropped on Hong Kong, pushing mainland benchmark indices higher and dragging the Hang Sang Index lower.
The Shanghai Comprehensive Index advanced 1.56 percent to 2853.90, the highest in 11 months. The small and medium enterprises SME Comprehensive Index added 0.97 percent to 4336.85.
The Hang Sang Index dropped 1.70 percent to17776.66, the lowest in three weeks. The Hang Sang Growth Enterprises Index declined 1.84 percent to 566.44. The Hang Sang China Enterprise Index dropped 2.60 percent to 10422.31.
Taiwan's TAIEX Index slid 0.83 percent to 6144.53.
PetroChina (SH:601857; HK:0857), the nation’s largest oil producer, gained 1.15 percent on Shanghai but lost 2.31 percent on Hong Kong.
Coal miners rise
Coal shares surged today despite export prices to Korea dropping by 45 percent year-on-year. China Shenhua Energy Co.(SH:601088; HK:1088), the nation’s largest coal miner, advanced 5.53 percent on Shanghai but slid 0.98 percent on Hong Kong. Shanxi Antai Group Co. (SH:600408) and Pingdingshan Tianan Coal Mining Co.(SH:601666) surged to the 10 percent trading cap.
Vaccine shares up on new swine flu cases
Vaccine shares surged violently today as Hong Kong yesterday annouced 54 new cases of the H1N1 virus. The following shares rose to the 10 percent trading limit: Guilin Layn Natural Ingredients Corp. (SZ:002166), Beijing Tiantan Biological Products Corp. (SH:600161), Shenzhen Neptunus Bioengineering Co. (SZ:000078), Hualan Biological Engineering (SZ:002007), Apeloa Company Limited (SZ:000739) Xinjiang Tiankang Animal Science Bio-technology Co. (SZ:002100), Shanghai Kehua Bio-Engineering Co.(SZ:002022) and Da An Gene Co.(SZ:002030).
Financial shares surge on Shanghai but retreat on Hong Kong
Mainland’s financial shares advanced 2.49 percent on average，while the Hang Sang Financial Index dropped 2.33 per cent.
Industrial and Commercial Bank of China（SH:601389; HK:1389), the world’s largest lender by market value, advanced 2.63 percent on Shanghai but declined 3.57 percent on Hong Kong. China Construction Bank（SH:601939; HK:0939）advanced 5.20 percent on Shanghai but declined 2.64 percent on Hong Kong. Bank of Communications(SH:601328; HK:3328) advanced 3.53 percent on Shanghai but declined 2.5 percent on Hong Kong. Merchant’s Bank (SH:600036; HK:3968) advanced 3.40 percent on Shanghai but declined 2.51 percent on Hong Kong. China Life Insurance（SH:601628; HK:2628）advanced 3.14 percent on Shanghai but declined 1.39 percent on Hong Kong.
Industrial Bank Co.（SH:601166）advanced 4.05 percent. Bank of Ningbo Co.（SZ:002142）rose 3.95 percent. Bank of Nanjing Co.,Ltd. (SH:601009) added 2.20 percent.
HSBC（HK:0005）retreated 1.27 percent. Hang Sang Bank（HK:0011）slid 0.83 percent. Bank of East Asia（HK:0023）dropped 1.67 percent.
May steel prices rise
China's composite steel price index, a measure of steel prices produced by the China Iron and Steel Association, rose for the first time in three months in May. It increased 2.7 percent from a month earlier, but it was still down 37.43 percent year-on-year. The demand came from Beijing stimulus measures, which have brought on thousands of new large construction projects around the country
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