Chinese Equities Edge down at Midday with Renamed Steelmaker's Tumble -Shanghai Metals Market

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Chinese Equities Edge down at Midday with Renamed Steelmaker's Tumble

Data Analysis 02:38:52PM Jan 25, 2010 Source:SMM

BEIJING, Jan. 25 -- Chinese shares edged down at the closing of the morning trade secession Monday. The benchmark Shanghai Composite Index declined 0.66 percent, or 20.8 points, to close at 3,107.79 points.

The Shenzhen Component Index declined 0.57 percent, or 71.66 points, to close at 12,524.28 points.

The Hushen 300 Index reflecting the performance of the country's Shanghai and Shenzhen stock exchanges ended 0.67 percent lower midday at 3,343.72 points. Enditem

Hebei Iron & Steel Co., Ltd, the new name of the former Tangshan Iron & Steel Co., Ltd. and the listed arm of Hebei Iron & Steel Group, tumbled on its first day of trading, down 10.58 percent to 6.34 yuan at the closing of the morning secession.

The company is now the country's second largest listed steelmaker after Baosteel. Tangshan Iron & Steel Co., Ltd. last week said it had completed its consolidation merger with Handan Iron & Steel Co., Ltd. and Chengde Xinxin Vanadium & Titanium Co., Ltd. via convertible shares.

Chinese Equities Edge down at Midday with Renamed Steelmaker's Tumble

Data Analysis 02:38:52PM Jan 25, 2010 Source:SMM

BEIJING, Jan. 25 -- Chinese shares edged down at the closing of the morning trade secession Monday. The benchmark Shanghai Composite Index declined 0.66 percent, or 20.8 points, to close at 3,107.79 points.

The Shenzhen Component Index declined 0.57 percent, or 71.66 points, to close at 12,524.28 points.

The Hushen 300 Index reflecting the performance of the country's Shanghai and Shenzhen stock exchanges ended 0.67 percent lower midday at 3,343.72 points. Enditem

Hebei Iron & Steel Co., Ltd, the new name of the former Tangshan Iron & Steel Co., Ltd. and the listed arm of Hebei Iron & Steel Group, tumbled on its first day of trading, down 10.58 percent to 6.34 yuan at the closing of the morning secession.

The company is now the country's second largest listed steelmaker after Baosteel. Tangshan Iron & Steel Co., Ltd. last week said it had completed its consolidation merger with Handan Iron & Steel Co., Ltd. and Chengde Xinxin Vanadium & Titanium Co., Ltd. via convertible shares.