Chinese shares down

11 Nov, 2006

Chinese shares ended down 0.69 percent in heavy, volatile trade on Friday as airline stocks dived because of higher oil prices, but the strong yuan kept banking shares firm.
The benchmark Shanghai composite index, which rose 1 percent in the morning, closed at 1,883.347 points, sharply down from its intra-day peak of 1,920.184, the highest level since late August 2001.
Trading was very heavy with turnover in Shanghai A-shares at 34.5 billion yuan ($4.4 billion), up from 25.4 billion yuan on Thursday and the highest level since early June.
Industrial and Commercial Bank of China rose 1.76 percent to a record high close of 3.46 yuan, after hitting a post-listing peak of 3.52 yuan in intra-day trade. Bank of China edged up 0.3 percent to 3.36 yuan. Merchants ended 4.34 percent higher at a record high close of 12.26 yuan, but well off its intra-day high of 12.60 yuan.
Bank of China's A-shares are trading at a discount of about 2 percent, while ICBC's discount narrowed to 6 percent on Friday from 7 percent on the previous day, and Merchants Bank's discount was flat at 15 percent at the close.
Air China fell 4.83 percent to 4.14 yuan, while China Southern Airlines dropped 5.65 percent to 3.34 yuan. Shanghai Petrochemical Co Ltd climbed 2.83 percent to 5.09 yuan.

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