Biz Scene: Market

Shares edge down

Shanghai A shares ended lower yesterday on profit-taking after the market hit fresh records in the last two sessions.

The benchmark Shanghai Composite Index closed down 55.78 points, or 0.92 percent, at 6036.28.

Turnover of A shares was 133.7 billion yuan, much lower than the 163.548 billion yuan on Tuesday. A total of 308 companies in the Shanghai A-share market gained, while 467 saw losses.

Bond sale

China Petroleum & Chemical Corp (Sinopec), Asia's biggest refiner, plans to sell 10 billion yuan of short-term bonds to institutional investors to raise funds for projects and cut financing costs.

Sinopec will sell the 182-day yuan-denominated bonds on the nation's interbank market on October 22, the company said in a statement on the official Chinabond website yesterday. Interest rates for the bonds will be determined by the interbank market.

The Industrial and Commercial Bank of China will arrange the sale.

(China Daily 10/18/2007 page15)