Shanghai exchange lifts quake-induced suspension

14 May 2008 13:02  [Source: ICIS news]

SINGAPORE (ICIS news)--The Shanghai Stock Exchange (SSE) has lifted the suspension in share trading of 32 of 45 companies affected by Monday’s earthquake, it said on Wednesday, while China chemicals stocks were up on average. 

 

More information was needed from 10 of the remaining companies before the SSE allowed their stocks to resume trading, SSE said, adding trading in the shares of three other firms would remain suspended for unrelated reasons. 

 

On Tuesday, SSE and the Shenzhen Stock Exchange announced the suspension of share trading in 66 companies affected by the disaster, with chemicals company Sichuan Meifeng among those hit.

 

The extent of the damage, if any, incurred by the listed companies has not been revealed. 

 

Meanwhile, ratings agency Standard & Poor’s said late on Tuesday the devastating earthquake in China’s Sichuan province could affect the credit ratings of companies with facilities concentrated in the vicinity of the epicentre.

 

In recent trading, Sinopec saw its share price drop 2.22% to Hong Kong dollars (HK$) 7.49 ($0.96) on the Hong Kong Stock Exchange at the close but it was up 2.17% to yuan (CNY) 12.13 ($1.74) on the Shanghai exchange.

 

While the country's largest company PetroChina saw its share price drop 0.55% to HK$10.90 on the Hong Kong exchange but make a gain of 1.5% to CNY17.65 at the close of the Shanghai exchange.

 

Yizheng Chemical Fibre Company (YCFC) made one of the biggest gains, rising 4.93% to CNY6.17 on the Shanghai exchange, while Yantai Wanhua Polyurethanes was up 2% on the exchange to $26.56 and Sinochem’s stocks were up 1.2% to CNY15.22.

 

Yunnan Yuntianhua bucked the trend dropping 0.26% on the Shanghai exchange to CNY79.55.

 

The quake has devastated the country’s Sichuan with up to 14,866 feared dead.

 

($1 = CNY6.99/$1 = HK$7.80)

 

Lucy Craymer contributed to the story

 

For more discussion on the chemicals industry visit ICIS connect

By: Cheang Chee Yew
+65 6780 4359

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