China A-shares end morning mixed; banks up on earnings forecasts

SHANGHAI (XFN-ASIA) - China A-shares finished the morning session mixed, with the Shanghai market pressured by oil refiners after crude prices hit new highs. Dealers said refiners were also hit by fears that the government could end value-added tax rebates on imported crude oil in the third quarter of this year. Banks were higher after positive first-half earnings projections from ICBC and Shanghai Pudong Development Bank. The benchmark Shanghai Composite Index ended the morning down 14.11 points or 0.52 pct at 2,689.42. The Shanghai A-share Index was down 14.79 points or 0.52 pct to 2,820.64 , while the Shenzhen A-share Index was up 0.35 points or 0.04 pct at 850.80. The FTSE/Xinhua China A 50 Index was up 7.73 points or 0.08 pct at 9,877.03 and the FTSE/Xinhua China A 200 Index fell4.55 points or 0.06 pct to 7,702.97.... [read full story]