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Shanghai shares rise on stronger tech firms
By Feng Jianmin |
June 3, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks rose in the morning session thanks to strong performance of the technology sector on government plans to boost the industry.
The benchmark Shanghai Composite Index edged up 0.62 percent, or 16 points, to close at 2587.47. Turnover advanced to 39.3 billion yuan (US$5.8 billion) from 34.7 billion yuan yesterday. Gainers outnumbered losers by 777 to 136, and 195 remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 1.1 percent to 1,042.76.
Software firms led the gainers after Li Yizhong, Minister of Industry and Information and Technology, said yesterday that a draft had been submitted to the State Council to encourage development of the software industry.
China National Software & Service Co jumped by the daily limit of 10 percent to 19.43 yuan. DHC Software Co added 3.45 percent to 25.19 yuan. Shandong Inspur Software Co surged 9.37 percent to 11.90 yuan.
The ministry is also drafting plans for the bio-technology industry, according to the China Securities Journal. Details for the plans were not released. Shenzhen Neptunus Bioengineering Co advanced 7.01 percent to 12.22 yuan. Guilin Layn Natural Ingredients Co hiked 9.24 percent to 20.81 yuan.
Banks went mixed on fundraising pressure. Bank of China extended its previous loss by dropping 0.77 percent to 3.86 yuan. Industrial Bank dipped 0.32 to 24.78 yuan after it yesterday reported the completion of a 17.9-billion-yuan fundraising by the end of May. China Merchants Bank went up 1.45 percent to 13.33 yuan.
The property sector gained. China Vanke gained 1.1 percent to 7.35 yuan. China Merchants Property Development Co increased 0.65 percent to 15.59 yuan. China State Construction Engineering Co grew 0.84 percent to 3.61 yuan.
The benchmark Shanghai Composite Index edged up 0.62 percent, or 16 points, to close at 2587.47. Turnover advanced to 39.3 billion yuan (US$5.8 billion) from 34.7 billion yuan yesterday. Gainers outnumbered losers by 777 to 136, and 195 remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 1.1 percent to 1,042.76.
Software firms led the gainers after Li Yizhong, Minister of Industry and Information and Technology, said yesterday that a draft had been submitted to the State Council to encourage development of the software industry.
China National Software & Service Co jumped by the daily limit of 10 percent to 19.43 yuan. DHC Software Co added 3.45 percent to 25.19 yuan. Shandong Inspur Software Co surged 9.37 percent to 11.90 yuan.
The ministry is also drafting plans for the bio-technology industry, according to the China Securities Journal. Details for the plans were not released. Shenzhen Neptunus Bioengineering Co advanced 7.01 percent to 12.22 yuan. Guilin Layn Natural Ingredients Co hiked 9.24 percent to 20.81 yuan.
Banks went mixed on fundraising pressure. Bank of China extended its previous loss by dropping 0.77 percent to 3.86 yuan. Industrial Bank dipped 0.32 to 24.78 yuan after it yesterday reported the completion of a 17.9-billion-yuan fundraising by the end of May. China Merchants Bank went up 1.45 percent to 13.33 yuan.
The property sector gained. China Vanke gained 1.1 percent to 7.35 yuan. China Merchants Property Development Co increased 0.65 percent to 15.59 yuan. China State Construction Engineering Co grew 0.84 percent to 3.61 yuan.
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