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Shanghai shares perform mixed after Premier's talk
By Feng Jianmin |
February 28, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed flat as investors remained cautious about the outlook of China's economic growth.
The Shanghai Composite Index edged up 0.17 percent to 2,883.4. Turnover rose to 74.8 billion yuan (US$11.4 billion) from last Friday morning's 68.4 billion yuan.
Premier Wen Jiabao said yesterday that economic growth will be at 7 percent a year in the next five years. China's gross domestic product increased 9.3 percent in 2010.
Banks led the decliners. Industrial and Commercial Bank of China dipped 0.5 percent to 4.25 yuan. China Construction Bank fell 1 percent to 4.83 yuan.
Construction material makers continued to boom after Premier Wen said that 36 million units of affordable homes will be built within the next five years. Southern Building Materials Co climbed 6.6 percent to 9.99 yuan. Changjiang & Jingong Steel Building Group Co rose 5 percent to 19.67 yuan.
Electrical appliance makers and retailers led the gainers after Suning Appliance Co, one of the largest appliance retailers in China, said that its 2010 profit rose 39 percent from a year earlier to 4 billion yuan. Its shares added 1 percent to 13.90 yuan. Qingdao Haier Co jumped 6.4 percent to 30.89 yuan.
The Shanghai Composite Index edged up 0.17 percent to 2,883.4. Turnover rose to 74.8 billion yuan (US$11.4 billion) from last Friday morning's 68.4 billion yuan.
Premier Wen Jiabao said yesterday that economic growth will be at 7 percent a year in the next five years. China's gross domestic product increased 9.3 percent in 2010.
Banks led the decliners. Industrial and Commercial Bank of China dipped 0.5 percent to 4.25 yuan. China Construction Bank fell 1 percent to 4.83 yuan.
Construction material makers continued to boom after Premier Wen said that 36 million units of affordable homes will be built within the next five years. Southern Building Materials Co climbed 6.6 percent to 9.99 yuan. Changjiang & Jingong Steel Building Group Co rose 5 percent to 19.67 yuan.
Electrical appliance makers and retailers led the gainers after Suning Appliance Co, one of the largest appliance retailers in China, said that its 2010 profit rose 39 percent from a year earlier to 4 billion yuan. Its shares added 1 percent to 13.90 yuan. Qingdao Haier Co jumped 6.4 percent to 30.89 yuan.
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