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Afternoon rally pushes stocks to a positive close
By Louise Ho |
February 28, 2012, Tuesday
|
Online Edition
Online Edition
THE Shanghai market reversed the morning's falling trend after sectors like water conservancy, construction and agriculture pushed up the index in the afternoon session.
The benchmark Shanghai Composite Index rose 0.20 percent, or 4.80 points, to 2451.86 points. Turnover was 107 billion yuan (US$16.9 billion), down 21 percent compared to yesterday.
Water conservancy construction sectors soared. Chongqing Three Gorges Water Conservancy and Electric Power Co surged 10.02 percent to 14.49 yuan.
Automobile makers continued to surge on yesterday's news that China would include only domestic brands for its official vehicle purchases agenda this year.
Chongqing Dima Industry Co surged 7.41 percent to 4.06 yuan.
Blue chip stocks in the financial sectors gained. Anxin Trust & Investment Co rose 10 percent to 16.39 yuan.
An official from the newly established investor protection bureau at the China Securities Regulatory Commission said at Shanghai Stock Exchange yesterday that blue chip stocks show real value in the stock market, and securities brokerages should engage in long-term, rational investment.
The government's support to blue chip stocks and value investment has rallied blue chip stocks' performance, said analysts.
The property sectors retreated in the afternoon session on recent media reports that some cities in China are fine-tuning to relax property market policies, such as Shanghai and Shenzhen.
China Baoan Group Co had one of the biggest drops today in Shanghai on news that it is under investigation by the securities regulator for breaching information disclosure regulations.
China Baoan Group Co dropped 9.97 percent to 12.82 yuan. Another property developer, Shanghai Duolun Industry Co dropped 5.62 percent to 8.40 yuan.
The petrochemical sectors also recoiled. Yueyang Xingchang Petrochemical Co dropped 3.37 percent to 15.78 yuan.
The benchmark Shanghai Composite Index rose 0.20 percent, or 4.80 points, to 2451.86 points. Turnover was 107 billion yuan (US$16.9 billion), down 21 percent compared to yesterday.
Water conservancy construction sectors soared. Chongqing Three Gorges Water Conservancy and Electric Power Co surged 10.02 percent to 14.49 yuan.
Automobile makers continued to surge on yesterday's news that China would include only domestic brands for its official vehicle purchases agenda this year.
Chongqing Dima Industry Co surged 7.41 percent to 4.06 yuan.
Blue chip stocks in the financial sectors gained. Anxin Trust & Investment Co rose 10 percent to 16.39 yuan.
An official from the newly established investor protection bureau at the China Securities Regulatory Commission said at Shanghai Stock Exchange yesterday that blue chip stocks show real value in the stock market, and securities brokerages should engage in long-term, rational investment.
The government's support to blue chip stocks and value investment has rallied blue chip stocks' performance, said analysts.
The property sectors retreated in the afternoon session on recent media reports that some cities in China are fine-tuning to relax property market policies, such as Shanghai and Shenzhen.
China Baoan Group Co had one of the biggest drops today in Shanghai on news that it is under investigation by the securities regulator for breaching information disclosure regulations.
China Baoan Group Co dropped 9.97 percent to 12.82 yuan. Another property developer, Shanghai Duolun Industry Co dropped 5.62 percent to 8.40 yuan.
The petrochemical sectors also recoiled. Yueyang Xingchang Petrochemical Co dropped 3.37 percent to 15.78 yuan.
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