Autos drive stocks to recover
By Feng Jianmin and Pan Xiaoyi |
June 3, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded late yesterday led by the auto sector after the central government pledged support for new energy cars, offsetting losses by banks on concerns their plans to raise funds may curb investor demand for other equities.
The Shanghai Composite Index gained 3.14 points, or 0.12 percent, to close at 2571.42. Turnover shrank to 71 billion yuan (US$10.4 billion) from 79.8 billion yuan on Tuesday.
Auto makers led the gainers. Chongqing Changan Automobile Co climbed 4.98 percent to 10.33 yuan, SAIC Motor Co added 1.83 percent to 16.66 yuan and FAW Car Co closed higher at 16.51 yuan.
The Ministry of Finance said it plans to invest 10 billion yuan to subsidize eco-friendly autos in five cities, with buyers eligible for as much as 60,000 yuan in subsidies.
Banks were weak. The Bank of China released 40 billion yuan bonds yesterday that are convertible to A shares six months after their issue. Its stock tumbled 5.12 percent to 3.89 yuan. The Industrial and Commercial Bank of China, China Construction Bank and The Bank of Communications had also announced plans to raise funds ranging from 25 billion yuan to 75 billion yuan.
ICBC edged down 0.47 percent to 4.21 yuan. The Bank of Communications lost 1.08 percent to 6.41 yuan, and China Merchants Bank added 0.01 yuan to 13.14 yuan.
Oil producers fell due to a drop in crude prices and a 5 percent resource tax on crude and natural gas produced in northwest China's Xinjiang Uygur Autonomous Region.
PetroChina, the biggest index component, dipped 0.83 percent to 10.77 yuan. China Petroleum and Chemical Corp shed 0.35 percent to close at 8.48 yuan.
The Shanghai Composite Index gained 3.14 points, or 0.12 percent, to close at 2571.42. Turnover shrank to 71 billion yuan (US$10.4 billion) from 79.8 billion yuan on Tuesday.
Auto makers led the gainers. Chongqing Changan Automobile Co climbed 4.98 percent to 10.33 yuan, SAIC Motor Co added 1.83 percent to 16.66 yuan and FAW Car Co closed higher at 16.51 yuan.
The Ministry of Finance said it plans to invest 10 billion yuan to subsidize eco-friendly autos in five cities, with buyers eligible for as much as 60,000 yuan in subsidies.
Banks were weak. The Bank of China released 40 billion yuan bonds yesterday that are convertible to A shares six months after their issue. Its stock tumbled 5.12 percent to 3.89 yuan. The Industrial and Commercial Bank of China, China Construction Bank and The Bank of Communications had also announced plans to raise funds ranging from 25 billion yuan to 75 billion yuan.
ICBC edged down 0.47 percent to 4.21 yuan. The Bank of Communications lost 1.08 percent to 6.41 yuan, and China Merchants Bank added 0.01 yuan to 13.14 yuan.
Oil producers fell due to a drop in crude prices and a 5 percent resource tax on crude and natural gas produced in northwest China's Xinjiang Uygur Autonomous Region.
PetroChina, the biggest index component, dipped 0.83 percent to 10.77 yuan. China Petroleum and Chemical Corp shed 0.35 percent to close at 8.48 yuan.
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