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Bank stocks rebound to shore up index
By Winny Wang and Ding Yining |
May 12, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed higher today led by rebounding financial and real estate stocks, but concerns still remain over the government's efforts to curb property prices.
The benchmark Shanghai Composite Index gained 0.31 percent, or 8.14 points, to close at 2,655.71 points. Turnover reached 90.58 billion yuan (US$13.26 billion). Losers outnumbered gainers by 594 to 271 and 57 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, dropped 1.21 percent to close at 1,012 points.
"Investors regained some confidence backed by rebounding financial and real estate stocks in the afternoon, but whether the trend can continue is still uncertain on concern over a possible slowing economic growth in the later half of this year caused by the tightened property policies," said Kang Chongli, an analyst at Great Wall Securities Co.
The Shanghai Securities News cited an unnamed source close to the city's government as saying that detailed plans to curb property prices in Shanghai have been made and will be released as soon as this month.
The news led to a widespread recession of real estate stocks in the morning session, but the stocks rebounded in the afternoon.
Shanghai Shimao Co gained 1.27 percent to 10.38 yuan apiece and Vanke Co grew 1.24 percent to 7.34 yuan. Poly Real Estate Group rose 3.56 percent to 11.04 yuan and Gemdale Corp rose 2.3 percent to 6.22 yuan.
Banks and insurance shares showed widespread gains. Ping An Insurance (Group) Co, the country's second largest insurer, said its premiums totaled 85 million yuan in the first four months. Its shares rose 3.82 percent to 48.61 yuan.
Industrial and Commercial Bank of China rose 2.93 percent to 4.56 yuan and Bank of Communications advanced 2.73 percent to 6.77 yuan.
China Railway Construction Corp said it units had won construction contracts totaling 33.4 billion yuan. The stock added 1.32 percent to 7.69 yuan.
TCL Corporation said the number of LCD Television sets sold in the first four months added 38.6 percent from the same period last year to 2.49 million units. The stock edged up 0.24 percent to 4.22 yuan.
The benchmark Shanghai Composite Index gained 0.31 percent, or 8.14 points, to close at 2,655.71 points. Turnover reached 90.58 billion yuan (US$13.26 billion). Losers outnumbered gainers by 594 to 271 and 57 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, dropped 1.21 percent to close at 1,012 points.
"Investors regained some confidence backed by rebounding financial and real estate stocks in the afternoon, but whether the trend can continue is still uncertain on concern over a possible slowing economic growth in the later half of this year caused by the tightened property policies," said Kang Chongli, an analyst at Great Wall Securities Co.
The Shanghai Securities News cited an unnamed source close to the city's government as saying that detailed plans to curb property prices in Shanghai have been made and will be released as soon as this month.
The news led to a widespread recession of real estate stocks in the morning session, but the stocks rebounded in the afternoon.
Shanghai Shimao Co gained 1.27 percent to 10.38 yuan apiece and Vanke Co grew 1.24 percent to 7.34 yuan. Poly Real Estate Group rose 3.56 percent to 11.04 yuan and Gemdale Corp rose 2.3 percent to 6.22 yuan.
Banks and insurance shares showed widespread gains. Ping An Insurance (Group) Co, the country's second largest insurer, said its premiums totaled 85 million yuan in the first four months. Its shares rose 3.82 percent to 48.61 yuan.
Industrial and Commercial Bank of China rose 2.93 percent to 4.56 yuan and Bank of Communications advanced 2.73 percent to 6.77 yuan.
China Railway Construction Corp said it units had won construction contracts totaling 33.4 billion yuan. The stock added 1.32 percent to 7.69 yuan.
TCL Corporation said the number of LCD Television sets sold in the first four months added 38.6 percent from the same period last year to 2.49 million units. The stock edged up 0.24 percent to 4.22 yuan.
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