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Banks lead Shanghai shares up
By Feng Jianmin |
16:47 UTC+8 March 28, 2011
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Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher today but gains of blue chips were pared by drops in the smaller caps.
The benchmark Shanghai Composite Index rose 0.21 percent to 2,984 after jumping as much as 1.9 percent in the morning session. Turnover expanded to 198.2 billion yuan (US$30.2 billion) from last Friday's 171 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in Chinese mainland, was down 0.51 percent to 12,875.52.
Banks rose on positive earnings. China Minsheng Banking Corp climbed 2.6 percent to 5.51 yuan after reporting its 2010 profit jumped 45 percent from a year earlier. Bank of China and Huaxia Bank Co also announced better-than-expected profits on increased interest incomes.
Property developers retreated from early gains as governments of many mainland cities have permitted growth of housing prices at as much as 10 percent this year.
The State Council in February ordered key cities to release housing-price targets for controlling measures by the end of this month. But so far only 40 cities have released their goals and none of them expected prices to drop this year.
China Vanke, China's largest property developer, edged up 0.1 percent to 8.73 yuan. Poly Real Estate Co, China's second largest, rose 0.7 percent to 13.89 yuan.
The benchmark Shanghai Composite Index rose 0.21 percent to 2,984 after jumping as much as 1.9 percent in the morning session. Turnover expanded to 198.2 billion yuan (US$30.2 billion) from last Friday's 171 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in Chinese mainland, was down 0.51 percent to 12,875.52.
Banks rose on positive earnings. China Minsheng Banking Corp climbed 2.6 percent to 5.51 yuan after reporting its 2010 profit jumped 45 percent from a year earlier. Bank of China and Huaxia Bank Co also announced better-than-expected profits on increased interest incomes.
Property developers retreated from early gains as governments of many mainland cities have permitted growth of housing prices at as much as 10 percent this year.
The State Council in February ordered key cities to release housing-price targets for controlling measures by the end of this month. But so far only 40 cities have released their goals and none of them expected prices to drop this year.
China Vanke, China's largest property developer, edged up 0.1 percent to 8.73 yuan. Poly Real Estate Co, China's second largest, rose 0.7 percent to 13.89 yuan.
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