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Banks, property prop up Shanghai index
By Feng Jianmin |
May 10, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks close slightly higher today as gains in finance and property sectors offset drops in small caps.
Banks' reserve requirement ratio was raised from 16.5 to 17 percent today after the central bank announced the decision on May 2 to tighten liquidity and curb economic overheating.
The benchmark Shanghai Composite Index added 0.39 percent to 2,698.5 points. Turnover shrank to 97.8 billion yuan (US$ 14.38 billion) from 108 billion last Friday. Losers outnumbered gainers by 497 to 431, and 175 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller bourse, lost 1.33 percent to 1,050 points.
Air carriers lost as they continued to suffer from volcanic ash from Iceland and stormy weather in southern China. Air China, the largest international carrier in China, plunged by the daily limit of 10 percent to 11.06 yuan. China Southern Airlines similarly tumbled 10 percent to 6.99 yuan after flights were seriously delayed in Guangdong province.
Banks gained as the sector's stock prices were considered undervalued. Industrial Bank advanced 2.46 percent to 27.53 yuan. Bank of China added 1.49 percent to 4.09 yuan on its decision to invest 7.5 billion yuan on a rail line from southern Shanxi province to Rizhao, a port in Shandong province. Industry and Commercial Bank of China was up 0.91 percent to 4.43 yuan.
Elsewhere, Ping An Insurance (Group) Co climbed 4.06 percent to 48.21 yuan after becoming the largest shareholder of Shenzhen Development Bank. The Shenzhen-based bank gained 0.93 percent to 18.43 yuan.
Property regained previous losses. Poly Real Estate Group went up 3.6 percent to 10.95 yuan after reporting a 16.21 percent increase in sales in the first four months this year from a year earlier. Gemdale Corp grew 3.65 percent to 6.24 yuan. Vanke Co gained 1.11 percent to 7.30 yuan.
Major macroeconomic statistics will be released tomorrow, arousing concerns about inflationary pressure.
Banks' reserve requirement ratio was raised from 16.5 to 17 percent today after the central bank announced the decision on May 2 to tighten liquidity and curb economic overheating.
The benchmark Shanghai Composite Index added 0.39 percent to 2,698.5 points. Turnover shrank to 97.8 billion yuan (US$ 14.38 billion) from 108 billion last Friday. Losers outnumbered gainers by 497 to 431, and 175 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller bourse, lost 1.33 percent to 1,050 points.
Air carriers lost as they continued to suffer from volcanic ash from Iceland and stormy weather in southern China. Air China, the largest international carrier in China, plunged by the daily limit of 10 percent to 11.06 yuan. China Southern Airlines similarly tumbled 10 percent to 6.99 yuan after flights were seriously delayed in Guangdong province.
Banks gained as the sector's stock prices were considered undervalued. Industrial Bank advanced 2.46 percent to 27.53 yuan. Bank of China added 1.49 percent to 4.09 yuan on its decision to invest 7.5 billion yuan on a rail line from southern Shanxi province to Rizhao, a port in Shandong province. Industry and Commercial Bank of China was up 0.91 percent to 4.43 yuan.
Elsewhere, Ping An Insurance (Group) Co climbed 4.06 percent to 48.21 yuan after becoming the largest shareholder of Shenzhen Development Bank. The Shenzhen-based bank gained 0.93 percent to 18.43 yuan.
Property regained previous losses. Poly Real Estate Group went up 3.6 percent to 10.95 yuan after reporting a 16.21 percent increase in sales in the first four months this year from a year earlier. Gemdale Corp grew 3.65 percent to 6.24 yuan. Vanke Co gained 1.11 percent to 7.30 yuan.
Major macroeconomic statistics will be released tomorrow, arousing concerns about inflationary pressure.
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