Brokers offset gains by steel, property
By Feng Jianmin and Ding Yining |
September 8, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index remained at four-month high yesterday as weak brokerages pared gains made by steel mills and property developers.
The Shanghai Composite Index edged up 2.11 points, or less than 0.1 percent, to close at 2,698.36. Turnover dropped to 123.6 billion yuan (US$18.23 billion) from Monday's 160 billion yuan.
The most active September contract for the CSI-300 index futures edged up 0.4 percent to 2,996.60 points.
Brokerages dropped on concerns that the market's recent gains may be excessive. GF Securities Co fell 1.22 percent to 32.26 yuan, Southwest Securities Co shed 1.47 percent to 13.39 yuan and CITIC Securities dipped 0.42 percent to 11.91 yuan.
Large steel mills gained on rising prices of products after the central government shuttered some mills to curb output and save energy. Baoshan Iron & Steel Co added 0.72 percent to 7.03 yuan and Wuhan Iron & Steel Co rose 0.81 percent to 4.97 yuan. Angang Steel Co surged 2.77 percent to 8.89 yuan and Inner Mongolian Baotou Steel Union gained 2.25 percent to 3.64 yuan.
The State Council, or China's Cabinet, said on Monday it will scrap rules that limit cross-regional mergers and acquisitions to boost consolidation and accelerate economic restructuring as local governments have been an obstacle as they fear losing tax revenues.
"Financial shares may outperform the market in the near future as cross-regional mergers and acquisitions need more financial services and capital support," China Minzu Securities wrote.
Property firms also gained on robust home sales. Poly Real Estate Co added 1.17 percent to 12.14 yuan and China Vanke rose 1 percent to close at 8.78 yuan.
The Shanghai Composite Index edged up 2.11 points, or less than 0.1 percent, to close at 2,698.36. Turnover dropped to 123.6 billion yuan (US$18.23 billion) from Monday's 160 billion yuan.
The most active September contract for the CSI-300 index futures edged up 0.4 percent to 2,996.60 points.
Brokerages dropped on concerns that the market's recent gains may be excessive. GF Securities Co fell 1.22 percent to 32.26 yuan, Southwest Securities Co shed 1.47 percent to 13.39 yuan and CITIC Securities dipped 0.42 percent to 11.91 yuan.
Large steel mills gained on rising prices of products after the central government shuttered some mills to curb output and save energy. Baoshan Iron & Steel Co added 0.72 percent to 7.03 yuan and Wuhan Iron & Steel Co rose 0.81 percent to 4.97 yuan. Angang Steel Co surged 2.77 percent to 8.89 yuan and Inner Mongolian Baotou Steel Union gained 2.25 percent to 3.64 yuan.
The State Council, or China's Cabinet, said on Monday it will scrap rules that limit cross-regional mergers and acquisitions to boost consolidation and accelerate economic restructuring as local governments have been an obstacle as they fear losing tax revenues.
"Financial shares may outperform the market in the near future as cross-regional mergers and acquisitions need more financial services and capital support," China Minzu Securities wrote.
Property firms also gained on robust home sales. Poly Real Estate Co added 1.17 percent to 12.14 yuan and China Vanke rose 1 percent to close at 8.78 yuan.
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