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Car makers boost index to 3,274
By Ding Yining |
January 12, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S stock market rose nearly 2 percent today, lifted by car makers after China overtook US to become the world's biggest vehicle producer.
The benchmark Shanghai Composite Index advanced 1.91 percent, or 61.22 points, to close at 3,273.97 points. Turnover was 174 billion yuan (US$25.5 billion). Gainers outnumbered losers 798 to 82, and 33 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.95 percent to close at 1,213.10 points.
Shanghai Automotive Industry Corp rallied 3.49 percent to 23.16 yuan after China Association of Automobile Manufacturers said today that its sales in 2009 ranked top among domestic auto makers. Sales in the past year reached 2.7 million units.
China has overtaken the US to become the world's largest auto maker and market in 2009. A total of 13.64 million vehicles were sold in China last year, up 46.15 percent from 2008 and ahead of the 10.43 million units sold in the US over the same period.
FAW Car Co Ltd advanced 2.54 percent to 22.58 yuan. Beiqi Foton Motor Co Ltd jumped 2.39 percent to 20.10 yuan.
The banking sector was generally flat. Shanghai Pudong Development Bank edged up 0.53 percent to 20.80 yuan. China Construction Bank was up 0.49 percent to close at 6.17 yuan. Industrial Bank lowered 1.02 percent to 36.85 yuan.
Tighter liquidity has fanned worries that the flow of fresh funds into the stock market will dry up after the State Council said over the weekend it will require more stringent scrutiny of the property market and mortgage loans.
Brokerages retreated after the approval of margin trading and short selling lifted prices yesterday. Sinolink Securities was down 0.66 percent to 24.17 yuan and Haitong Securities edged up 0.10 percent to 19.15 yuan. Guoyuan Securities lost 1.05 percent to 21.68 yuan. Changjiang Securities was down 1.02 percent to 20.29 yuan.
Metal producers showed mixed results. Zijin Mining Co was up 0.95 percent to 9.61 yuan. Shandong Gold Mining Co lost 0.29 percent to 79.11 yuan. Aluminum Corporation of China Ltd jumped 1.71 percent to 15.45 yuan.
The benchmark Shanghai Composite Index advanced 1.91 percent, or 61.22 points, to close at 3,273.97 points. Turnover was 174 billion yuan (US$25.5 billion). Gainers outnumbered losers 798 to 82, and 33 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.95 percent to close at 1,213.10 points.
Shanghai Automotive Industry Corp rallied 3.49 percent to 23.16 yuan after China Association of Automobile Manufacturers said today that its sales in 2009 ranked top among domestic auto makers. Sales in the past year reached 2.7 million units.
China has overtaken the US to become the world's largest auto maker and market in 2009. A total of 13.64 million vehicles were sold in China last year, up 46.15 percent from 2008 and ahead of the 10.43 million units sold in the US over the same period.
FAW Car Co Ltd advanced 2.54 percent to 22.58 yuan. Beiqi Foton Motor Co Ltd jumped 2.39 percent to 20.10 yuan.
The banking sector was generally flat. Shanghai Pudong Development Bank edged up 0.53 percent to 20.80 yuan. China Construction Bank was up 0.49 percent to close at 6.17 yuan. Industrial Bank lowered 1.02 percent to 36.85 yuan.
Tighter liquidity has fanned worries that the flow of fresh funds into the stock market will dry up after the State Council said over the weekend it will require more stringent scrutiny of the property market and mortgage loans.
Brokerages retreated after the approval of margin trading and short selling lifted prices yesterday. Sinolink Securities was down 0.66 percent to 24.17 yuan and Haitong Securities edged up 0.10 percent to 19.15 yuan. Guoyuan Securities lost 1.05 percent to 21.68 yuan. Changjiang Securities was down 1.02 percent to 20.29 yuan.
Metal producers showed mixed results. Zijin Mining Co was up 0.95 percent to 9.61 yuan. Shandong Gold Mining Co lost 0.29 percent to 79.11 yuan. Aluminum Corporation of China Ltd jumped 1.71 percent to 15.45 yuan.
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