Car makers rev up stock index
By Ding Yining |
January 13, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market rose nearly 2 percent yesterday, boosted by good performances from China's vehicle manufacturers.
The benchmark Shanghai Composite Index advanced 1.91 percent, or 61.22 points, to close at 3,273.97, posting its biggest daily percentage rise in more than two weeks. Turnover was 174 billion yuan (US$25.5 billion).
Shanghai Automotive Industry Corp rose 3.49 percent to 23.16 yuan after the China Association of Automobile Manufacturers said yesterday that its sales in 2009 ranked first among other domestic makers. Sales in the past year reached 2.7 million units.
China overtook the United States to become the world's largest auto maker and market last year. A total of 13.64 million vehicles were sold in China in 2009, up 46.15 percent from that of 2008 and ahead of the 10.43 million units sold in the US over the same period.
FAW Car Co advanced 2.54 percent to 22.58 yuan. Beiqi Foton Motor Co 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. The Industrial Bank dipped 1.02 percent to 36.85 yuan.
Tighter liquidity has fanned fears that the flow of fresh funds into the stock market will dry up after the State Council said more stringent scrutiny of the property market and mortgage loans was required and reiterated a 40 percent down payment rule for second homes.
"The market is very likely to remain in fluctuation for about a month but the upward trend will not shift with more signs of economic recovery," Guoyuan Securities' Kang Hongtao wrote in a report.
Brokerages retreated after the approval of margin trading and short selling lifted prices on Monday. 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 close at 20.29 yuan.
The benchmark Shanghai Composite Index advanced 1.91 percent, or 61.22 points, to close at 3,273.97, posting its biggest daily percentage rise in more than two weeks. Turnover was 174 billion yuan (US$25.5 billion).
Shanghai Automotive Industry Corp rose 3.49 percent to 23.16 yuan after the China Association of Automobile Manufacturers said yesterday that its sales in 2009 ranked first among other domestic makers. Sales in the past year reached 2.7 million units.
China overtook the United States to become the world's largest auto maker and market last year. A total of 13.64 million vehicles were sold in China in 2009, up 46.15 percent from that of 2008 and ahead of the 10.43 million units sold in the US over the same period.
FAW Car Co advanced 2.54 percent to 22.58 yuan. Beiqi Foton Motor Co 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. The Industrial Bank dipped 1.02 percent to 36.85 yuan.
Tighter liquidity has fanned fears that the flow of fresh funds into the stock market will dry up after the State Council said more stringent scrutiny of the property market and mortgage loans was required and reiterated a 40 percent down payment rule for second homes.
"The market is very likely to remain in fluctuation for about a month but the upward trend will not shift with more signs of economic recovery," Guoyuan Securities' Kang Hongtao wrote in a report.
Brokerages retreated after the approval of margin trading and short selling lifted prices on Monday. 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 close at 20.29 yuan.
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