Cement firms lift key index higher
By Feng Jianmin |
August 28, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S shares closed slightly higher as cement producers lifted the key stock index on talk that the central government's plans to develop central and west regions of China may fuel demand for cement.
The Shanghai Composite Index edged up 0.28 percent, or 7.26 points, to close at 2,610.74. Turnover fell to 75.2 billion yuan (US$11.1 billion) from Thursday's 81.8 billion yuan. The barometer shed 1.19 percent this week.
Cement producers gave the index a boost on speculation the central government's various plans to develop central, west and southwest China may boost demand.
Anhui Conch Cement Co jumped 3.63 percent to 21.99 yuan.
But "the market is not likely to rebound unless the property sector picks up," said Chen Jiahe, an analyst at Cinda Securities.
Property developers fell amid concerns the central government would implement tight curbs on property speculation and the supply of land and low-cost homes in the second half of this year after Zhang Ping, head of the National Development and Reform Commission, made a report to China's top legislative body.
Gemdale Corp dipped 0.15 percent to 6.54 yuan, and Poly Real Estate lost 0.58 percent to 12.07 yuan.
China National Medicines Corp, a pharmaceutical retailer, surged 3.9 percent to 24.54 yuan, the most since August 5, after the Shanghai Securities News said the Chinese government may announce a plan to boost the pharmaceutical industry.
The Shanghai Composite Index edged up 0.28 percent, or 7.26 points, to close at 2,610.74. Turnover fell to 75.2 billion yuan (US$11.1 billion) from Thursday's 81.8 billion yuan. The barometer shed 1.19 percent this week.
Cement producers gave the index a boost on speculation the central government's various plans to develop central, west and southwest China may boost demand.
Anhui Conch Cement Co jumped 3.63 percent to 21.99 yuan.
But "the market is not likely to rebound unless the property sector picks up," said Chen Jiahe, an analyst at Cinda Securities.
Property developers fell amid concerns the central government would implement tight curbs on property speculation and the supply of land and low-cost homes in the second half of this year after Zhang Ping, head of the National Development and Reform Commission, made a report to China's top legislative body.
Gemdale Corp dipped 0.15 percent to 6.54 yuan, and Poly Real Estate lost 0.58 percent to 12.07 yuan.
China National Medicines Corp, a pharmaceutical retailer, surged 3.9 percent to 24.54 yuan, the most since August 5, after the Shanghai Securities News said the Chinese government may announce a plan to boost the pharmaceutical industry.
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