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China's stocks rally on news of invest-west scheme
By Feng Jianmin |
August 16, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session on news of central government's plan to boost economic development in the southwest region.
The benchmark Shanghai Composite Index added 2.11 percent, or 55 points, to close at 2,661.71 points. Turnover jumped to 130.7 billion yuan (US$19.2 billion) from last Friday's 91.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 2.29 percent to close at 1,128.02 points.
Stocks related to Guangxi Zhuang Autonomous Region led the gainers as media reports said that the central government may invest as much as 1.5 trillion yuan in the next five years to improve the region's infrastructure.
Guangxi Guiguan Electric Power Co jumped by daily limit of 10 percent to 5.29 yuan. Guangxi Wuzhou Communications Co soared 10 percent to 8.31 yuan. Guangxi Liugong Machinery grew 2.85 percent to 23.84 yuan.
China Cosco led blue chips higher on more active trading indicated by rising shipment prices. China Cosco Holding Co hiked by the daily limit of 10 percent to 10.31 yuan. China Shenhua Energy Co advanced 5.37 percent to 23.93 yuan. Aluminum Corp of China gained 3.11 percent to 10.61 yuan.
Banks rose after Agricultural Bank of China exercised an over-allotment option in Shanghai to raise US$ 22.1 billion yuan in the world's largest initial public offering. Its stocks added 0.74 percent to 2.71 yuan. China Merchants Bank grew 1.9 percent to 13.98 yuan. Bank of China went up 1.16 percent to 3.48 yuan.
Property developers underperformed the market on news that the central government has conducted investigation on developers' regulation compliance, and ordered banks to offer lending according to developers' credit.
China Vanke was 0.57 percent higher at 8.89 yuan. China Merchants Property Development Co grew 1.97 percent to 20.70 yuan. Gemdale Corp edged up 0.72 percent to 7 yuan.
The benchmark Shanghai Composite Index added 2.11 percent, or 55 points, to close at 2,661.71 points. Turnover jumped to 130.7 billion yuan (US$19.2 billion) from last Friday's 91.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 2.29 percent to close at 1,128.02 points.
Stocks related to Guangxi Zhuang Autonomous Region led the gainers as media reports said that the central government may invest as much as 1.5 trillion yuan in the next five years to improve the region's infrastructure.
Guangxi Guiguan Electric Power Co jumped by daily limit of 10 percent to 5.29 yuan. Guangxi Wuzhou Communications Co soared 10 percent to 8.31 yuan. Guangxi Liugong Machinery grew 2.85 percent to 23.84 yuan.
China Cosco led blue chips higher on more active trading indicated by rising shipment prices. China Cosco Holding Co hiked by the daily limit of 10 percent to 10.31 yuan. China Shenhua Energy Co advanced 5.37 percent to 23.93 yuan. Aluminum Corp of China gained 3.11 percent to 10.61 yuan.
Banks rose after Agricultural Bank of China exercised an over-allotment option in Shanghai to raise US$ 22.1 billion yuan in the world's largest initial public offering. Its stocks added 0.74 percent to 2.71 yuan. China Merchants Bank grew 1.9 percent to 13.98 yuan. Bank of China went up 1.16 percent to 3.48 yuan.
Property developers underperformed the market on news that the central government has conducted investigation on developers' regulation compliance, and ordered banks to offer lending according to developers' credit.
China Vanke was 0.57 percent higher at 8.89 yuan. China Merchants Property Development Co grew 1.97 percent to 20.70 yuan. Gemdale Corp edged up 0.72 percent to 7 yuan.
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