City stock market sees little change
By Lydia Chen |
February 26, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed flat yesterday as shares seesawed between gaining and losing territories, indicating investors are still cautious about the prospects of the markets.
The Shanghai market opened low when heavyweights such as oil companies extended losses due to instability in the Middle East. But the losses were offset by gains among cement makers, which rallied over the country's plan to build 10 million public housing units this year.
The Shanghai Composite Index ended at 2,878.57. Turnover fell to 124 billion yuan (US$18.87 billion) from Thursday's 137 billion yuan.
The benchmark fell 0.7 percent this week.
The ambitious construction plan released by Vice Premier Li Keqiang has materialized into pledges made by all provincial governments to help stabilize property prices. The unprecedented figure is almost the same as China's total housing construction figures last year.
Investors immediately picked up the signal and piled into the cement manufacturing sector. Huaxin Cement Co jumped by the daily cap of 10 percent to 39.03 yuan.
Huang Dongsheng, an analyst at Guodu Securities, said construction-related shares would continue to benefit from the housing project as the country's annual parliamentary meeting draws near.
Analysts said consumption and agriculture are also expected to be top of the agenda for China's top lawmakers and policy advisors as the country is fighting against inflation, which will boost shares in these two sectors.
The Shanghai market opened low when heavyweights such as oil companies extended losses due to instability in the Middle East. But the losses were offset by gains among cement makers, which rallied over the country's plan to build 10 million public housing units this year.
The Shanghai Composite Index ended at 2,878.57. Turnover fell to 124 billion yuan (US$18.87 billion) from Thursday's 137 billion yuan.
The benchmark fell 0.7 percent this week.
The ambitious construction plan released by Vice Premier Li Keqiang has materialized into pledges made by all provincial governments to help stabilize property prices. The unprecedented figure is almost the same as China's total housing construction figures last year.
Investors immediately picked up the signal and piled into the cement manufacturing sector. Huaxin Cement Co jumped by the daily cap of 10 percent to 39.03 yuan.
Huang Dongsheng, an analyst at Guodu Securities, said construction-related shares would continue to benefit from the housing project as the country's annual parliamentary meeting draws near.
Analysts said consumption and agriculture are also expected to be top of the agenda for China's top lawmakers and policy advisors as the country is fighting against inflation, which will boost shares in these two sectors.
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