Coal call pushes up key index
By Feng Jianmin and Ding Yining |
August 27, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index edged up yesterday as gains for coal producers overshadowed losses of insurers and steel mills.
The benchmark Shanghai Composite Index added 0.27 percent, or 6.9 points, to close at 2,603.48. Turnover sank to 81.8 billion yuan (US$12 billion) from Wednesday's 102 billion yuan.
Large coal producers led the gainers after a State Council meeting chaired by Premier Wen Jiabao called for mergers and acquisitions among coal corporations in order to erase outdated production facilities and reduce pollution.
Datong Coal Industry Co grew 2 percent to 16.52 yuan. China Shenhua Energy Co, the nation's largest producer, rose 1.3 percent to 24.10 yuan. China Coal Energy Co added 2.28 percent to 9.85 yuan.
"The market will not see very strong rebound as heavyweights may still remain sluggish in the near future," GF Securities wrote in a research report.
Insurers tumbled after China Life Insurance Co's profit fell 27 percent in the second quarter. China Pacific Insurance Group Co declined 1 percent to 23.99 yuan.
The benchmark Shanghai Composite Index added 0.27 percent, or 6.9 points, to close at 2,603.48. Turnover sank to 81.8 billion yuan (US$12 billion) from Wednesday's 102 billion yuan.
Large coal producers led the gainers after a State Council meeting chaired by Premier Wen Jiabao called for mergers and acquisitions among coal corporations in order to erase outdated production facilities and reduce pollution.
Datong Coal Industry Co grew 2 percent to 16.52 yuan. China Shenhua Energy Co, the nation's largest producer, rose 1.3 percent to 24.10 yuan. China Coal Energy Co added 2.28 percent to 9.85 yuan.
"The market will not see very strong rebound as heavyweights may still remain sluggish in the near future," GF Securities wrote in a research report.
Insurers tumbled after China Life Insurance Co's profit fell 27 percent in the second quarter. China Pacific Insurance Group Co declined 1 percent to 23.99 yuan.
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