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Coal firms rise, developers lose ground in morning
By Feng Jianmin |
January 19, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session as gains of coal producers more than offset losses of property developers.
The benchmark Shanghai Composite Index went up 1.06 percent to 2,737.66 points. Turnover rose to 44.6 billion yuan (US$6.75 billion) from yesterday morning's 37.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 1.3 percent at 1,198.53 points.
Property developers underperformed after Premier Wen Jiabao said yesterday that government would focus on reining in food prices and the housing market in the first quarter. Shanghai also said yesterday that it would levy property tax on newly purchased spacious houses, according to mayor Han Zheng.
China Vanke dipped 0.2 percent to 8.33 yuan. Poly Real Estate Co shed 1.6 percent to 13.38 yuan.
Coal producers rose as demand remained high and shares prices were relative low after previous declines. Datong Coal Industry Co rose 1.2 percent to 19.08 yuan. China Shenhua Energy Co, China's largest coal producer, added 0.5 percent to 23.85 yuan.
High speed railway firms rallied. Jinxi Axle Co jumped by daily limit of 10 percent to 16.92 yuan. CSR Corp, a leading carriage producer, similarly surged by 10 percent to 8.66 yuan.
The benchmark Shanghai Composite Index went up 1.06 percent to 2,737.66 points. Turnover rose to 44.6 billion yuan (US$6.75 billion) from yesterday morning's 37.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 1.3 percent at 1,198.53 points.
Property developers underperformed after Premier Wen Jiabao said yesterday that government would focus on reining in food prices and the housing market in the first quarter. Shanghai also said yesterday that it would levy property tax on newly purchased spacious houses, according to mayor Han Zheng.
China Vanke dipped 0.2 percent to 8.33 yuan. Poly Real Estate Co shed 1.6 percent to 13.38 yuan.
Coal producers rose as demand remained high and shares prices were relative low after previous declines. Datong Coal Industry Co rose 1.2 percent to 19.08 yuan. China Shenhua Energy Co, China's largest coal producer, added 0.5 percent to 23.85 yuan.
High speed railway firms rallied. Jinxi Axle Co jumped by daily limit of 10 percent to 16.92 yuan. CSR Corp, a leading carriage producer, similarly surged by 10 percent to 8.66 yuan.
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