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Developers and banks rise in Shanghai
By Leo Zhang |
September 17, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up in the morning session as property developers gained on hope that their earnings growth may be sustained amid increasing housing transaction volumes.
The benchmark Shanghai Composite Index, which covers the bigger mainland bourse, was up 0.26 percent close the morning at 2,609.17. Turnover hit 51 billion yuan (US$7.6 billion), compared with yesterday morning's 71.4 billion.
The Shenzhen Component Index, which tracks the smaller exchange, increased 0.71 percent to 11,243.40.
Poly Real Estate Group, listed unit of the country's largest state-owned developer, rose 1.19 percent to 11.07 yuan. Shanghai Shimao Co, controlled by property tycoon Xu Rongmao, jumped 1.09 to 12.06 yuan.
Shares of some domestic banks also performed well after the China Banking Regulatory Commission rebuffed reports that it had hiked the requirement of capital adequacy ratio for banks to as much as 15 percent.
Bank of China rose 0.31 percent to 3.24 yuan. China Everbright Bank was up 0.30 percent to 3.38 yuan. Bank of Beijing grew 0.26 percent to 11.70 yuan.
The benchmark Shanghai Composite Index, which covers the bigger mainland bourse, was up 0.26 percent close the morning at 2,609.17. Turnover hit 51 billion yuan (US$7.6 billion), compared with yesterday morning's 71.4 billion.
The Shenzhen Component Index, which tracks the smaller exchange, increased 0.71 percent to 11,243.40.
Poly Real Estate Group, listed unit of the country's largest state-owned developer, rose 1.19 percent to 11.07 yuan. Shanghai Shimao Co, controlled by property tycoon Xu Rongmao, jumped 1.09 to 12.06 yuan.
Shares of some domestic banks also performed well after the China Banking Regulatory Commission rebuffed reports that it had hiked the requirement of capital adequacy ratio for banks to as much as 15 percent.
Bank of China rose 0.31 percent to 3.24 yuan. China Everbright Bank was up 0.30 percent to 3.38 yuan. Bank of Beijing grew 0.26 percent to 11.70 yuan.
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