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Developers drop; banks mixed in Shanghai
By Feng Jianmin |
August 23, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fluctuated in the morning session on central government's urging local governments to take forceful measures on the property market.
The benchmark Shanghai Composite Index grew 0.13 percent, or 3.32 points, to close at 2,645.63 points. Turnover fell to 49 billion yuan (US$ 7.2 billion) from last Friday morning's 66.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.5 percent higher at 1,123.04 points.
Property developers were weak after Vice Premier Li Keqiang urged during the weekend local governments to increase supply of low-cost housing and to strictly rein speculation.
China Vanke dipped 0.23 percent to 8.63 yuan. China Merchants Property Development Co fell 1.81 percent to 20.02 yuan. Poly Real Estate Co edged down 0.16 percent to 12.48 yuan.
Banks went mixed. Bank of Communications gained 0.42 percent to 4.82 yuan after it said last night that the bank's profit in the first half increased 26.75 percent from last year. Bank of China lost 1.15 percent to 3.45 yuan. Agricultural Bank of China was unchanged at 2.68 yuan.
Stocks related to the Shenzhen special economic region gained on speculation that the central government may invest to boost the development of the region after Premier Wen Jiabao's visit last Friday. Shenzhen Zhenye Group Co added 0.5 percent to 8.21 yuan. Shenzhen Energy Group Co grew 3.17 percent to 11.06 yuan. Shenzhen Airport Co went up 1.33 percent to 6.10 yuan.
The benchmark Shanghai Composite Index grew 0.13 percent, or 3.32 points, to close at 2,645.63 points. Turnover fell to 49 billion yuan (US$ 7.2 billion) from last Friday morning's 66.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.5 percent higher at 1,123.04 points.
Property developers were weak after Vice Premier Li Keqiang urged during the weekend local governments to increase supply of low-cost housing and to strictly rein speculation.
China Vanke dipped 0.23 percent to 8.63 yuan. China Merchants Property Development Co fell 1.81 percent to 20.02 yuan. Poly Real Estate Co edged down 0.16 percent to 12.48 yuan.
Banks went mixed. Bank of Communications gained 0.42 percent to 4.82 yuan after it said last night that the bank's profit in the first half increased 26.75 percent from last year. Bank of China lost 1.15 percent to 3.45 yuan. Agricultural Bank of China was unchanged at 2.68 yuan.
Stocks related to the Shenzhen special economic region gained on speculation that the central government may invest to boost the development of the region after Premier Wen Jiabao's visit last Friday. Shenzhen Zhenye Group Co added 0.5 percent to 8.21 yuan. Shenzhen Energy Group Co grew 3.17 percent to 11.06 yuan. Shenzhen Airport Co went up 1.33 percent to 6.10 yuan.
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