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Financial firms drag down market
By Feng Jianmin |
October 22, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly lower today as losses in the finance sector more than offset gains made by automakers and advanced industrial material producers.
The benchmark Shanghai Composite Index edged down 0.3 percent, or 8.5 points, to close at 2,975.04. Turnover fell to 195 billion yuan (US$29.3 billion) from yesterday's 262 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, grew 0.87 percent to 13,225, highest in 9 months. SZSE SME Composite Index, which tracks about 500 small and medium enterprises listed in the exchange, hit a history high of 7,023.
The information sector led the gainers in small and medium caps after the country plan to launch a trial project on cloud computing in five cities including Beijing and Shanghai, according to a joint announcement by Ministry of Industry and Information Technology and National Development and Reform Commission today.
Anhui USTC iFlytek Co led the gainers by jumping 7.9 percent to 52.91 yuan. Guangzhou Haige Communications Group Inc Co grew 1.67 percent to 40.90 yuan.
Advanced industrial material producers also gained after they were singled out as one of the main areas of development in the next Five-Years-Plan. Beijing Zhongke Sanhuan High-Tech Co surged by the daily limit of 10 percent to 21.78 yuan. Henan Xindaxin Materials Co jumped 3 percent to 49.79 yuan. Sinoma Science & Technology Co grew 1.38 to 48.48 yuan.
Automakers went up on news that the country will invest to support R&D of domestic car brands in the next five years, reported Shanghai Securities News. SAIC Motor Corp, China's largest car manufacturer, jumped 4.3 percent to 21.83 yuan. Dongfeng Automobile Co advanced 4.2 percent to 6.51 yuan. FAW Car Co gained 3.4 percent to 22.06 yuan.
The finance sector extended previous losses. Agricultural Bank of China fell 1 percent to 2.81 yuan. China Pacific Insurance Group Co declined 3.7 percent to 27.12 yuan. GF Securities Co dropped 3.6 percent to 52.99 yuan.
The benchmark Shanghai Composite Index edged down 0.3 percent, or 8.5 points, to close at 2,975.04. Turnover fell to 195 billion yuan (US$29.3 billion) from yesterday's 262 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, grew 0.87 percent to 13,225, highest in 9 months. SZSE SME Composite Index, which tracks about 500 small and medium enterprises listed in the exchange, hit a history high of 7,023.
The information sector led the gainers in small and medium caps after the country plan to launch a trial project on cloud computing in five cities including Beijing and Shanghai, according to a joint announcement by Ministry of Industry and Information Technology and National Development and Reform Commission today.
Anhui USTC iFlytek Co led the gainers by jumping 7.9 percent to 52.91 yuan. Guangzhou Haige Communications Group Inc Co grew 1.67 percent to 40.90 yuan.
Advanced industrial material producers also gained after they were singled out as one of the main areas of development in the next Five-Years-Plan. Beijing Zhongke Sanhuan High-Tech Co surged by the daily limit of 10 percent to 21.78 yuan. Henan Xindaxin Materials Co jumped 3 percent to 49.79 yuan. Sinoma Science & Technology Co grew 1.38 to 48.48 yuan.
Automakers went up on news that the country will invest to support R&D of domestic car brands in the next five years, reported Shanghai Securities News. SAIC Motor Corp, China's largest car manufacturer, jumped 4.3 percent to 21.83 yuan. Dongfeng Automobile Co advanced 4.2 percent to 6.51 yuan. FAW Car Co gained 3.4 percent to 22.06 yuan.
The finance sector extended previous losses. Agricultural Bank of China fell 1 percent to 2.81 yuan. China Pacific Insurance Group Co declined 3.7 percent to 27.12 yuan. GF Securities Co dropped 3.6 percent to 52.99 yuan.
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