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Index closes week 4% down
June 4, 2010, Friday
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SHANGHAI stocks closed slightly higher today as the property sector performed well after the government's decision to cut property prices by pegging the value-added tax on land to prices.
The benchmark Shanghai Composite Index edged up 0.04 percent, or less than 1 point, to close at 2553.59, 16.4 points higher than today's opening. Turnover shrank to 617.2 billion yuan (US$9.04 billion) from 76.5 billion yuan yesterday. Gainers outnumbered losers by 631 to 278, and 199 shares remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 1 percent to 1,034.93.
The State Administration of Taxation announced that the value-added tax on land will be pegged to rising property prices, according to the agency's Website.
The property sector recovered from losses in the afternoon session and drove up the index. Beijing Dalong Weiye Real Estate Development Co rose by a daily limit of 10 percent to 9.98 yuan. Gemdale Co added 2.17 percent to 6.42 yuan. Suning Universal Co climbed 5.06 percent to 9.13 yuan.
Banks were weak. Bank of China slid 1.62 percent to 3.64 yuan. Industrial and Commercial Bank closed unchanged at 4.22 yuan. Bank of Communications went down 0.47 percent to 6.43 yuan.
Securities brokers gained amid expected strong underwriting revenues as stock sales accelerated. Northeast Securities Co jumped by the daily limit of 10 percent to 24.61 yuan. China Merchants Securities advanced 2.37 percent to 21.20 yuan. Citic Securities, the country's largest brokerage, grew 1.63 percent to 19.94 yuan.
Steel makers dropped on rising ore prices, shrinking demand as well as anti-dumping and countervailing duties recently levied by the United States government. Baoshan Iron & Steel Co retreated 1.11 percent to 6.21 yuan after the Shanghai Securities News revealed its unpublished plan to reduce prices in July. Angang Steel Co dropped 1 percent to 7.97 yuan. Beijing Shougang Co lost 0.54 yuan to 3.67 yuan.
The Shanghai Composite Index dropped 4 percent this week, more than offsetting a previous growth of 2.8 percent, mainly on concerns of tight property measures and a slower expansion of manufacturing indicated by the PMI Index in May.
The benchmark Shanghai Composite Index edged up 0.04 percent, or less than 1 point, to close at 2553.59, 16.4 points higher than today's opening. Turnover shrank to 617.2 billion yuan (US$9.04 billion) from 76.5 billion yuan yesterday. Gainers outnumbered losers by 631 to 278, and 199 shares remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 1 percent to 1,034.93.
The State Administration of Taxation announced that the value-added tax on land will be pegged to rising property prices, according to the agency's Website.
The property sector recovered from losses in the afternoon session and drove up the index. Beijing Dalong Weiye Real Estate Development Co rose by a daily limit of 10 percent to 9.98 yuan. Gemdale Co added 2.17 percent to 6.42 yuan. Suning Universal Co climbed 5.06 percent to 9.13 yuan.
Banks were weak. Bank of China slid 1.62 percent to 3.64 yuan. Industrial and Commercial Bank closed unchanged at 4.22 yuan. Bank of Communications went down 0.47 percent to 6.43 yuan.
Securities brokers gained amid expected strong underwriting revenues as stock sales accelerated. Northeast Securities Co jumped by the daily limit of 10 percent to 24.61 yuan. China Merchants Securities advanced 2.37 percent to 21.20 yuan. Citic Securities, the country's largest brokerage, grew 1.63 percent to 19.94 yuan.
Steel makers dropped on rising ore prices, shrinking demand as well as anti-dumping and countervailing duties recently levied by the United States government. Baoshan Iron & Steel Co retreated 1.11 percent to 6.21 yuan after the Shanghai Securities News revealed its unpublished plan to reduce prices in July. Angang Steel Co dropped 1 percent to 7.97 yuan. Beijing Shougang Co lost 0.54 yuan to 3.67 yuan.
The Shanghai Composite Index dropped 4 percent this week, more than offsetting a previous growth of 2.8 percent, mainly on concerns of tight property measures and a slower expansion of manufacturing indicated by the PMI Index in May.
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