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Index edges up on stronger steel and property plays
By Feng Jianmin |
September 7, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed at a fresh four-month high today as the gains of steel mills and property developers slightly outpaced the loss of brokers.
The benchmark Shanghai Composite edged up 2.11 points, or less than 0.1 percent, to close at 2,698.36 points. Turnover dropped to 123.6 billion yuan (US$ 18.23 billion) from yesterday's 160 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, went up 0.69 percent to 1,186.5 points.
Brokerages dropped on concerns that recent gains of the market may have been excessive. GF Securities Co fell 1.22 percent to 32.26 yuan. Southwest Securities Co went down 1.47 percent to 13.39 yuan. Citic Securities dipped 0.42 percent to 11.91 yuan.
Large steel mills gained on rising prices of their products as the central government shuttered some mills to curb output and save energy. Baoshan Iron & Steel Co added 0.72 percent to 7.03 yuan. Wuhan Iron & Steel Co rose 0.81 percent to 4.97 yuan. Angang Steel Co advanced 2.77 percent to 8.89 yuan. Inner Mongolian Baotou Steel Union went up 2.25 percent to 3.64 yuan.
Property developers extended previous gains as home sales remained robust. Poly Real Estate Co reported an 88 percent increase of sales area to 833,100 square meter in August from last month. Its shares added 1.17 percent to 12.14 yuan. China Vanke rose 1 percent to 8.78 yuan. Gemdale Corp added grew 1.06 percent to 6.65 yuan.
The benchmark Shanghai Composite edged up 2.11 points, or less than 0.1 percent, to close at 2,698.36 points. Turnover dropped to 123.6 billion yuan (US$ 18.23 billion) from yesterday's 160 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, went up 0.69 percent to 1,186.5 points.
Brokerages dropped on concerns that recent gains of the market may have been excessive. GF Securities Co fell 1.22 percent to 32.26 yuan. Southwest Securities Co went down 1.47 percent to 13.39 yuan. Citic Securities dipped 0.42 percent to 11.91 yuan.
Large steel mills gained on rising prices of their products as the central government shuttered some mills to curb output and save energy. Baoshan Iron & Steel Co added 0.72 percent to 7.03 yuan. Wuhan Iron & Steel Co rose 0.81 percent to 4.97 yuan. Angang Steel Co advanced 2.77 percent to 8.89 yuan. Inner Mongolian Baotou Steel Union went up 2.25 percent to 3.64 yuan.
Property developers extended previous gains as home sales remained robust. Poly Real Estate Co reported an 88 percent increase of sales area to 833,100 square meter in August from last month. Its shares added 1.17 percent to 12.14 yuan. China Vanke rose 1 percent to 8.78 yuan. Gemdale Corp added grew 1.06 percent to 6.65 yuan.
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