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Index inches up amid lackluster performance
By Feng Jianmin |
May 26, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed slightly higher today amid low investor confidence.
The benchmark Shanghai Composite Index rose 0.12 percent, or 3.16 points, to close at 2,625.79 points. Turnover fell to 765.6 billion yuan (US$112.26 billion) from yesterday's 101.6 billion yuan. Gainers outnumbered losers 520 to 384 and 202 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.06 percent to close at 1,039.45 points.
Rising transport fees boosted earnings prospects for domestic shipping companies. The Baltic Dry Index, which tracks dry bulk freight, advanced 6.2 percent to 4,187 points yesterday, the highest level in more than seven months.
Cosco Holdings Co advanced 1.9 percent to 10.21 yuan. Cosco Shipping Co Ltd rallied 3.88 percent to 7.76 yuan. China Shipping Container Lines Co Ltd added 1.07 percent to 3.78 yuan.
Property shares showed mixed results. China Merchants Property Development Co Ltd added 0.48 percent to 16.60 yuan. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.54 percent to 7.44 yuan. Gemdale Corporation lost 0.78 percent to 6.93 yuan. Poly Real Estate Group was up 0.34 percent to 11.70 yuan.
China Railway Erju Co Ltd gained 2.82 percent to 9.13 yuan after saying it had won contracts totaling 30.2 billion yuan. SK Telecom Co also said today that it will set up a joint venture with the Chinese company to engage in urban infrastructure projects. The Korean company will take a 60 percent stake and China Railway Erju will take the rest.
Financial shares were generally flat. Bank of Communications lost 1.19 percent to 6.62 yuan. Shanghai Pudong Development Bank dipped 0.16 percent to 19.11 yuan. Ping An Insurance (Group) Co edged up 0.38 percent to 45.42 yuan. China Merchants Bank was down 0.37 percent to 13.64 yuan.
Metal producers also went flat. Yunnan Copper edged down 0.77 percent to 21.78 yuan. Zhongjin Gold Mining Co added 0.78 percent to 58.19 yuan. Aluminum Corporation of China Ltd was up 0.01 yuan to 10.23 yuan.
Pharmaceutical shares retreated from earlier gains. Shenzhen Neptunus Bioengineering Co lost 1.84 percent to 11.19 yuan after surging more than 7 percent yesterday. Guilin Layn Natural Ingredients Corp fell 2.72 percent to 15.36 yuan.
The benchmark Shanghai Composite Index rose 0.12 percent, or 3.16 points, to close at 2,625.79 points. Turnover fell to 765.6 billion yuan (US$112.26 billion) from yesterday's 101.6 billion yuan. Gainers outnumbered losers 520 to 384 and 202 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.06 percent to close at 1,039.45 points.
Rising transport fees boosted earnings prospects for domestic shipping companies. The Baltic Dry Index, which tracks dry bulk freight, advanced 6.2 percent to 4,187 points yesterday, the highest level in more than seven months.
Cosco Holdings Co advanced 1.9 percent to 10.21 yuan. Cosco Shipping Co Ltd rallied 3.88 percent to 7.76 yuan. China Shipping Container Lines Co Ltd added 1.07 percent to 3.78 yuan.
Property shares showed mixed results. China Merchants Property Development Co Ltd added 0.48 percent to 16.60 yuan. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.54 percent to 7.44 yuan. Gemdale Corporation lost 0.78 percent to 6.93 yuan. Poly Real Estate Group was up 0.34 percent to 11.70 yuan.
China Railway Erju Co Ltd gained 2.82 percent to 9.13 yuan after saying it had won contracts totaling 30.2 billion yuan. SK Telecom Co also said today that it will set up a joint venture with the Chinese company to engage in urban infrastructure projects. The Korean company will take a 60 percent stake and China Railway Erju will take the rest.
Financial shares were generally flat. Bank of Communications lost 1.19 percent to 6.62 yuan. Shanghai Pudong Development Bank dipped 0.16 percent to 19.11 yuan. Ping An Insurance (Group) Co edged up 0.38 percent to 45.42 yuan. China Merchants Bank was down 0.37 percent to 13.64 yuan.
Metal producers also went flat. Yunnan Copper edged down 0.77 percent to 21.78 yuan. Zhongjin Gold Mining Co added 0.78 percent to 58.19 yuan. Aluminum Corporation of China Ltd was up 0.01 yuan to 10.23 yuan.
Pharmaceutical shares retreated from earlier gains. Shenzhen Neptunus Bioengineering Co lost 1.84 percent to 11.19 yuan after surging more than 7 percent yesterday. Guilin Layn Natural Ingredients Corp fell 2.72 percent to 15.36 yuan.
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