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Index rebounds from one-year low
By Joyce Pan |
May 18, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded from the one-year low today, helped by strong bank stocks and property developers on speculation the central government may not rush to unwind stimulus packages amid an uncertain global outlook.
The benchmark Shanghai Composite Index added 1.36 percent, or 34.85 points, to 2,594.78 points. Turnover shrank to 84.7 billion yuan (US$12.5 billion) from 88.2 billion yuan on Monday. Gainers outnumbered losers by 591 to 241, and 17 shres remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.64 percent to close at 993.64 points.
The property sector picked up from previous losses. Gemdale Corp and Beijing Capital Development surged by the 10 percent daily cap to 6.16 yuan and 13.81 yuan respectively. Poly Real Estate Group, the biggest listed state-owned developer, rose 7.9 percent to 10.9 yuan.
Shanghai Pudong Development Bank Co jumped 3.7 percent to 19.35 yuan. Industrial Bank Co soared 5.1 percent to 28.03 yuan.
China Railway Group rose 2 percent to 4.6 yuan after saying it won 69.2 billion yuan worth of new contracts, equivalent to 20 percent of 2009 revenue, including railroad projects in China and a US$95.8 million order for a bridge in Morocco.
Bucking the upward trend, gold miners fell after the bullion price lost ground. Zijin Mining Group Co, the country's largest gold producer, dived 4.8 percent to 7.58 yuan. Shandong Gold Mining Co plunged 5.8 percent 39.46 yuan.
The benchmark Shanghai Composite Index added 1.36 percent, or 34.85 points, to 2,594.78 points. Turnover shrank to 84.7 billion yuan (US$12.5 billion) from 88.2 billion yuan on Monday. Gainers outnumbered losers by 591 to 241, and 17 shres remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.64 percent to close at 993.64 points.
The property sector picked up from previous losses. Gemdale Corp and Beijing Capital Development surged by the 10 percent daily cap to 6.16 yuan and 13.81 yuan respectively. Poly Real Estate Group, the biggest listed state-owned developer, rose 7.9 percent to 10.9 yuan.
Shanghai Pudong Development Bank Co jumped 3.7 percent to 19.35 yuan. Industrial Bank Co soared 5.1 percent to 28.03 yuan.
China Railway Group rose 2 percent to 4.6 yuan after saying it won 69.2 billion yuan worth of new contracts, equivalent to 20 percent of 2009 revenue, including railroad projects in China and a US$95.8 million order for a bridge in Morocco.
Bucking the upward trend, gold miners fell after the bullion price lost ground. Zijin Mining Group Co, the country's largest gold producer, dived 4.8 percent to 7.58 yuan. Shandong Gold Mining Co plunged 5.8 percent 39.46 yuan.
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