Index sees 1st rise in 8 days
By Ding Yining |
July 3, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stocks yesterday rose for the first time in eight days after property shares rebounded from excessive losses but metal producers finished the day weaker.
The Shanghai Composite Index edged up 0.38 percent, or 9.11 points, to close at 2,382.9. Turnover was 61.5 billion yuan (US$9 billion).
The gauge lost a total of 6.66 percent this week, the biggest weekly drop in 16 months.
The July contract for the CSI 300 index futures edged up 0.03 percent to 2,546 points.
"The index may stay between 2,300 and 2,400 points in the near future because the approaching initial public offering of the Agricultural Bank of China will put pressure on market liquidity," Guoyuan Securities wrote in a report.
Real estate developers rebounded from earlier losses. Gemdale Corp surged 4.63 percent to 6.33 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co rose 1.96 percent to 16.68 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co edged up 0.46 percent 10.96 yuan.
China South Locomotive and Rolling Stock Corp added 4 percent to 5 yuan after saying its parent company bought 2 million of its shares. The parent plans to spend up to 1 billion yuan during the next 12 months to increase its stake in the company by as much as 2 percent.
Jiangling Motors Corp, the Chinese commercial vehicle partner with Ford Motor Co, added 2.8 percent to 18.85 yuan after saying it plans to invest 2.13 billion yuan in a production base in Nanchang City.
Gold miners fell after gold prices dropped 3.1 percent to US$1,206.70 an ounce in New York on Thursday, the lowest level in more than one month. Shandong Gold Mining Co sank 4.62 percent to 33.05 yuan, and Zhongjin Gold Mining Co tumbled 4.93 percent to 46.64 yuan.
The Shanghai Composite Index edged up 0.38 percent, or 9.11 points, to close at 2,382.9. Turnover was 61.5 billion yuan (US$9 billion).
The gauge lost a total of 6.66 percent this week, the biggest weekly drop in 16 months.
The July contract for the CSI 300 index futures edged up 0.03 percent to 2,546 points.
"The index may stay between 2,300 and 2,400 points in the near future because the approaching initial public offering of the Agricultural Bank of China will put pressure on market liquidity," Guoyuan Securities wrote in a report.
Real estate developers rebounded from earlier losses. Gemdale Corp surged 4.63 percent to 6.33 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co rose 1.96 percent to 16.68 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co edged up 0.46 percent 10.96 yuan.
China South Locomotive and Rolling Stock Corp added 4 percent to 5 yuan after saying its parent company bought 2 million of its shares. The parent plans to spend up to 1 billion yuan during the next 12 months to increase its stake in the company by as much as 2 percent.
Jiangling Motors Corp, the Chinese commercial vehicle partner with Ford Motor Co, added 2.8 percent to 18.85 yuan after saying it plans to invest 2.13 billion yuan in a production base in Nanchang City.
Gold miners fell after gold prices dropped 3.1 percent to US$1,206.70 an ounce in New York on Thursday, the lowest level in more than one month. Shandong Gold Mining Co sank 4.62 percent to 33.05 yuan, and Zhongjin Gold Mining Co tumbled 4.93 percent to 46.64 yuan.
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