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Index up after losses recouped
By Louise Ho |
February 29, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI shares edged up at the close yesterday after reversing early losses, with water conservancy companies and finance firms gaining.
The Shanghai Composite Index added 0.2 percent to close at 2,451.86, the highest level since November 17. The Shanghai index has gained 7 percent in February.
Banking shares surged after a media report yesterday said banks in China can continue lending to developers of unfinished local government projects.
Bank of Beijing rose 2.8 percent to 10.71 yuan (US$1.7). Bank of Communications gained 1.6 percent to 5.07 yuan.
Water conservancy companies soared after the central government announced on Monday new incentives to support the industry, such as trimming the electricity costs of safe drinking water projects in villages.
Chongqing Three Gorges Water Conservancy and Electric Power Co surged 10 percent to 14.49 yuan.
Property stocks fell after investors were spooked by recent media reports that some cities such as Shanghai and Shenzhen plan to fine-tune housing control curbs. Shanghai denied yesterday after trading ended that it has relaxed housing curbs.
The Shanghai Composite Index added 0.2 percent to close at 2,451.86, the highest level since November 17. The Shanghai index has gained 7 percent in February.
Banking shares surged after a media report yesterday said banks in China can continue lending to developers of unfinished local government projects.
Bank of Beijing rose 2.8 percent to 10.71 yuan (US$1.7). Bank of Communications gained 1.6 percent to 5.07 yuan.
Water conservancy companies soared after the central government announced on Monday new incentives to support the industry, such as trimming the electricity costs of safe drinking water projects in villages.
Chongqing Three Gorges Water Conservancy and Electric Power Co surged 10 percent to 14.49 yuan.
Property stocks fell after investors were spooked by recent media reports that some cities such as Shanghai and Shenzhen plan to fine-tune housing control curbs. Shanghai denied yesterday after trading ended that it has relaxed housing curbs.
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