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Index up as market is upbeat about steel, property sectors
By Feng Jianmin and Ding Yining |
August 24, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index went up with strong performance of steel makers and rebound of property sector.
The benchmark Shanghai Composite edged up 0.41 percent, or 10.94 points, to close at 2,650.31 points. Turnover was 106.3 billion yuan (US$15.6 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.24 percent to close at 1,135.55 points.
Steel makers picked up on expectation that construction of low-budget homes and dwindling overcapacity may benefit the industry. Beijing Shougang Co hiked by 10 percent daily limit for the third consecutive day to 4.83 yuan among expectation its investment in an automobile joint venture may yield profits. Baoshan Iron and Steel Co advanced 1.73 percent to 6.48 yuan. Wuhan Steel and Iron Co climbed 3.18 percent to 4.87 yuan.
Property developers gained. China Vanke hiked 4.24 percent to 8.85 yuan. Gemdale Corp gained 1.49 percent to 6.79 yuan. China Merchants Property Development Co went up 3.49 percent to 20.45 yuan. Poly Real Estate Co rose 2.27 percent to 12.59 yuan.
Oil and energy companies also led the index higher. Zhengzhou Coal Industry and Electric Power Co jumped 4.15 percent to 10.28 yuan. PetroChina, the biggest index component, edged up 0.19 percent to 10.37 yuan.
Retail stores were also strong amid expectation that strong holiday spending during the Mid-Autumn festival and the National Day will boost their income.
Shanghai New World Co rallied 7.91 percent to 14.46 yuan. Yinchuan Xinhua Department Store jumped 4.16 percent to 35.30 yuan. Changchun Department Jituan Store Co Ltd surged 5.41 percent to 7.02 yuan.
The benchmark Shanghai Composite edged up 0.41 percent, or 10.94 points, to close at 2,650.31 points. Turnover was 106.3 billion yuan (US$15.6 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.24 percent to close at 1,135.55 points.
Steel makers picked up on expectation that construction of low-budget homes and dwindling overcapacity may benefit the industry. Beijing Shougang Co hiked by 10 percent daily limit for the third consecutive day to 4.83 yuan among expectation its investment in an automobile joint venture may yield profits. Baoshan Iron and Steel Co advanced 1.73 percent to 6.48 yuan. Wuhan Steel and Iron Co climbed 3.18 percent to 4.87 yuan.
Property developers gained. China Vanke hiked 4.24 percent to 8.85 yuan. Gemdale Corp gained 1.49 percent to 6.79 yuan. China Merchants Property Development Co went up 3.49 percent to 20.45 yuan. Poly Real Estate Co rose 2.27 percent to 12.59 yuan.
Oil and energy companies also led the index higher. Zhengzhou Coal Industry and Electric Power Co jumped 4.15 percent to 10.28 yuan. PetroChina, the biggest index component, edged up 0.19 percent to 10.37 yuan.
Retail stores were also strong amid expectation that strong holiday spending during the Mid-Autumn festival and the National Day will boost their income.
Shanghai New World Co rallied 7.91 percent to 14.46 yuan. Yinchuan Xinhua Department Store jumped 4.16 percent to 35.30 yuan. Changchun Department Jituan Store Co Ltd surged 5.41 percent to 7.02 yuan.
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