Key index finishes slightly lower
By Feng Jianmin |
October 23, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed slightly lower yesterday as losses in the finance sector offset gains made by auto makers and the information sector.
The Shanghai Composite Index edged down 0.3 percent, or 8.5 points, to close at 2,975.04. Turnover fell to 195 billion yuan (US$29.3 billion) from yesterday's 262 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, grew 0.87 percent to a nine-month high of 13,225. The Shenzhen bourse's SME Composite Index, which tracks about 500 small and medium enterprises listed on the exchange, hit a record high for the year of 7,040.
Capital has been flowing from the property market and blue chips into small caps and the growth enterprise market, after China raised interest rates to control inflation and curb speculation in the property market. Sentiment also improved after Chinese leaders pledged support for green and advanced technology industries in the next Five-Year Plan, market watchers said.
The information sector led the gainers in small and medium caps after the government yesterday announced plans to launch a trial project in cloud computing in five cities, including Beijing and Shanghai.
Anhui USTC iFlytek Co led the gainers by jumping 7.9 percent to 52.91 yuan. Guangzhou Haige Communications Group Inc grew 1.67 percent to 40.90 yuan.
Auto makers rose after Shanghai Securities News reported that the country will invest in research and development of domestic car brands in the next five years. SAIC Motor Corp, China's largest car manufacturer, jumped 4.3 percent to 21.83 yuan. Dongfeng Automobile Co advanced 4.2 percent to 6.51. FAW Car Co gained 3.4 percent to 22.06 yuan.
The finance sector extended previous losses. The Agricultural Bank of China fell 1 percent to 2.81 yuan. China Pacific Insurance Group Co declined 3.7 percent to 27.12 yuan. GF Securities Co dropped 3.6 percent to 52.99 yuan.
The Shanghai stock market closed almost unchanged for the week, posting a 0.1 percent increase.
The Shanghai Composite Index edged down 0.3 percent, or 8.5 points, to close at 2,975.04. Turnover fell to 195 billion yuan (US$29.3 billion) from yesterday's 262 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, grew 0.87 percent to a nine-month high of 13,225. The Shenzhen bourse's SME Composite Index, which tracks about 500 small and medium enterprises listed on the exchange, hit a record high for the year of 7,040.
Capital has been flowing from the property market and blue chips into small caps and the growth enterprise market, after China raised interest rates to control inflation and curb speculation in the property market. Sentiment also improved after Chinese leaders pledged support for green and advanced technology industries in the next Five-Year Plan, market watchers said.
The information sector led the gainers in small and medium caps after the government yesterday announced plans to launch a trial project in cloud computing in five cities, including Beijing and Shanghai.
Anhui USTC iFlytek Co led the gainers by jumping 7.9 percent to 52.91 yuan. Guangzhou Haige Communications Group Inc grew 1.67 percent to 40.90 yuan.
Auto makers rose after Shanghai Securities News reported that the country will invest in research and development of domestic car brands in the next five years. SAIC Motor Corp, China's largest car manufacturer, jumped 4.3 percent to 21.83 yuan. Dongfeng Automobile Co advanced 4.2 percent to 6.51. FAW Car Co gained 3.4 percent to 22.06 yuan.
The finance sector extended previous losses. The Agricultural Bank of China fell 1 percent to 2.81 yuan. China Pacific Insurance Group Co declined 3.7 percent to 27.12 yuan. GF Securities Co dropped 3.6 percent to 52.99 yuan.
The Shanghai stock market closed almost unchanged for the week, posting a 0.1 percent increase.
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