Key index gets a lift from brokerages
By Feng Jianmin |
October 15, 2010, Friday
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Print Edition
Print Edition
SHANGHAI'S key stock index closed slightly higher yesterday, boosted by brokerages despite news that home lending fell in China in September, while property stocks dropped after regulators reported mortgage loans shrank in the city in the same month.
The Shanghai Composite Index edged up 0.64 percent, or 18.28 points, to close at 2,879.64. Turnover rose to 264.7 billion yuan (US$39.7 billion) from yesterday's 228.4 billion yuan.
Brokerages extended previous gains as the level of market transactions continues to boom. GF Securities Co surged 10 percent to 44.55 yuan. CITIC Securities, China's largest brokerage, climbed 6.31 percent to 13.69 yuan and Haitong Securities Co rose 3.79 percent to 10.68 yuan.
New mortgage lending in Shanghai last month fell by 427 million yuan, almost double the decline in August, said the Shanghai Bureau of the China Banking Regulatory Commission.
Property developers fell after Gemdale Corp won an auction and paid more than 2.29 billion yuan for a plot of land in Pudong New Area, 228 percent higher than the starting price. It slid 3 percent to 7.11 yuan. China Merchants Property Development Co fell 1.1 percent to 19.78 yuan. China Vanke, however was unchanged at 9.40 yuan.
The Shanghai Composite Index edged up 0.64 percent, or 18.28 points, to close at 2,879.64. Turnover rose to 264.7 billion yuan (US$39.7 billion) from yesterday's 228.4 billion yuan.
Brokerages extended previous gains as the level of market transactions continues to boom. GF Securities Co surged 10 percent to 44.55 yuan. CITIC Securities, China's largest brokerage, climbed 6.31 percent to 13.69 yuan and Haitong Securities Co rose 3.79 percent to 10.68 yuan.
New mortgage lending in Shanghai last month fell by 427 million yuan, almost double the decline in August, said the Shanghai Bureau of the China Banking Regulatory Commission.
Property developers fell after Gemdale Corp won an auction and paid more than 2.29 billion yuan for a plot of land in Pudong New Area, 228 percent higher than the starting price. It slid 3 percent to 7.11 yuan. China Merchants Property Development Co fell 1.1 percent to 19.78 yuan. China Vanke, however was unchanged at 9.40 yuan.
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