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Late gains offset earlier index losses
By Feng Jianmin |
June 2, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks climbed in late trading led by the property sector, offsetting previous losses on concerns that fundraising by banks will curb investors' demand for other equities.
The benchmark Shanghai Composite Index eged up 3.14 points, or 0.12 percent, to 2571.42. Turnover shrank to 71 billion yuan (US$10.4 billion) from yesterday's 79.8 billion yuan. Gainers outnumbered losers by 777 to 158, and 173 shares remain unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, advanced 1.46 points, to 1,031.41 points.
Bank of China today released 40 billion bonds convertible to A shares six months after issue, as its stocks tumbled 5.12 percent to 3.89 yuan. Previously, Industrial and Commercial Bank, China Construction Bank, and Communication Bank announced fundraising plans amounting from 25 billion to 75 billion yuan.
Analysts worried that the amount of fundraising will expand in the future if the current mild monetary policy remains.
Bank shares flattened. Industrial and Commercial Bank edged down 0.02 yuan, or 0.47 percent to 4.21 yuan. Bank of Communications lost 1.08 percent to 6.41 yuan. China Merchants Bank added 0.01 yuan to 13.14 yuan.
Property developers gained. China Vanke gained 1.54 percent to 7.27 yuan. Gemdale Co climbed 5.89 percent to 6.65 yuan. Wolong Real Estate Group soared by the 10 percent daily limit to 7.51 yuan.
The oil sector trailed as crude prices decreased and after the central government imposed a 5 percent resource tax on crude oil and natural gas produced in the northwestern region of Xinjiang. PetroChina, the biggest index component, went down 0.83 percent to 10.77 yuan. China Petroleum & Chemical Corp was 0.35 percent lower to close at 8.48 yuan.
The auto sector gained after the Ministry of Finance announced trial subsidies for purchase of new-energy cars in five major cities, including Shanghai. SAIC Motor Co added 1.83 percent to 16.66 yuan. FAW Car Co closed higher at 16.51 yuan.
The benchmark Shanghai Composite Index eged up 3.14 points, or 0.12 percent, to 2571.42. Turnover shrank to 71 billion yuan (US$10.4 billion) from yesterday's 79.8 billion yuan. Gainers outnumbered losers by 777 to 158, and 173 shares remain unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, advanced 1.46 points, to 1,031.41 points.
Bank of China today released 40 billion bonds convertible to A shares six months after issue, as its stocks tumbled 5.12 percent to 3.89 yuan. Previously, Industrial and Commercial Bank, China Construction Bank, and Communication Bank announced fundraising plans amounting from 25 billion to 75 billion yuan.
Analysts worried that the amount of fundraising will expand in the future if the current mild monetary policy remains.
Bank shares flattened. Industrial and Commercial Bank edged down 0.02 yuan, or 0.47 percent to 4.21 yuan. Bank of Communications lost 1.08 percent to 6.41 yuan. China Merchants Bank added 0.01 yuan to 13.14 yuan.
Property developers gained. China Vanke gained 1.54 percent to 7.27 yuan. Gemdale Co climbed 5.89 percent to 6.65 yuan. Wolong Real Estate Group soared by the 10 percent daily limit to 7.51 yuan.
The oil sector trailed as crude prices decreased and after the central government imposed a 5 percent resource tax on crude oil and natural gas produced in the northwestern region of Xinjiang. PetroChina, the biggest index component, went down 0.83 percent to 10.77 yuan. China Petroleum & Chemical Corp was 0.35 percent lower to close at 8.48 yuan.
The auto sector gained after the Ministry of Finance announced trial subsidies for purchase of new-energy cars in five major cities, including Shanghai. SAIC Motor Co added 1.83 percent to 16.66 yuan. FAW Car Co closed higher at 16.51 yuan.
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