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Market gains despite losses of steel makers, developers
By Feng Jianmin |
August 4, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S stock market edged up today as gains in automakers and non-manufacturers offset losses of steel makers and property developers.
The benchmark Shanghai Composite Index added 0.44 percent, or 11.52 points, to close at 2,638.52 points. Turnover shrank to 112.8 billion yuan (US$ 16.5 billion) from yesterday's 130 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.74 percent to close at 1,086.99 points.
Auto makers outperformed the market after media reported that the central government will invest some 100 billion yuan to promote new energy cars in the next decade. Chongqing Changan Automobile was 1.27 percent higher at 10.33 yuan. FAW Car Co edged up 0.12 percent to 17.05 yuan. SAIC edged up 0.53 percent to 15.15 yuan.
Retailers and catering service providers gained on expansion of activities in agriculture and services in July. Anhui Gujing Distillery Co advanced 6.66 percent to 58.77 yuan. JiuGuiJiu Co, another well known liquor maker surged 8.71 percent to 16.85 yuan. Fujian Dongbai Group Co gained 2.37 percent to 12.09 yuan.
Steel makers led the losers after China Iron and Steel Association said that over 40 percent of domestic steel corporations reduced their output in July. Baoshan Iron & Steel Co lost 1.55 percent to 6.35 yuan. Wuhan Iron & Steel Co dipped 0.41 percent to 4.83 yuan. Angang Steel Co retreated 0.81 percent to 8.59 yuan.
Property developers were weak as the central government conducted inspection on unused lands and restricted loans for new projects. China Vanke dipped 0.12 percent to 8.24 yuan. Gemdale Corp lost 0.84 percent to 7.09 yuan. Poly Real Estate Co dropped 1.58 percent to 13.09 yuan.
Gold miners went mixed after the central government announced plan to open up gold market for foreign investors and bullion suppliers. Zijin Mining Group, China's largest gold producer, added 0.32 percent to 6.18 yuan. Shandong Gold Mining gained 1.35 percent to 36.87 yuan. Zhongjin Gold Co went up 0.95 percent to 31.88 yuan.
The benchmark Shanghai Composite Index added 0.44 percent, or 11.52 points, to close at 2,638.52 points. Turnover shrank to 112.8 billion yuan (US$ 16.5 billion) from yesterday's 130 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.74 percent to close at 1,086.99 points.
Auto makers outperformed the market after media reported that the central government will invest some 100 billion yuan to promote new energy cars in the next decade. Chongqing Changan Automobile was 1.27 percent higher at 10.33 yuan. FAW Car Co edged up 0.12 percent to 17.05 yuan. SAIC edged up 0.53 percent to 15.15 yuan.
Retailers and catering service providers gained on expansion of activities in agriculture and services in July. Anhui Gujing Distillery Co advanced 6.66 percent to 58.77 yuan. JiuGuiJiu Co, another well known liquor maker surged 8.71 percent to 16.85 yuan. Fujian Dongbai Group Co gained 2.37 percent to 12.09 yuan.
Steel makers led the losers after China Iron and Steel Association said that over 40 percent of domestic steel corporations reduced their output in July. Baoshan Iron & Steel Co lost 1.55 percent to 6.35 yuan. Wuhan Iron & Steel Co dipped 0.41 percent to 4.83 yuan. Angang Steel Co retreated 0.81 percent to 8.59 yuan.
Property developers were weak as the central government conducted inspection on unused lands and restricted loans for new projects. China Vanke dipped 0.12 percent to 8.24 yuan. Gemdale Corp lost 0.84 percent to 7.09 yuan. Poly Real Estate Co dropped 1.58 percent to 13.09 yuan.
Gold miners went mixed after the central government announced plan to open up gold market for foreign investors and bullion suppliers. Zijin Mining Group, China's largest gold producer, added 0.32 percent to 6.18 yuan. Shandong Gold Mining gained 1.35 percent to 36.87 yuan. Zhongjin Gold Co went up 0.95 percent to 31.88 yuan.
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