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Market inches up as blue chips gain
By Feng Jianmin |
August 24, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index went up as blue chips recovered from previous losses on earnings reports.
The benchmark Shanghai Composite went up 0.94 percent, or 24.7 points, to close at 2,664.07 points. Turnover grew to 55.2 billion yuan (US$8.13 billion) from yesterday morning's 49 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 1.37 percent higher at 1,137.02 points.
Steel makers picked up on expectation that construction of low-cost homes and erasing overcapacity may benefit the industry. Beijing Shougang Co hiked by 10 percent daily limit for the third consecutive day to 4.83 yuan, on speculation that its investment in an automobile joint venture may yield profits. Baoshan Iron and Steel Co advanced 3.14 percent to 6.57 yuan. Wuhan Steel and Iron Co climbed 4 percent to 4.91 yuan.
Property developers gained. China Vanke grew 4.24 percent to 8.85 yuan. Gemdale Corp gained 2.09 percent to 6.83 yuan. China Merchants Property Development Co went up 3.19 percent to 20.39 yuan. Poly Real Estate Co rose 2.27 percent to 12.49 yuan.
Coal and oil producers led the index higher. Zhengzhou Coal Industry and Electric Power Co was 3.95 percent higher at 10.26 yuan. China's major refiner Sinopec added 1.07 percent to 8.53 yuan. Market heavyweight PetroChina edged up 0.68 percent to 10.42 yuan.
The benchmark Shanghai Composite went up 0.94 percent, or 24.7 points, to close at 2,664.07 points. Turnover grew to 55.2 billion yuan (US$8.13 billion) from yesterday morning's 49 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 1.37 percent higher at 1,137.02 points.
Steel makers picked up on expectation that construction of low-cost homes and erasing overcapacity may benefit the industry. Beijing Shougang Co hiked by 10 percent daily limit for the third consecutive day to 4.83 yuan, on speculation that its investment in an automobile joint venture may yield profits. Baoshan Iron and Steel Co advanced 3.14 percent to 6.57 yuan. Wuhan Steel and Iron Co climbed 4 percent to 4.91 yuan.
Property developers gained. China Vanke grew 4.24 percent to 8.85 yuan. Gemdale Corp gained 2.09 percent to 6.83 yuan. China Merchants Property Development Co went up 3.19 percent to 20.39 yuan. Poly Real Estate Co rose 2.27 percent to 12.49 yuan.
Coal and oil producers led the index higher. Zhengzhou Coal Industry and Electric Power Co was 3.95 percent higher at 10.26 yuan. China's major refiner Sinopec added 1.07 percent to 8.53 yuan. Market heavyweight PetroChina edged up 0.68 percent to 10.42 yuan.
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