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Market moves little in morning
By Feng Jianmin |
July 21, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks closed almost unchanged in the morning session as weak performance of banks and the property developers offset gains in the new energy sector.
The benchmark Shanghai Composite Index went up 0.01 percent, or 0.34 points, to close at 2,529.07. Turnover stood at 59.5 billion yuan (US$8.9 billion), slightly higher from yesterday morning's 56.8 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.16 percent to 1,022 points.
New energy stocks gained after the central government released plan yesterday to invest 5 trillion yuan to develop clean energy in the next decade.
The blueprint will focus on reducing the proportion of fossil energy and carbon emission, said Jiang Bing, head of the planning sector of the National Energy Administration. The plan draft will be submitted to the State Council after approved by the National Development and Reform Commission.
Guangdong Baolihua New Energy Stock Co surged 8.5 percent to 5.62 yuan. SUFA Technology Industry Co, leading valve provider for nuclear powers, climbed 5.64 percent to 20.59 yuan. Guizhou Changzheng Electric Co went up 3.7 percent to 10.64 yuan.
Banks and property developers were weak after Liu Mingkang, chairman of China Banking Regulatory Commission restated to curb lending especially for third homes and high energy-consumption industries.
Bank of China dipped 0.28 percent to 3.51 yuan. Industrial and Commercial Bank of China edged down 0.47 percent to 4.22 yuan. China Merchants Bank was 0.5 percent lower to 13.93 yuan.
China Vanke went down 0.64 percent to 7.76 yuan. Poly Real Estate (Group) Co fell 1 percent to 11.80 yuan. China Merchants Property Development Co dropped 2 percent to 17.93 yuan.
The benchmark Shanghai Composite Index went up 0.01 percent, or 0.34 points, to close at 2,529.07. Turnover stood at 59.5 billion yuan (US$8.9 billion), slightly higher from yesterday morning's 56.8 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.16 percent to 1,022 points.
New energy stocks gained after the central government released plan yesterday to invest 5 trillion yuan to develop clean energy in the next decade.
The blueprint will focus on reducing the proportion of fossil energy and carbon emission, said Jiang Bing, head of the planning sector of the National Energy Administration. The plan draft will be submitted to the State Council after approved by the National Development and Reform Commission.
Guangdong Baolihua New Energy Stock Co surged 8.5 percent to 5.62 yuan. SUFA Technology Industry Co, leading valve provider for nuclear powers, climbed 5.64 percent to 20.59 yuan. Guizhou Changzheng Electric Co went up 3.7 percent to 10.64 yuan.
Banks and property developers were weak after Liu Mingkang, chairman of China Banking Regulatory Commission restated to curb lending especially for third homes and high energy-consumption industries.
Bank of China dipped 0.28 percent to 3.51 yuan. Industrial and Commercial Bank of China edged down 0.47 percent to 4.22 yuan. China Merchants Bank was 0.5 percent lower to 13.93 yuan.
China Vanke went down 0.64 percent to 7.76 yuan. Poly Real Estate (Group) Co fell 1 percent to 11.80 yuan. China Merchants Property Development Co dropped 2 percent to 17.93 yuan.
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