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Market rises ahead as CPPCC opens
By Ding Yining |
March 3, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S market added nearly 1 percent today, led by heavyweights and steel makers as more participants took a positive outlook of the country's economic recovery.
The benchmark Shanghai Composite Index added 0.78 percent, or 23.90 points, to close at 3,097.01 points. Turnover was 136.5 billion yuan (US$20 billion). Gainers outnumbered losers 694 to 165, and 57 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.86 percent to close at 1,194.11 points.
Individual investors opened 330,875 accounts last week, the most in more than two months as markets rebounded after a week-long holiday.
Heavily weighted steel makers and power plants are among the gainers. Baoshan Iron and Steel Co, China's biggest steel maker, added 1.11 percent to 8.18 yuan. Huaneng Power International Inc advanced 2.83 percent to 7.64 yuan. Angang Steel Co rose 1.41 percent to 12.19 yuan.
Jiangling Motors Corp said its vehicle sales in the first two months doubled from that of last year to 24,495 units. The stock was up 0.68 percent to 20.83 yuan.
Guodian Nanjing Automation Co said it plans to raise as much as 780 million yuan through a private placement. The stock lost 1.98 percent to 26.26 yuan.
Banks showed mixed results. China Merchants Bank edged up 0.18 percent to 16.49 yuan. Bank of China was up 0.48 percent to 4.18 yuan. China CITIC Bank dipped 0.14 percent to 7.13 yuan.
Real estate developers were generally weak among expectations there will be heated discussions over how to curb the country's surging property price during the annual session of the Chinese People's Political Consultative Conference which opens today.
China Vanke Co dropped 0.31 percent to 9.58 yuan. China Merchants Property Development Co Ltd lost 1.45 percent to 23.09 yuan. Gemdale Corporation was down 0.39 percent to 12.82 yuan.
Metal suppliers showed mixed results. Yunnan Copper Co lost 0.94 percent to 26.47 yuan. Jiangxi Copper dipped 0.24 percent to 36.67 yuan. Zhongjin Gold Mining Co added 1.94 percent to 50.40 yuan.
The benchmark Shanghai Composite Index added 0.78 percent, or 23.90 points, to close at 3,097.01 points. Turnover was 136.5 billion yuan (US$20 billion). Gainers outnumbered losers 694 to 165, and 57 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.86 percent to close at 1,194.11 points.
Individual investors opened 330,875 accounts last week, the most in more than two months as markets rebounded after a week-long holiday.
Heavily weighted steel makers and power plants are among the gainers. Baoshan Iron and Steel Co, China's biggest steel maker, added 1.11 percent to 8.18 yuan. Huaneng Power International Inc advanced 2.83 percent to 7.64 yuan. Angang Steel Co rose 1.41 percent to 12.19 yuan.
Jiangling Motors Corp said its vehicle sales in the first two months doubled from that of last year to 24,495 units. The stock was up 0.68 percent to 20.83 yuan.
Guodian Nanjing Automation Co said it plans to raise as much as 780 million yuan through a private placement. The stock lost 1.98 percent to 26.26 yuan.
Banks showed mixed results. China Merchants Bank edged up 0.18 percent to 16.49 yuan. Bank of China was up 0.48 percent to 4.18 yuan. China CITIC Bank dipped 0.14 percent to 7.13 yuan.
Real estate developers were generally weak among expectations there will be heated discussions over how to curb the country's surging property price during the annual session of the Chinese People's Political Consultative Conference which opens today.
China Vanke Co dropped 0.31 percent to 9.58 yuan. China Merchants Property Development Co Ltd lost 1.45 percent to 23.09 yuan. Gemdale Corporation was down 0.39 percent to 12.82 yuan.
Metal suppliers showed mixed results. Yunnan Copper Co lost 0.94 percent to 26.47 yuan. Jiangxi Copper dipped 0.24 percent to 36.67 yuan. Zhongjin Gold Mining Co added 1.94 percent to 50.40 yuan.
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