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Market up on the last trading day of 2010
By Wang Yanlin |
December 31, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index gained 0.59 percent this morning, with stable performance of all shares in the last trading day of 2010.
The benchmark Shanghai Composite Index ended at 2,775.86 in the morning session, up 16.29 points from yesterday.
The relatively small expansion was led by shares of non-ferrous metal, coal and cement, while banks and property companies delivered a rather stable performance.
China ordered companies controlled by the central government to pay more in dividends yesterday to boost funding of social services. Firms of more profitable sector like tobacco, petroleum, petrochemical, power, telecommunications are ordered to hand in 15 percent of their after-tax profit -- the largest portion -- while companies in manufacturing and construction should pay 10 percent.
Turnover at the Shanghai exchange rose to 51.2 billion yuan (US$7.7 billion) from 39.9 billion yuan yesterday morning.
Analysts said the rising number of transaction was a bit unusual because many institutional investors had already taken days off for the New Year holiday.
"It may suggest the market is wary of the outlook and investors may fret about the performance of the first trading day next year," said Xu Yiding, an analyst at the China Minzu Securities Co. He also suggest people had better not expect an instant rebound in the stock market.
China's stock market is due to become one of the world's worst performer this year by dropping more than 16 percent.
The benchmark Shanghai Composite Index ended at 2,775.86 in the morning session, up 16.29 points from yesterday.
The relatively small expansion was led by shares of non-ferrous metal, coal and cement, while banks and property companies delivered a rather stable performance.
China ordered companies controlled by the central government to pay more in dividends yesterday to boost funding of social services. Firms of more profitable sector like tobacco, petroleum, petrochemical, power, telecommunications are ordered to hand in 15 percent of their after-tax profit -- the largest portion -- while companies in manufacturing and construction should pay 10 percent.
Turnover at the Shanghai exchange rose to 51.2 billion yuan (US$7.7 billion) from 39.9 billion yuan yesterday morning.
Analysts said the rising number of transaction was a bit unusual because many institutional investors had already taken days off for the New Year holiday.
"It may suggest the market is wary of the outlook and investors may fret about the performance of the first trading day next year," said Xu Yiding, an analyst at the China Minzu Securities Co. He also suggest people had better not expect an instant rebound in the stock market.
China's stock market is due to become one of the world's worst performer this year by dropping more than 16 percent.
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