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New energy stocks push market upward
By Feng Jianmin |
October 15, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended previous gains in the morning, led by new energy sector, on speculation that the new five-year plan to be finalized in the next three days will boost development of new industries and domestic consumption.
The benchmark Shanghai Composite Index rose 1.65 percent, or 47.6 points, to close at 2,927.25 points. Turnover fell to 120.4 billion yuan (US$18.1 billion) from yesterday morning's 157.3 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, added 1.54 percent to 12,700.2.
Leaders of the Communist Party of China will discuss and approve an outline of the massive blueprint, which sets the nation's priorities for the years 2011 to 2015, at a major meeting that starts today, before the final plan is published next year.
Efforts will be put into narrowing income gap, reducing energy consumption and balancing development of various regions of China, according to market watchers.
Inspur Electronic Information Industry Co jumped by daily limit of 10 percent to 14.70 yuan. Xiamen Xideco Co climbed 6 percent to 12.99 yuan. Eve Energy Co advanced 3.6 percent to 28.95 yuan.
Property developers underperformed after home prices in 70 cities in China grew 9.1 percent from last year, while transaction increased 16.6 percent from last year, according to a report China's top statistics bureau posted on its web today.
Lvjing Realestate Co led the losers by dropping 5.5 percent to 9.34 yuan. Shenzhen World Union Properties Consultancy Co fell 3.44 percent to 34 yuan. China Vanke, China's largest property developer, edged up 0.11 percent to 9.41 yuan.
The benchmark Shanghai Composite Index rose 1.65 percent, or 47.6 points, to close at 2,927.25 points. Turnover fell to 120.4 billion yuan (US$18.1 billion) from yesterday morning's 157.3 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, added 1.54 percent to 12,700.2.
Leaders of the Communist Party of China will discuss and approve an outline of the massive blueprint, which sets the nation's priorities for the years 2011 to 2015, at a major meeting that starts today, before the final plan is published next year.
Efforts will be put into narrowing income gap, reducing energy consumption and balancing development of various regions of China, according to market watchers.
Inspur Electronic Information Industry Co jumped by daily limit of 10 percent to 14.70 yuan. Xiamen Xideco Co climbed 6 percent to 12.99 yuan. Eve Energy Co advanced 3.6 percent to 28.95 yuan.
Property developers underperformed after home prices in 70 cities in China grew 9.1 percent from last year, while transaction increased 16.6 percent from last year, according to a report China's top statistics bureau posted on its web today.
Lvjing Realestate Co led the losers by dropping 5.5 percent to 9.34 yuan. Shenzhen World Union Properties Consultancy Co fell 3.44 percent to 34 yuan. China Vanke, China's largest property developer, edged up 0.11 percent to 9.41 yuan.
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