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Property and banks buoy Shanghai index
By Joyce Pan |
March 9, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market edged up today, lifted by property shares and the financial sector.
The benchmark Shanghai Composite Index was up 0.52 percent, or 15.91 points, to close at 3,069.14 points. Turnover rose to 107.5 billion yuan (US$7.8 billion). Losers outnumbered gainers 437 to 418, and 40 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.37 percent to close at 1,177.1 points.
Property developers were strong after JPMorgan Chase & Co said in a research report that property stocks will rise as much as 15 percent from the current level with no negative policies from the nation's legislature.
China Vanke Co, the biggest listed domestic real estate developer, advanced 2.5 percent to 9.62 yuan. Gemdale Corporation surged 6.9 percent to 13.77 yuan. Poly Real Estate Group jumped 4.4 percent to 20.28 yuan.
China Life Insurance Co Ltd jumped 3.3 percent to 28.09 yuan. Ping An Insurance Group Co advanced 1.9 percent to 47.05 yuan.
China Construction Bank edged up 0.9 percent to 5.66 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1 percent to 4.91 yuan.
SAIC Motor Corp said vehicle sales in the first two months rose 67 percent from the same period a year ago. The stock dipped 0.2 percent to 21.95 yuan.
China Southern Airlines Co said it plans to raise as much as 10.75 yuan through selling new shares in Shanghai and Hong Kong. The stock jumped 3.5 percent to 6.85 yuan.
The benchmark Shanghai Composite Index was up 0.52 percent, or 15.91 points, to close at 3,069.14 points. Turnover rose to 107.5 billion yuan (US$7.8 billion). Losers outnumbered gainers 437 to 418, and 40 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.37 percent to close at 1,177.1 points.
Property developers were strong after JPMorgan Chase & Co said in a research report that property stocks will rise as much as 15 percent from the current level with no negative policies from the nation's legislature.
China Vanke Co, the biggest listed domestic real estate developer, advanced 2.5 percent to 9.62 yuan. Gemdale Corporation surged 6.9 percent to 13.77 yuan. Poly Real Estate Group jumped 4.4 percent to 20.28 yuan.
China Life Insurance Co Ltd jumped 3.3 percent to 28.09 yuan. Ping An Insurance Group Co advanced 1.9 percent to 47.05 yuan.
China Construction Bank edged up 0.9 percent to 5.66 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1 percent to 4.91 yuan.
SAIC Motor Corp said vehicle sales in the first two months rose 67 percent from the same period a year ago. The stock dipped 0.2 percent to 21.95 yuan.
China Southern Airlines Co said it plans to raise as much as 10.75 yuan through selling new shares in Shanghai and Hong Kong. The stock jumped 3.5 percent to 6.85 yuan.
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