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Property, banks lift Shanghai market
By Feng Jianmin |
May 18, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was up in the morning led by banks and property developers.
Shanghai Composite Index rose 0.72 percent, or 20.68 points, to close at 2,843.68 in the morning session. Turnover dropped to 51.3 billion yuan (US$7.9 billion) from yesterday morning's 63.7 billion yuan.
Property developers rose after China's top statistic bureau said April's new home prices rose in 56 of the 70 major cities in China from March. Poly Real Estate Co was up 0.8 percent to 10.26 yuan. China Merchants Property Development Co rose 1.6 percent to 18.75 yuan.
Banks rallied. Industrial and Commercial Bank of China went up 1.1 percent to 4.55 yuan. China Construction Bank added 1 percent to 5.11 yuan.
Coal miners extended previous gains on speculation that prices will continue to rally as China braces for a grim electricity supply shortage in summer. Datong Coal Industry Co grew 1.1 percent to 18.83 yuan. Shanxi Guoyang New Energy Co jumped 6.1 percent to 25.22 yuan.
Shanghai Composite Index rose 0.72 percent, or 20.68 points, to close at 2,843.68 in the morning session. Turnover dropped to 51.3 billion yuan (US$7.9 billion) from yesterday morning's 63.7 billion yuan.
Property developers rose after China's top statistic bureau said April's new home prices rose in 56 of the 70 major cities in China from March. Poly Real Estate Co was up 0.8 percent to 10.26 yuan. China Merchants Property Development Co rose 1.6 percent to 18.75 yuan.
Banks rallied. Industrial and Commercial Bank of China went up 1.1 percent to 4.55 yuan. China Construction Bank added 1 percent to 5.11 yuan.
Coal miners extended previous gains on speculation that prices will continue to rally as China braces for a grim electricity supply shortage in summer. Datong Coal Industry Co grew 1.1 percent to 18.83 yuan. Shanxi Guoyang New Energy Co jumped 6.1 percent to 25.22 yuan.
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