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Property shares rise but metal plays drop in Shanghai
By Feng Jianmin |
August 17, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher in the morning session as sluggish metal producers pared gains in the property and culture sectors.
The benchmark Shanghai Composite Index added 0.24 percent, or 6.26 points, to close at 2,667.97 points. Turnover stood at 67.4 billion yuan (US$ 9.9 billion) from yesterday morning's 63.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 0.65 percent to close at 1,135.39 points.
Metal producers were weak. Jiangxi Copper Co fell 1.09 percent to 28.92 yuan. Yunnan Copper Industry Co dipped 0.24 percent to 20.76 yuan. Aluminum Corp of China edged down 0.38 percent to 10.57 yuan.
Property developers gained. China Vanke went up 1.35 percent to 9.01 yuan. Gemdale Corp added 0.57 percent to 7.04 yuan. Poly Real Estate Co rose 3.7 percent to 13.45 yuan.
Communications and culture-related companies led the gainers after the central government pledged to boost the industries in accordance to the country's economic development. Guangdong China Sunshine Media Co hiked 10 percent to 12.67 yuan. Huawen Media Investment Corp advanced 7.94 percent to 13.60 yuan. Northern United Publishing & Media Group Co climbed 4.01 to 12.18 yuan.
Steel mills went mixed after some of them raised prices for September delivery on growing demand. Lingyuan Iron & Steel Co added 2.09 percent to 7.81 yuan. Wuhan Iron & Steel Co added 0.41 percent to 4.86 yuan. Angang Steel Co edged up 0.35 to 8.63 yuan.
Baoshan Iron & Steel Co fell 1.06 percent to 6.51 yuan after it kept prices steady on cautious market outlook.
The benchmark Shanghai Composite Index added 0.24 percent, or 6.26 points, to close at 2,667.97 points. Turnover stood at 67.4 billion yuan (US$ 9.9 billion) from yesterday morning's 63.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 0.65 percent to close at 1,135.39 points.
Metal producers were weak. Jiangxi Copper Co fell 1.09 percent to 28.92 yuan. Yunnan Copper Industry Co dipped 0.24 percent to 20.76 yuan. Aluminum Corp of China edged down 0.38 percent to 10.57 yuan.
Property developers gained. China Vanke went up 1.35 percent to 9.01 yuan. Gemdale Corp added 0.57 percent to 7.04 yuan. Poly Real Estate Co rose 3.7 percent to 13.45 yuan.
Communications and culture-related companies led the gainers after the central government pledged to boost the industries in accordance to the country's economic development. Guangdong China Sunshine Media Co hiked 10 percent to 12.67 yuan. Huawen Media Investment Corp advanced 7.94 percent to 13.60 yuan. Northern United Publishing & Media Group Co climbed 4.01 to 12.18 yuan.
Steel mills went mixed after some of them raised prices for September delivery on growing demand. Lingyuan Iron & Steel Co added 2.09 percent to 7.81 yuan. Wuhan Iron & Steel Co added 0.41 percent to 4.86 yuan. Angang Steel Co edged up 0.35 to 8.63 yuan.
Baoshan Iron & Steel Co fell 1.06 percent to 6.51 yuan after it kept prices steady on cautious market outlook.
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