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Property worries offset good news
By Ding Yining and Feng Jianmin |
September 14, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index remained almost unchanged today as positive economic outlook and gains in airlines were offset by concerns for more strict property regulations.
The benchmark Shanghai Composite Index remained flat at 2,688.52 points, 0.2 point higher from yesterday. Turnover was 141 billion yuan (US$ 20.9 billion).
The Shenzhen Composite Index edged up 0.12 percent to 1,207.64 points.
"China's economy is now in good shape, featuring fast growth, gradual structural improvement, rising employment and basic price stability," Premier Wen Jiabao said yesterday at the World Economic Forum's Summer Davos meeting in Tianjin.
Banks and insurers went mixed. Industrial and Commercial Bank of China fell 1 percent to 4.04 yuan. Bank of Communications added 1.04 percent to 5.85 yuan. Ping An Insurance Group was up 1.01 percent to 50.12 yuan. China Life Insurance Co dipped 0.63 percent to 22.22 yuan.
Commodity shares closed mixed. Zijin Mining Co lost 0.93 percent to 6.40 yuan. Shandong Gold Mining Co dipped 0.29 percent to 44.21 yuan. Yunnan Copper Co edged up 0.18 percent to 22.07 yuan.
China Petroleum & Chemical Corp, Asia's largest oil refiner, was up 0.12 percent to 8.26 yuan. China Shenhua Energy Co, the country's biggest coal producer, lost 0.71 percent to 23.69 yuan. PetroChina, the biggest index component, dipped 0.19 percent to 10.25 yuan.
Airlines led the gainers as yuan went strong against US dollars, reducing cost of oil and aircraft rental. Air China, the biggest carrier by market value, climbed 3.12 percent to 12.22 yuan. China Southern Airlines Co advanced 5.55 percent to 7.99 yuan. China Eastern Airlines went up 4.31 percent to 7.51 yuan.
Property developers retreated from earlier gains after Premier Wen Jiabao restate resolution to curb growth in home price at Summer Davos.
China Vanke Co lost 0.6 percent to 8.30 yuan. Gemdale Corporation fell 0.5 percent 6.37 yuan. China Merchants Development Co was down 0.91 percent to 17.45 yuan.
The benchmark Shanghai Composite Index remained flat at 2,688.52 points, 0.2 point higher from yesterday. Turnover was 141 billion yuan (US$ 20.9 billion).
The Shenzhen Composite Index edged up 0.12 percent to 1,207.64 points.
"China's economy is now in good shape, featuring fast growth, gradual structural improvement, rising employment and basic price stability," Premier Wen Jiabao said yesterday at the World Economic Forum's Summer Davos meeting in Tianjin.
Banks and insurers went mixed. Industrial and Commercial Bank of China fell 1 percent to 4.04 yuan. Bank of Communications added 1.04 percent to 5.85 yuan. Ping An Insurance Group was up 1.01 percent to 50.12 yuan. China Life Insurance Co dipped 0.63 percent to 22.22 yuan.
Commodity shares closed mixed. Zijin Mining Co lost 0.93 percent to 6.40 yuan. Shandong Gold Mining Co dipped 0.29 percent to 44.21 yuan. Yunnan Copper Co edged up 0.18 percent to 22.07 yuan.
China Petroleum & Chemical Corp, Asia's largest oil refiner, was up 0.12 percent to 8.26 yuan. China Shenhua Energy Co, the country's biggest coal producer, lost 0.71 percent to 23.69 yuan. PetroChina, the biggest index component, dipped 0.19 percent to 10.25 yuan.
Airlines led the gainers as yuan went strong against US dollars, reducing cost of oil and aircraft rental. Air China, the biggest carrier by market value, climbed 3.12 percent to 12.22 yuan. China Southern Airlines Co advanced 5.55 percent to 7.99 yuan. China Eastern Airlines went up 4.31 percent to 7.51 yuan.
Property developers retreated from earlier gains after Premier Wen Jiabao restate resolution to curb growth in home price at Summer Davos.
China Vanke Co lost 0.6 percent to 8.30 yuan. Gemdale Corporation fell 0.5 percent 6.37 yuan. China Merchants Development Co was down 0.91 percent to 17.45 yuan.
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