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Rare earth firms power Shanghai index up
By Feng Jianmin |
February 17, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher today as gains of rare earth producers were partly offset by declines of property developers and brokerages.
The Shanghai Composite Index edged up 0.1 percent to close at 2,926.96. Turnover rose to 170.6 billion yuan (US$25.9 billion) from yesterday's 160 billion yuan.
Producers of rare earth, various kinds of metal mainly used in electronic devices, jumped after Premier Wen Jiabao said yesterday China will promote new technology in the industry and accelerate the pace of mergers and acquisitions among rare-earth producers under a five-year plan.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co was up 1.8 percent to 74.92 yuan. Rising Nonferrous Metals Share Co climbed 3.7 percent to 71.73 yuan.
Property developers extended previous losses after Beijing stepped up more stringent curbs on home purchases by non-local residents. Official housing prices are due to be released tomorrow.
China Vanke, China's largest property developer, fell 1.9 percent to 8.37 yuan. Poly Real Estate Co, the second largest developer, dropped 2.6 percent to 12.97 yuan.
Brokerages led the decliners after reports showed that revenue from all the 15 listed mainland brokerages fell 69 percent in January from last month while net profits plunged nearly 77 percent.
GF Securities dropped 2.7 percent to 47.42 yuan. CITIC Securities fell 1.5 percent to 13.78 yuan.
The Shanghai Composite Index edged up 0.1 percent to close at 2,926.96. Turnover rose to 170.6 billion yuan (US$25.9 billion) from yesterday's 160 billion yuan.
Producers of rare earth, various kinds of metal mainly used in electronic devices, jumped after Premier Wen Jiabao said yesterday China will promote new technology in the industry and accelerate the pace of mergers and acquisitions among rare-earth producers under a five-year plan.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co was up 1.8 percent to 74.92 yuan. Rising Nonferrous Metals Share Co climbed 3.7 percent to 71.73 yuan.
Property developers extended previous losses after Beijing stepped up more stringent curbs on home purchases by non-local residents. Official housing prices are due to be released tomorrow.
China Vanke, China's largest property developer, fell 1.9 percent to 8.37 yuan. Poly Real Estate Co, the second largest developer, dropped 2.6 percent to 12.97 yuan.
Brokerages led the decliners after reports showed that revenue from all the 15 listed mainland brokerages fell 69 percent in January from last month while net profits plunged nearly 77 percent.
GF Securities dropped 2.7 percent to 47.42 yuan. CITIC Securities fell 1.5 percent to 13.78 yuan.
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