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Rare earth rises lift index to end higher
By Feng Jianmin |
February 18, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday closed slightly higher at a two-month high on gains made by rare earth producers although property developers and brokerages declined.
The Shanghai Composite Index edged up 0.1 percent to close at 2,926.96. Turnover rose to 169 billion yuan (US$25.9 billion) from 160 billion yuan on Wednesday.
Producers of rare earth resources, which are mainly used in advanced electronic devices, jumped after Premier Wen Jiabao said China will promote new technology in the industry and accelerate the pace of mergers and acquisitions among rare-earth firms under a five-year plan.
"The (index's) rise this time is powered by sectors favored by policies," China International Capital Corp wrote in a report.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co added 1.8 percent to 74.92 yuan. Rising Nonferrous Metals Share Co climbed 3.7 percent to 71.73 yuan.
Property developers fell again after Beijing unveiled more stringent curbs on home purchases by non-local residents.
"Five cities, including Shanghai and Beijing, have released policies to restrict buying of homes," said Bai Hongwei, an analyst of CICC.
Poly Real Estate Co, China's second largest developer, fell 2.6 percent to 12.97 yuan.
Brokerages fell after reports showed net profit of the 15 listed mainland brokers fell 77 percent in January from December.
CITIC Securities lost 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 169 billion yuan (US$25.9 billion) from 160 billion yuan on Wednesday.
Producers of rare earth resources, which are mainly used in advanced electronic devices, jumped after Premier Wen Jiabao said China will promote new technology in the industry and accelerate the pace of mergers and acquisitions among rare-earth firms under a five-year plan.
"The (index's) rise this time is powered by sectors favored by policies," China International Capital Corp wrote in a report.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co added 1.8 percent to 74.92 yuan. Rising Nonferrous Metals Share Co climbed 3.7 percent to 71.73 yuan.
Property developers fell again after Beijing unveiled more stringent curbs on home purchases by non-local residents.
"Five cities, including Shanghai and Beijing, have released policies to restrict buying of homes," said Bai Hongwei, an analyst of CICC.
Poly Real Estate Co, China's second largest developer, fell 2.6 percent to 12.97 yuan.
Brokerages fell after reports showed net profit of the 15 listed mainland brokers fell 77 percent in January from December.
CITIC Securities lost 1.5 percent to 13.78 yuan.
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