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SAIC leads auto stocks higher in Shanghai
By Leo Zhang |
January 12, 2011, Wednesday
|
Online Edition
Online Edition
Shanghai shares edged up in the morning sector as two big automobile makers rose after announcing investment plans and ambitious sales targets.
The Shanghai Composite Index, which tracks the bigger mainland market, was up 0.13 percent to close 2,807.72. Turnover slipped to 43.08 billion yuan (US$6.4 billion) from yesterday morning's 49.87 billion yuan.
SAIC Motor Corp, China's top auto maker, jumped 2.60 percent to 15.39 yuan after saying it plans to invest 500 million yuan to set up an equity-investment unit and will buy a 51 percent stake in a Hebei province-based van maker.
Beiqi Foton Motor Co, China's largest commercial-vehicle maker, rose 0.26 percent to 23.19 yuan after the China Securities Journal reported that the company aims at realizing global sales of more than 4 million units in 2020.
Property developers went mixed. Poly Real Estate Group Co, the country's No.2 listed developer, nudged up 0.07 percent to 14.75 yuan. The company said that contract sales last year soared 53 percent to 66.2 billion yuan.
Another developer Gemdale Corp lost 1.08 percent to 7.35 yuan after it expected net income for 2010 to rise about 50 percent from 2009.
The Shanghai Composite Index, which tracks the bigger mainland market, was up 0.13 percent to close 2,807.72. Turnover slipped to 43.08 billion yuan (US$6.4 billion) from yesterday morning's 49.87 billion yuan.
SAIC Motor Corp, China's top auto maker, jumped 2.60 percent to 15.39 yuan after saying it plans to invest 500 million yuan to set up an equity-investment unit and will buy a 51 percent stake in a Hebei province-based van maker.
Beiqi Foton Motor Co, China's largest commercial-vehicle maker, rose 0.26 percent to 23.19 yuan after the China Securities Journal reported that the company aims at realizing global sales of more than 4 million units in 2020.
Property developers went mixed. Poly Real Estate Group Co, the country's No.2 listed developer, nudged up 0.07 percent to 14.75 yuan. The company said that contract sales last year soared 53 percent to 66.2 billion yuan.
Another developer Gemdale Corp lost 1.08 percent to 7.35 yuan after it expected net income for 2010 to rise about 50 percent from 2009.
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