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Select counters boost index
By Ding Yining |
February 28, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose to the highest level in more than three months, with gains seen for automakers and the media sector while financial shares declined.
The Shanghai Composite Index added 0.3 percent to close at 2,447.06, the highest since November 17.
Huaxun Investment said in a report yesterday that investors should be aware of a possible market correction after seven days of gains.
But China International Capital Corp wrote in a note that the market may rise on expectations that liquidity is abundant.
Automakers surged after China included 412 models made by 25 domestic firms in its official vehicle purchase list this year. Dongfeng Automobile and Anhui Jianghuai Automobile each surged by the daily limit of 10 percent to 3.81 yuan and 7.26 yuan respectively.
Media stocks rose after the General Administration of Press and Publication at the weekend encouraged firms to seek mergers and acquisitions and attract strategic investors.
Jiangsu Phoenix Publishing & Media Co gained 0.43 percent to 9.35 yuan.
Financial shares fell after Vice Premier Wang Qishan said at the weekend that they should continue with a prudent monetary policy.
China Pacific Insurance (Group) Co lost 0.6 percent to close at 21.57 yuan.
The Shanghai Composite Index added 0.3 percent to close at 2,447.06, the highest since November 17.
Huaxun Investment said in a report yesterday that investors should be aware of a possible market correction after seven days of gains.
But China International Capital Corp wrote in a note that the market may rise on expectations that liquidity is abundant.
Automakers surged after China included 412 models made by 25 domestic firms in its official vehicle purchase list this year. Dongfeng Automobile and Anhui Jianghuai Automobile each surged by the daily limit of 10 percent to 3.81 yuan and 7.26 yuan respectively.
Media stocks rose after the General Administration of Press and Publication at the weekend encouraged firms to seek mergers and acquisitions and attract strategic investors.
Jiangsu Phoenix Publishing & Media Co gained 0.43 percent to 9.35 yuan.
Financial shares fell after Vice Premier Wang Qishan said at the weekend that they should continue with a prudent monetary policy.
China Pacific Insurance (Group) Co lost 0.6 percent to close at 21.57 yuan.
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