Shanghai index climbs slightly
By Feng Jianmin and Pan Xiaoyi |
June 23, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks closed slightly higher yesterday even though blue chips held the market back as investors remained cautious about liquidity and the impact of the yuan's appreciation.
The benchmark Shanghai Composite Index edged up 0.1 percent, or 2.49 points, to close at 2,588.7. Turnover shrank to 65.9 billion yuan (US$9.7 billion) from Monday's 81.7 billion yuan.
The Agricultural Bank of China's initial public offering remained the primary concern for investors as the bank's manager said it preferred a higher offering price, analysts said.
"If the bank's offer price is reasonable, the share sale will help stabilize the banking sector and the key index," said Wang Fan, an analyst from Donghai Securities Co. "However, investors will remain divided before the IPO in mid July, leading to more market fluctuations."
Banks were flat after Central Huijin Investment Ltd, China's sovereign wealth fund, vowed to support lenders' fund-raising activities including Bank of China, Industrial and Commercial Bank of China, and China Construction Bank.
The Bank of China edged down 0.28 percent to 3.58 yuan. ICBC lost 0.23 percent to 4.27 yuan. CCB added 0.4 percent to 4.99 yuan.
The auto sector led gains after news was released that a plan to boost new-energy vehicles will reportedly be submitted to the central government early next month.
Sichuan Chengfei Integration Technology soared 9.53 percent to 11.49 yuan.
The benchmark Shanghai Composite Index edged up 0.1 percent, or 2.49 points, to close at 2,588.7. Turnover shrank to 65.9 billion yuan (US$9.7 billion) from Monday's 81.7 billion yuan.
The Agricultural Bank of China's initial public offering remained the primary concern for investors as the bank's manager said it preferred a higher offering price, analysts said.
"If the bank's offer price is reasonable, the share sale will help stabilize the banking sector and the key index," said Wang Fan, an analyst from Donghai Securities Co. "However, investors will remain divided before the IPO in mid July, leading to more market fluctuations."
Banks were flat after Central Huijin Investment Ltd, China's sovereign wealth fund, vowed to support lenders' fund-raising activities including Bank of China, Industrial and Commercial Bank of China, and China Construction Bank.
The Bank of China edged down 0.28 percent to 3.58 yuan. ICBC lost 0.23 percent to 4.27 yuan. CCB added 0.4 percent to 4.99 yuan.
The auto sector led gains after news was released that a plan to boost new-energy vehicles will reportedly be submitted to the central government early next month.
Sichuan Chengfei Integration Technology soared 9.53 percent to 11.49 yuan.
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