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Shanghai index closes flat in the morning
By Feng Jianmin |
December 16, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed flat this morning as gains made by property developers and liquor makers were offset by losses of gold miners.
The benchmark Shanghai Composite Index edged up 0.2 percent, or 5.8 points, to 2,908.87. Turnover fell to 60 billion yuan (US$9 billion) from yesterday morning's 73.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.7 percent to 1,354.41.
The property sector led the gainers after official statistics showed yesterday that the sector has absorbed 59 percent more foreign investment in the first 11 months of this year than the same period last year. China Vanke, China's largest property developer, rose 1.2 percent to 6.61 yuan. Poly Real Estate Co, China's second largest, added 1.9 percent to 12.61 yuan. Gemdale Corp grew 2 percent to 6.04 yuan.
Liquor makers rallied after two leading firms decided to raise product prices despite government's pledge to curb rising consumer prices. Kuichou Moutai jumped 4.4 percent to 209.45 yuan after the company announced it will raise prices by 20 percent starting January 1. Wuliangye Yibin Co rose 2 percent after retailers said they had been ordered recently to increase prices by 50 yuan, though the company denied such a demand.
Gold miners led the decliners after gold bullion prices dropped to US$1,381 per ounce on a stronger US dollar. Zijin Minging Group Co, China's largest gold miner, fell 2.1 percent to 8.48 yuan. Shandong Gold Mining Co was down 0.2 percent to 54.81 yuan. Zhongjin Gold Corp went down 0.7 percent to 40.26 yuan.
The benchmark Shanghai Composite Index edged up 0.2 percent, or 5.8 points, to 2,908.87. Turnover fell to 60 billion yuan (US$9 billion) from yesterday morning's 73.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.7 percent to 1,354.41.
The property sector led the gainers after official statistics showed yesterday that the sector has absorbed 59 percent more foreign investment in the first 11 months of this year than the same period last year. China Vanke, China's largest property developer, rose 1.2 percent to 6.61 yuan. Poly Real Estate Co, China's second largest, added 1.9 percent to 12.61 yuan. Gemdale Corp grew 2 percent to 6.04 yuan.
Liquor makers rallied after two leading firms decided to raise product prices despite government's pledge to curb rising consumer prices. Kuichou Moutai jumped 4.4 percent to 209.45 yuan after the company announced it will raise prices by 20 percent starting January 1. Wuliangye Yibin Co rose 2 percent after retailers said they had been ordered recently to increase prices by 50 yuan, though the company denied such a demand.
Gold miners led the decliners after gold bullion prices dropped to US$1,381 per ounce on a stronger US dollar. Zijin Minging Group Co, China's largest gold miner, fell 2.1 percent to 8.48 yuan. Shandong Gold Mining Co was down 0.2 percent to 54.81 yuan. Zhongjin Gold Corp went down 0.7 percent to 40.26 yuan.
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