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Shanghai index unchanged amid uncertainty
By Lydia Chen |
February 25, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI key stock index remained unchanged today as shares seesawed between gaining and losing territories, indicating wary among investors who are still cautious about the prospects of the markets.
The Shanghai market opened low when heavyweights such as oil makers extended losses over Middle East instability. But the losses were later offset by a momentum among cement makers, who rallied on the country's plan to build 10 million public housing units this year.
The Shanghai Composite Index had no gains from its opening level of 2,878.57. Turnover fell to 124.25 billion yuan (US$18.91 billion) from yesterday's 137 billion yuan. The index edged down 0.73 percent this week.
The ambitious plan released by vice Premier Li Keqiang was materialized into pledges made by all provincial governments to help stabilize property prices. The unprecedented figure is almost the same scale of China's whole housing supply last year.
Investors immediately picked up the signal and piled into cement manufacturing sector. Huaxin Cement Co jumped the daily cap of 10 percent to 39.03 yuan.
The Shanghai market opened low when heavyweights such as oil makers extended losses over Middle East instability. But the losses were later offset by a momentum among cement makers, who rallied on the country's plan to build 10 million public housing units this year.
The Shanghai Composite Index had no gains from its opening level of 2,878.57. Turnover fell to 124.25 billion yuan (US$18.91 billion) from yesterday's 137 billion yuan. The index edged down 0.73 percent this week.
The ambitious plan released by vice Premier Li Keqiang was materialized into pledges made by all provincial governments to help stabilize property prices. The unprecedented figure is almost the same scale of China's whole housing supply last year.
Investors immediately picked up the signal and piled into cement manufacturing sector. Huaxin Cement Co jumped the daily cap of 10 percent to 39.03 yuan.
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