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Shanghai index up 0.1% in morning trading
By Ye Zhen |
May 24, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks traded nearly flat this morning as small-cap firms gained while cyclical stocks and heavyweights slumped.
The key Shanghai Composite Index edged up 0.1 percent in morning trading and the turnover was 48.8 billion yuan (US$8 billion) by midday.
"The A-share market is expected to fluctuate in the near term due to mixed signals," China Galaxy Securities Co said today.
"Blue chips are under pressure from economic downturn and financial turbulence in the peripheral markets," the broker said. "But the government effort to speed up economic transformation and adequate market liquidity continue to shore up confidence."
Media firms led the gainers. Jiangsu Phoenix Publishing & Media Corp Ltd rose 3.8 percent to 9.19 yuan. BesTV New Media Co gained 3.2 percent to 25 yuan. Shanghai Xinhua Media Co surged 8.2 percent to 5.56 yuan.
Cement producers slumped. Anhui Conch Cement Co, China's biggest cement producer, declined 1.4 percent to 17.06 yuan. Gansu Qilianshan Cement Group shed 0.9 percent to 10.70 yuan.
Poly Real Estate, China second-largest developer, shed 0.3 percent to 12.21 yuan. Gemdale Corporation lost 1.8 percent to 7.72 yuan.
The key Shanghai Composite Index edged up 0.1 percent in morning trading and the turnover was 48.8 billion yuan (US$8 billion) by midday.
"The A-share market is expected to fluctuate in the near term due to mixed signals," China Galaxy Securities Co said today.
"Blue chips are under pressure from economic downturn and financial turbulence in the peripheral markets," the broker said. "But the government effort to speed up economic transformation and adequate market liquidity continue to shore up confidence."
Media firms led the gainers. Jiangsu Phoenix Publishing & Media Corp Ltd rose 3.8 percent to 9.19 yuan. BesTV New Media Co gained 3.2 percent to 25 yuan. Shanghai Xinhua Media Co surged 8.2 percent to 5.56 yuan.
Cement producers slumped. Anhui Conch Cement Co, China's biggest cement producer, declined 1.4 percent to 17.06 yuan. Gansu Qilianshan Cement Group shed 0.9 percent to 10.70 yuan.
Poly Real Estate, China second-largest developer, shed 0.3 percent to 12.21 yuan. Gemdale Corporation lost 1.8 percent to 7.72 yuan.
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