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Shanghai index up 0.11% in morning trading
By Ye Zhen |
October 10, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks inched up this morning on speculation the government will step up effort to boost market sentiment.
The benchmark Shanghai Composite Index added 0.11 percent to 2,117.65 point. Turnover was 32 billion yuan (US$5.1 billion) by the noon break.
The government will encourage state-owned enterprises and listed companies to increase their shareholdings and buy back stocks through secondary market, said Deng Zhixiong, an official at the State-owned Assets Supervision and Administration Commission.
Companies buying back their stocks will demonstrate their confidence in market outlook and show that they have sufficient cash flows, analysts said.
The government will also encourage listed state enterprises to pay cash dividends, Deng said.
Automakers gained on expectation the government will provide subsidies to rural homes for purchasing automobiles. Beiqi Foton Motor Co rose 3.2 percent to 6.41 yuan. Anhui Jianghuai Automobile Co added 3.4 percent to 5.48 yuan. SAIC Motor Corporation Limited gained 0.1 percent to 13.81 yuan.
Most property developers traded higher. Poly Real Estate, the second largest developer, edged up 0.1 percent to 10.80 yuan. Gemdale Corporation rose 0.4 percent to 5.09 yuan. But China Vanke, the nation's biggest developer, lost 0.8 percent to 8.29 yuan as data showed the company's home sales in the first three quarters fell 250 million yuan from a year earlier to 96.3 billion yuan.
Cement producers declined the most. Zhejiang Jianfeng Group Co lost 0.7 percent to 10.47 yuan. Gansu Qilianshan Cement Group Co dropped 1.7 percent to 11.67 yuan.
The benchmark Shanghai Composite Index added 0.11 percent to 2,117.65 point. Turnover was 32 billion yuan (US$5.1 billion) by the noon break.
The government will encourage state-owned enterprises and listed companies to increase their shareholdings and buy back stocks through secondary market, said Deng Zhixiong, an official at the State-owned Assets Supervision and Administration Commission.
Companies buying back their stocks will demonstrate their confidence in market outlook and show that they have sufficient cash flows, analysts said.
The government will also encourage listed state enterprises to pay cash dividends, Deng said.
Automakers gained on expectation the government will provide subsidies to rural homes for purchasing automobiles. Beiqi Foton Motor Co rose 3.2 percent to 6.41 yuan. Anhui Jianghuai Automobile Co added 3.4 percent to 5.48 yuan. SAIC Motor Corporation Limited gained 0.1 percent to 13.81 yuan.
Most property developers traded higher. Poly Real Estate, the second largest developer, edged up 0.1 percent to 10.80 yuan. Gemdale Corporation rose 0.4 percent to 5.09 yuan. But China Vanke, the nation's biggest developer, lost 0.8 percent to 8.29 yuan as data showed the company's home sales in the first three quarters fell 250 million yuan from a year earlier to 96.3 billion yuan.
Cement producers declined the most. Zhejiang Jianfeng Group Co lost 0.7 percent to 10.47 yuan. Gansu Qilianshan Cement Group Co dropped 1.7 percent to 11.67 yuan.
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