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Shanghai index up 0.17%, buoyed by cement stocks
By Ye Zhen |
January 7, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning as cement producers continued to take advantage of China's urbanization boom and offset a decline of brokerages.
The key Shanghai Composite Index gained 0.17 percent to 2,280.92 points. Turnover stood at 55.6 billion yuan (US$9 billion) by midday.
An urbanization guideline drawn by the National Development and Reform Commission and other ministries has been submitted to the State Council for approval, the National Business Daily reported.
The guideline covers urbanization plans for about 20 city clusters, some 180 second- and third-tier cities, and over 10,000 small cities and towns. The urbanization drive is expected to cost 40 trillion yuan in investment by 2020.
Anhui Conch Cement Co, the country's biggest cement producer, added 2.3 percent to 19.33 yuan. Shaanxi Qinling Cement (Group) Co advanced 4 percent to 7.46 yuan. Gansu Qilianshan Cement Group Co rose 1.6 percent to 10.48 yuan.
Data from Wind Information Co showed that domestic brokerages' revenues slumped 58.7 percent from a year earlier to 5.5 billion yuan in 2012 due to the sluggish initial public offering market.
Sinolink Securities Co lost 1 percent to 17.38 yuan. Huatai Securities dropped 1.2 percent to 9.54 yuan. China Merchants Securities Co shed 1 percent to 10.31 yuan.
The key Shanghai Composite Index gained 0.17 percent to 2,280.92 points. Turnover stood at 55.6 billion yuan (US$9 billion) by midday.
An urbanization guideline drawn by the National Development and Reform Commission and other ministries has been submitted to the State Council for approval, the National Business Daily reported.
The guideline covers urbanization plans for about 20 city clusters, some 180 second- and third-tier cities, and over 10,000 small cities and towns. The urbanization drive is expected to cost 40 trillion yuan in investment by 2020.
Anhui Conch Cement Co, the country's biggest cement producer, added 2.3 percent to 19.33 yuan. Shaanxi Qinling Cement (Group) Co advanced 4 percent to 7.46 yuan. Gansu Qilianshan Cement Group Co rose 1.6 percent to 10.48 yuan.
Data from Wind Information Co showed that domestic brokerages' revenues slumped 58.7 percent from a year earlier to 5.5 billion yuan in 2012 due to the sluggish initial public offering market.
Sinolink Securities Co lost 1 percent to 17.38 yuan. Huatai Securities dropped 1.2 percent to 9.54 yuan. China Merchants Securities Co shed 1 percent to 10.31 yuan.
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