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Shanghai index up 0.17% in morning session
By Ye Zhen |
April 25, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning, paring earlier losses. Medical equipment makers and tourism stocks gained but cement producers and home builders fell.
The benchmark Shanghai Composite Index added 0.17 percent, or 3.79 points, to 2,222.11 points. Turnover was 46.4 billion yuan (US$7.5 billion) by midday.
"The market has been volatile lately as investor sentiment swings between concern over a fragile economic recovery and hope for more policy stimulus," said Guosen Securities.
Medical equipment producers led the market up. China Resources Wandong Medical Equipment Co climbed 2.4 percent to 11.87 yuan. Shinva Medical Instrument Co increased 1.5 percent to 38.50 yuan.
Most tourism-related stocks gained ahead of the upcoming Labor Day holiday. China CYTS Tours Holding Co added 1.1 percent to 14.43 yuan. Tibet Tourism Co rose 2.8 percent to 8.72 yuan.
Cement producers declined on news that Hangzhou, capital of Zhejiang Province, will levy property tax as early as tomorrow.
Anhui Conch Cement Co, the country's biggest cement producer, lost 3 percent to 17.77 yuan. Gansu Qilianshan Cement Group Co fell 2.2 percent to 10.83 yuan. Shaanxi Qinling Cement(Group) Co slipped 2 percent to 5.75 yuan.
Property developers also slumped. Poly Real Estate, the second-largest developer, dropped 2.3 percent to 11.69 yuan. Gemdale Corporation lost 1.7 percent to 6.99 yuan.
An investment blue book released yesterday by the state-owned China Jianyin Investment Securities Co and Social Sciences Academic Press said the government is likely to rein in credit supply to property developers.
The benchmark Shanghai Composite Index added 0.17 percent, or 3.79 points, to 2,222.11 points. Turnover was 46.4 billion yuan (US$7.5 billion) by midday.
"The market has been volatile lately as investor sentiment swings between concern over a fragile economic recovery and hope for more policy stimulus," said Guosen Securities.
Medical equipment producers led the market up. China Resources Wandong Medical Equipment Co climbed 2.4 percent to 11.87 yuan. Shinva Medical Instrument Co increased 1.5 percent to 38.50 yuan.
Most tourism-related stocks gained ahead of the upcoming Labor Day holiday. China CYTS Tours Holding Co added 1.1 percent to 14.43 yuan. Tibet Tourism Co rose 2.8 percent to 8.72 yuan.
Cement producers declined on news that Hangzhou, capital of Zhejiang Province, will levy property tax as early as tomorrow.
Anhui Conch Cement Co, the country's biggest cement producer, lost 3 percent to 17.77 yuan. Gansu Qilianshan Cement Group Co fell 2.2 percent to 10.83 yuan. Shaanxi Qinling Cement(Group) Co slipped 2 percent to 5.75 yuan.
Property developers also slumped. Poly Real Estate, the second-largest developer, dropped 2.3 percent to 11.69 yuan. Gemdale Corporation lost 1.7 percent to 6.99 yuan.
An investment blue book released yesterday by the state-owned China Jianyin Investment Securities Co and Social Sciences Academic Press said the government is likely to rein in credit supply to property developers.
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