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Shanghai market moves little in morning
By Feng Jianmin |
August 19, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was almost unchanged in the morning session as coal miners and banks rose while developers dropped.
The benchmark Shanghai Composite Index went up 0.42 percent, or 11.11 points, to close at 2,677.41 points. Turnover fell to 61.8 billion yuan (US$9.1 billion) from yesterday morning's 74.1 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.31 percent higher at 1,141.6 points.
Coal miners rallied on growing demand. China Shenhua Energy Co, the nation's largest coal producer climbed 4.47 percent to 25.49 yuan. Inner Mongolia Pingzhuang Energy Co advanced 6 percent to 12.87 yuan. Huolinhe Opencut Coal Industry hiked 7 percent to 23.62 yuan.
Banks gained on profit in the first half. Bank of Communications reported its profit gained 30 percent in the first half from last year. Its share is suspended trading today on shareholders' meeting. China Merchants Bank said its profit grew 60 percent in the same period. Its share added 1.66 percent to 14.11 yuan. Industrial and Commercial Bank of China added 0.24 percent to 4.16 yuan after it gets approval to issue as much as 25 billion yuan of convertible bonds.
Property developers led the losers as the Ministry of Land and Resources plans to regulate land uses, according to its website today.
The ministry revealed 3,070 cases of improper land use up to May this year, of which 2,815 involves idle land.
China Vanke fell 0.91 percent to 8.71 yuan. Gemdale Corp lost 1.3 percent to 6.81 yuan. China Merchants Property Development Co dropped 2.18 percent to 20.20 yuan.
The benchmark Shanghai Composite Index went up 0.42 percent, or 11.11 points, to close at 2,677.41 points. Turnover fell to 61.8 billion yuan (US$9.1 billion) from yesterday morning's 74.1 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.31 percent higher at 1,141.6 points.
Coal miners rallied on growing demand. China Shenhua Energy Co, the nation's largest coal producer climbed 4.47 percent to 25.49 yuan. Inner Mongolia Pingzhuang Energy Co advanced 6 percent to 12.87 yuan. Huolinhe Opencut Coal Industry hiked 7 percent to 23.62 yuan.
Banks gained on profit in the first half. Bank of Communications reported its profit gained 30 percent in the first half from last year. Its share is suspended trading today on shareholders' meeting. China Merchants Bank said its profit grew 60 percent in the same period. Its share added 1.66 percent to 14.11 yuan. Industrial and Commercial Bank of China added 0.24 percent to 4.16 yuan after it gets approval to issue as much as 25 billion yuan of convertible bonds.
Property developers led the losers as the Ministry of Land and Resources plans to regulate land uses, according to its website today.
The ministry revealed 3,070 cases of improper land use up to May this year, of which 2,815 involves idle land.
China Vanke fell 0.91 percent to 8.71 yuan. Gemdale Corp lost 1.3 percent to 6.81 yuan. China Merchants Property Development Co dropped 2.18 percent to 20.20 yuan.
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