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Shanghai market rebounds in morning
By Ding Yining |
May 13, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S market rebounded nearly 1 percent in the morning session after banking shares and coal producer rebounded while the property sector still remained weak.
The benchmark Shanghai Composite Index was up 0.80 percent, or 21.14 points, to close at 2,676.86 points. Turnover was 42 billion yuan (US$6.1 billion). Losers outnumbered gainers by 515 to 334 and 74 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.34 percent to close at 1,008.83 points.
Ping An Insurance (Group) Co, the country's second largest insurer, added 1.13 percent to 49.16 yuan. China Life Insurance Co advanced 3.14 percent to 25.65 yuan. Bank of Communications rose 1.62 percent to 6.88 yuan. Shanghai Pudong Development Bank jumped 2.50 percent to 19.67 yuan.
Property shares remained flat as market concern for a possible property tax loomed. Shanghai Shimao Co lost 0.77 percent to 10.30 yuan. Gemdale Corporation was down 0.48 percent to 6.19 yuan. Shanghai AJ Corporation fell 0.79 percent to 8.74 yuan.
Oil producers and steel makers lifted the index. Baoshan Iron & Steel Co rose 1.54 percent to 6.59 yuan. Maanshan Iron & Steel edged up 0.47 percent to 8.57 yuan. Beijing Shougang Co was up 0.25 percent to 4.01 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, jumped 2.33 percent to 9.23 yuan.
Automobile makers were among the gainers. SAIC Motor Co Ltd advanced 1.90 percent to 17.17 yuan. Beiqi Foton Motor Co edged up 0.40 percent to 17.40 yuan. Chongqing Changan Automobile Co rose 1.65 percent to 10.45 yuan.
Metal producers showed mixed results. Jiangxi Copper was up 0.93 percent to 30.38 yuan. Yunnan Copper added 0.60 percent to 21.79 yuan. Shandong Gold Mining Co fell 1.35 percent to 77.64 yuan.
Coal producers were also strong. Pingdingshan Tianan Coal Mining Co advanced 2.25 percent to 21.38 yuan. Sdic Xinji Energy Co Ltd jumped 3.63 percent to 12.29 yuan. Shanghai Datun Energy Resources Co rose 2.20 percent to 19.97 yuan.
The benchmark Shanghai Composite Index was up 0.80 percent, or 21.14 points, to close at 2,676.86 points. Turnover was 42 billion yuan (US$6.1 billion). Losers outnumbered gainers by 515 to 334 and 74 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.34 percent to close at 1,008.83 points.
Ping An Insurance (Group) Co, the country's second largest insurer, added 1.13 percent to 49.16 yuan. China Life Insurance Co advanced 3.14 percent to 25.65 yuan. Bank of Communications rose 1.62 percent to 6.88 yuan. Shanghai Pudong Development Bank jumped 2.50 percent to 19.67 yuan.
Property shares remained flat as market concern for a possible property tax loomed. Shanghai Shimao Co lost 0.77 percent to 10.30 yuan. Gemdale Corporation was down 0.48 percent to 6.19 yuan. Shanghai AJ Corporation fell 0.79 percent to 8.74 yuan.
Oil producers and steel makers lifted the index. Baoshan Iron & Steel Co rose 1.54 percent to 6.59 yuan. Maanshan Iron & Steel edged up 0.47 percent to 8.57 yuan. Beijing Shougang Co was up 0.25 percent to 4.01 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, jumped 2.33 percent to 9.23 yuan.
Automobile makers were among the gainers. SAIC Motor Co Ltd advanced 1.90 percent to 17.17 yuan. Beiqi Foton Motor Co edged up 0.40 percent to 17.40 yuan. Chongqing Changan Automobile Co rose 1.65 percent to 10.45 yuan.
Metal producers showed mixed results. Jiangxi Copper was up 0.93 percent to 30.38 yuan. Yunnan Copper added 0.60 percent to 21.79 yuan. Shandong Gold Mining Co fell 1.35 percent to 77.64 yuan.
Coal producers were also strong. Pingdingshan Tianan Coal Mining Co advanced 2.25 percent to 21.38 yuan. Sdic Xinji Energy Co Ltd jumped 3.63 percent to 12.29 yuan. Shanghai Datun Energy Resources Co rose 2.20 percent to 19.97 yuan.
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