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Shanghai rally extends for 5th day
By Feng Jianmin |
July 22, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks rose for the fifth consecutive trading day as investors showed stronger confidence.
The benchmark Shanghai Composite Index rose 1.07 percent, or 27 points, to close at 2,562.41. Turnover shrank to 95.8 billion yuan (US$ 14.1 billion) from yesterday's 105.7 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 1.45 percent to 1,035.78 points.
"The current rebound is a spontaneous action of the market," said a note from Haitong Securities. "Its durability is questionable because it is not supported by positive policies. Besides, there is still pressure on the macro economy."
Property developers gained after National Business Daily reported that a property tax will probably be levied in 2012, later than previously expected. China Vanke rose 2.58 percent to 7.95 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co added 2.48 percent to 18.18 yuan. Poly Real Estate (Group) Co climbed 4.48 percent to 12.35 yuan.
Steel makers went up. Wuhan Iron and Steel Co, China's third largest steel maker, rose 1.3 percent to 4.66 yuan, after it secured a lower annual price of iron ore from Venezula. Baoshan Iron and Steel Co edged up 0.64 percent to 6.30 yuan. Angang Steel Co gained 2.82 percent to 8.39 yuan.
Rare earth metal producers win on speculation that demand will grow on development of the new energy sector. Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co surged 5.89 percent to 40.81 yuan. Anhui Xinke New Materials Co advanced 3.04 percent to 6.44 yuan. Xiamen Tungsten Co climbed 3.09 percent to 20.34 yuan.
The benchmark Shanghai Composite Index rose 1.07 percent, or 27 points, to close at 2,562.41. Turnover shrank to 95.8 billion yuan (US$ 14.1 billion) from yesterday's 105.7 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 1.45 percent to 1,035.78 points.
"The current rebound is a spontaneous action of the market," said a note from Haitong Securities. "Its durability is questionable because it is not supported by positive policies. Besides, there is still pressure on the macro economy."
Property developers gained after National Business Daily reported that a property tax will probably be levied in 2012, later than previously expected. China Vanke rose 2.58 percent to 7.95 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co added 2.48 percent to 18.18 yuan. Poly Real Estate (Group) Co climbed 4.48 percent to 12.35 yuan.
Steel makers went up. Wuhan Iron and Steel Co, China's third largest steel maker, rose 1.3 percent to 4.66 yuan, after it secured a lower annual price of iron ore from Venezula. Baoshan Iron and Steel Co edged up 0.64 percent to 6.30 yuan. Angang Steel Co gained 2.82 percent to 8.39 yuan.
Rare earth metal producers win on speculation that demand will grow on development of the new energy sector. Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co surged 5.89 percent to 40.81 yuan. Anhui Xinke New Materials Co advanced 3.04 percent to 6.44 yuan. Xiamen Tungsten Co climbed 3.09 percent to 20.34 yuan.
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