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Shanghai shares flat as consumer chips drop
By Pan Xiaoyi |
December 3, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index remained flat as losses in consumer sectors overshadowed gains in photovoltaic power producers on government subsidies.
The Shanghai Composite Index closed 0.04 percent lower, or 1.18 points, to 2,842.43. Turnover stood at 105.9 billion yuan (US$15.6 billion).
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 0.6 percent to 1,302.26 points.
The Ministry of Finance, along with another three government departments, said yesterday they will use fiscal grants to increase the utility of photovoltaic power in the country to 1,000 megawatts by 2012.
Baoding Tianwei Baobian Electric Co jumped 5 percent to 25.26 yuan. Leshan Electric Power Co surged 4 percent to 14.73 yuan.
Bright Dairy & Food Co tumbled 2.7 percnt to 10.28 yuan. Anhui Golden Seed Winery Co slumped 2.4 percent to 18.09 yuan while Beijing Hualian Hypermarket Co was down 1.5 percent to 11.59 yuan.
Elsewhere, China Vanke Co, China's largest developer, advanced 2.7 percent to 8.49 yuan after reporting sales at 100 billion yuan as of December 1 this year.
China Life Insurance Co, the nation's biggest insurer, added 1.6 percent to 22.85 yuan. The insurer said it plans to invest 3 billion yuan in Guangdong Development Bank Co's private placement to keep its 20 percent stake.
The Shanghai Composite Index closed 0.04 percent lower, or 1.18 points, to 2,842.43. Turnover stood at 105.9 billion yuan (US$15.6 billion).
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 0.6 percent to 1,302.26 points.
The Ministry of Finance, along with another three government departments, said yesterday they will use fiscal grants to increase the utility of photovoltaic power in the country to 1,000 megawatts by 2012.
Baoding Tianwei Baobian Electric Co jumped 5 percent to 25.26 yuan. Leshan Electric Power Co surged 4 percent to 14.73 yuan.
Bright Dairy & Food Co tumbled 2.7 percnt to 10.28 yuan. Anhui Golden Seed Winery Co slumped 2.4 percent to 18.09 yuan while Beijing Hualian Hypermarket Co was down 1.5 percent to 11.59 yuan.
Elsewhere, China Vanke Co, China's largest developer, advanced 2.7 percent to 8.49 yuan after reporting sales at 100 billion yuan as of December 1 this year.
China Life Insurance Co, the nation's biggest insurer, added 1.6 percent to 22.85 yuan. The insurer said it plans to invest 3 billion yuan in Guangdong Development Bank Co's private placement to keep its 20 percent stake.
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