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Shanghai shares flat in the morning
By Ding Yining |
May 27, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S stock market almost remained unchanged in the morning session as rising financial shares and metal producers were overshadowed by the sluggish performance of property developers.
The benchmark Shanghai Composite Index was 0.02 percent lower, or 0.54 points, to close at 2,625.25 points. Turnover fell to 39.3 billion yuan(US$5.8 billion) from yesterday's 41.2 billion yuan. Gainers outnumbered losers 429 to 414 and 80 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.53 percent to close at 1,045.01 points.
Bank of Communications added 0.76 percent to 6.67 yuan. Shanghai Pudong Development Bank edged up 0.05 percent to 19.12 yuan. China Life Insurance Co jumped 1.12 percent to 24.41 yuan. Ping An Insurance (Group) Co was up 0.29 percent to 45.55 yuan.
The Oriental Morning Post reported that China may introduce a 0.6 percent tax on properties larger than 200 square meters, citing unnamed industry officials.
China Merchants Property Development Co Ltd lost 0.90 percent to 16.45 yuan. China Vanke Co, the biggest listed domestic real estate developer, dipped 0.13 percent to 7.43 yuan. Gemdale Corporation was down 0.14 percent to 6.92 yuan. Poly Real Estate Group fell 0.85 percent to 11.60 yuan.
Bank of Beijing said shareholders have approved its plan to raise no more than 30 billion yuan through issuing bonds. The stock dipped 0.30 percent to 13.44 yuan.
Metal producers ended higher. Yunnan Copper was up 0.60 percent to 21.91 yuan. Zhongjin Gold Mining Co advanced 2.54 percent to 59.67 yuan. Aluminum Corporation of China Ltd rose 0.68 percent to 10.30 yuan.
China South Locomotive & Rolling Stock Corp said it will invest 10 billion yuan in the next five years to develop rail-equipment manufacturing facilities in Hunan Province, under an agreement with the local government and China Development Bank. Its shares added 1.81 percent to 5.05 yuan.
The benchmark Shanghai Composite Index was 0.02 percent lower, or 0.54 points, to close at 2,625.25 points. Turnover fell to 39.3 billion yuan(US$5.8 billion) from yesterday's 41.2 billion yuan. Gainers outnumbered losers 429 to 414 and 80 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.53 percent to close at 1,045.01 points.
Bank of Communications added 0.76 percent to 6.67 yuan. Shanghai Pudong Development Bank edged up 0.05 percent to 19.12 yuan. China Life Insurance Co jumped 1.12 percent to 24.41 yuan. Ping An Insurance (Group) Co was up 0.29 percent to 45.55 yuan.
The Oriental Morning Post reported that China may introduce a 0.6 percent tax on properties larger than 200 square meters, citing unnamed industry officials.
China Merchants Property Development Co Ltd lost 0.90 percent to 16.45 yuan. China Vanke Co, the biggest listed domestic real estate developer, dipped 0.13 percent to 7.43 yuan. Gemdale Corporation was down 0.14 percent to 6.92 yuan. Poly Real Estate Group fell 0.85 percent to 11.60 yuan.
Bank of Beijing said shareholders have approved its plan to raise no more than 30 billion yuan through issuing bonds. The stock dipped 0.30 percent to 13.44 yuan.
Metal producers ended higher. Yunnan Copper was up 0.60 percent to 21.91 yuan. Zhongjin Gold Mining Co advanced 2.54 percent to 59.67 yuan. Aluminum Corporation of China Ltd rose 0.68 percent to 10.30 yuan.
China South Locomotive & Rolling Stock Corp said it will invest 10 billion yuan in the next five years to develop rail-equipment manufacturing facilities in Hunan Province, under an agreement with the local government and China Development Bank. Its shares added 1.81 percent to 5.05 yuan.
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