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Shanghai shares mixed in volatile trading
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SHANGHAI stocks recovered morning losses with a tiny drop of 0.04 percent as surging telecom and brokerage shares offset the losses of homebuilders.
The benchmark Shanghai Composite Index closed at 2,205.77 points today with a daily turnover of 120 billion yuan (US$19.7 billion).
Today’s Securities Times reported that the Ministry of Industry and Information Technology will issue licenses for 4G wireless service providers as early as next week.
Network equipment manufacturers were also among the winners. Both Fuchun Communications Co and Datang Telecom Technology Co surged by the daily limit of 10 percent. Sunsea Telecommunications Co rose 3.32 percent to 17.41 yuan.
Brokerages advanced as well. Sinolink Securities surged 8.39 percent to 14.98 yuan. Western Securities advanced 2.88 percent to 12.84 yuan.
Property developers, however, slumped after the State Council, the Chinese cabinet, said yesterday the country will establish a property ownership registration system that is open to the public and the Ministry of Land and Resources will oversee the registration of land, real estate, grassland, forests and marine resources.
China Merchants Property Development Co sank 4.02 percent to 22.20 yuan. Gemdale Corporation retreated 3.04 percent to 6.05 yuan.
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