Related News
Shanghai shares rebound on stimulus speculation
By Ye Zhen |
September 27, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning on speculation the government may introduce measures to boost confidence after the benchmark index broke a key support level yesterday and the nation posted lower industrial profits for August.
The key Shanghai Composite Index added 0.27 percent, or 5.40 points, to 2,009.57 points. Turnover stood at 17.7 billion yuan (US$2.8 billion) by midday.
The index yesterday closed at the lowest level in 44 months after it briefly touched below a key support level of 2,000 points.
There were high hopes for the market to hold above the round number, but failed, which is expected to draw the government's attention to battle the falling market, said Tang Yonggang, an analyst at Hongyuan Securities.
Market sentiment was lower after data from the National Bureau of Statistics today showed China's industrial profits fell 6.2 percent from a year earlier to 381.2 billion yuan in August, mirroring a decelerating economic growth in the world's second largest economy.
The profits shrunk 3.1 percent to 3.1 billion yuan year on year during the first eight months this year, compared with a 2.8 percent decrease from January to July.
Brokerages gained among financial stocks. Citic Securities, the biggest listed brokerage, added 1.4 percent to 11.15 yuan. Sinolink Securities Co increased 4.1 percent to 13.59 yuan. Soochow Securities Co gained 2.4 percent to 7.97 yuan.
China Life Insurance, the country's biggest insurer, rose 1.1 percent to 18.74 yuan. Ping An Insurance Co, China's second largest insurer, added 0.4 percent to 40.52 yuan. China Pacific Insurance (Group) Co climbed 1.4 percent to 19.33 yuan.
Most property developers fell. China Vanke, the nation's biggest developer, shed 0.4 percent to 7.76 yuan. Poly Real Estate, the second largest developer, fell 1 percent to 9.93 yuan.
The key Shanghai Composite Index added 0.27 percent, or 5.40 points, to 2,009.57 points. Turnover stood at 17.7 billion yuan (US$2.8 billion) by midday.
The index yesterday closed at the lowest level in 44 months after it briefly touched below a key support level of 2,000 points.
There were high hopes for the market to hold above the round number, but failed, which is expected to draw the government's attention to battle the falling market, said Tang Yonggang, an analyst at Hongyuan Securities.
Market sentiment was lower after data from the National Bureau of Statistics today showed China's industrial profits fell 6.2 percent from a year earlier to 381.2 billion yuan in August, mirroring a decelerating economic growth in the world's second largest economy.
The profits shrunk 3.1 percent to 3.1 billion yuan year on year during the first eight months this year, compared with a 2.8 percent decrease from January to July.
Brokerages gained among financial stocks. Citic Securities, the biggest listed brokerage, added 1.4 percent to 11.15 yuan. Sinolink Securities Co increased 4.1 percent to 13.59 yuan. Soochow Securities Co gained 2.4 percent to 7.97 yuan.
China Life Insurance, the country's biggest insurer, rose 1.1 percent to 18.74 yuan. Ping An Insurance Co, China's second largest insurer, added 0.4 percent to 40.52 yuan. China Pacific Insurance (Group) Co climbed 1.4 percent to 19.33 yuan.
Most property developers fell. China Vanke, the nation's biggest developer, shed 0.4 percent to 7.76 yuan. Poly Real Estate, the second largest developer, fell 1 percent to 9.93 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
