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Shanghai shares record tiny gain
By Staff Reporter |
December 15, 2010, Wednesday
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Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rose to the highest in a month as the technology sector and cement firms gained on policy support.
The Shanghai Composite Index edged up 0.14 percent, or 4.12 points, to 2,927.08, its highest close since November 15. Turnover was 153 billion yuan (US$23 billion), lower than Monday's 160 billion yuan.
"Firms related to the construction of low-cost homes and those in emerging industries such as green energy and high technology are favored by investors because these sectors are supported by government investment and thus will not be victimized by tighter monetary policies," CITIC Securities said in a note.
The technology sector rallied on news that China will implement the Internet of Things to 10 fields, including the smart grid, transport and logistics. Building the smart grid, the largest field among the 10, will lead to 4 trillion yuan in investment over the next decade, China Securities Journal reported.
China National Software and Service Co advanced 3.2 percent to 24.30 yuan. Ufida Software Co climbed 1.8 percent to 24.79 yuan.
Cement firms gained on speculation that demand may rise as the central government pledged to build more low-cost homes in the next five years. Fujian Cement Inc jumped the daily limit of 10 percent to 8.88 yuan. Hebei Taihang Cement Co climbed 8.2 percent to 14.52 yuan.
Banks were weak due to concerns about tighter lending policies. The Agriculture Bank of China fell 0.4 percent to 2.65 yuan.
The Shanghai Composite Index edged up 0.14 percent, or 4.12 points, to 2,927.08, its highest close since November 15. Turnover was 153 billion yuan (US$23 billion), lower than Monday's 160 billion yuan.
"Firms related to the construction of low-cost homes and those in emerging industries such as green energy and high technology are favored by investors because these sectors are supported by government investment and thus will not be victimized by tighter monetary policies," CITIC Securities said in a note.
The technology sector rallied on news that China will implement the Internet of Things to 10 fields, including the smart grid, transport and logistics. Building the smart grid, the largest field among the 10, will lead to 4 trillion yuan in investment over the next decade, China Securities Journal reported.
China National Software and Service Co advanced 3.2 percent to 24.30 yuan. Ufida Software Co climbed 1.8 percent to 24.79 yuan.
Cement firms gained on speculation that demand may rise as the central government pledged to build more low-cost homes in the next five years. Fujian Cement Inc jumped the daily limit of 10 percent to 8.88 yuan. Hebei Taihang Cement Co climbed 8.2 percent to 14.52 yuan.
Banks were weak due to concerns about tighter lending policies. The Agriculture Bank of China fell 0.4 percent to 2.65 yuan.
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