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Shanghai shares rise, led by metal and property firms
By Feng Jianmin |
July 22, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks closed slightly higher in the morning session on higher metal producers and property developers.
The benchmark Shanghai Composite Index went up 0.22 percent, or 5.68 points, to close at 2,541. Turnover shrank to 42.5 billion yuan (US$ 6.3 billion) from yesterday morning's 59.5 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.59 percent to 1,027 points.
Most steel makers went up. Wuhan Iron and Steel Co, China's third largest steelmaker, rose 1.3 percent to 4.66 yuan, after it secured a lower annual price of iron ore from Venezuela. Baoshan Iron and Steel Co edged up 0.16 percent to 6.27 yuan. Angang Steel Co gained 1.84 percent to 8.31 yuan.
Rare-earth producers advanced on speculation that demand will grow due to development of the new energy sector. Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co surged 6.15 percent to 40.91 yuan. Anhui Xinke New Materials Co advanced 3.68 percent to 6.48 yuan. Xiamen Tungsten Co climbed 4.36 percent to 20.59 yuan.
Property developers gained after the National Business Daily cited unidentified sources as saying that property tax will probably be levied in 2012,. China Vanke rose 2.32 percent to 7.93 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co added 0.85 percent to 17.89 yuan. Poly Real Estate (Group) Co climbed 3.64 percent to 12.25 yuan.
The benchmark Shanghai Composite Index went up 0.22 percent, or 5.68 points, to close at 2,541. Turnover shrank to 42.5 billion yuan (US$ 6.3 billion) from yesterday morning's 59.5 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.59 percent to 1,027 points.
Most steel makers went up. Wuhan Iron and Steel Co, China's third largest steelmaker, rose 1.3 percent to 4.66 yuan, after it secured a lower annual price of iron ore from Venezuela. Baoshan Iron and Steel Co edged up 0.16 percent to 6.27 yuan. Angang Steel Co gained 1.84 percent to 8.31 yuan.
Rare-earth producers advanced on speculation that demand will grow due to development of the new energy sector. Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co surged 6.15 percent to 40.91 yuan. Anhui Xinke New Materials Co advanced 3.68 percent to 6.48 yuan. Xiamen Tungsten Co climbed 4.36 percent to 20.59 yuan.
Property developers gained after the National Business Daily cited unidentified sources as saying that property tax will probably be levied in 2012,. China Vanke rose 2.32 percent to 7.93 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co added 0.85 percent to 17.89 yuan. Poly Real Estate (Group) Co climbed 3.64 percent to 12.25 yuan.
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