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Shanghai shares rise on stronger overseas markets
By Feng Jianmin |
May 28, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks added on a surge of the US and Europe stocks overnight, but the rise was limited by the property sector on concerns of tightening measures.
The benchmark Shanghai Composite Index went down from a 5-day high of 2,686.54 points to close at 2,669.26 points in the morning session, 0.5 percent higher than yesterday's close. Turnover expanded to 59.6 billion yuan (US$8.73 billion) from yesterday's 39.3 billion yuan. Gainers outnumbered losers by 557 to 309, and 243 remain unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.75 percent to 1,068.33 points.
The property sector was among the weakest performers after the Securities Times reported on a possible levy of property tax in Shanghai. China Vanke Co edged down 0.53 percent to 7.49 yuan. Poly Real Estate lost 1.71 percent to 11.53 yuan. Gemdale Co sank 2.02 percent to 6.79 yuan.
Steel mills also dragged the index on worries about shrinking demand. Baoshan Iron & Steel Co dipped 0.31 percent to 6.52 yuan. Anshan Iron & Steel Co trailed 0.7 percent to 8.53 yuan. Beijing Shougang Co was 0.51 percent lower at 3.93 yuan.
The pharmaceutical sector led the gainers. Beijing Tongrentang Co, a Chinese medicine specialist company, climbed 5.21 percent to 29.70 yuan. Guilin Layn Natural Ingredients Co gained 4.87 percent to 16.38 yuan. Harbin Pharmaceutical Group CO went up 3.64 percent to 22.75 yuan.
The benchmark Shanghai Composite Index went down from a 5-day high of 2,686.54 points to close at 2,669.26 points in the morning session, 0.5 percent higher than yesterday's close. Turnover expanded to 59.6 billion yuan (US$8.73 billion) from yesterday's 39.3 billion yuan. Gainers outnumbered losers by 557 to 309, and 243 remain unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.75 percent to 1,068.33 points.
The property sector was among the weakest performers after the Securities Times reported on a possible levy of property tax in Shanghai. China Vanke Co edged down 0.53 percent to 7.49 yuan. Poly Real Estate lost 1.71 percent to 11.53 yuan. Gemdale Co sank 2.02 percent to 6.79 yuan.
Steel mills also dragged the index on worries about shrinking demand. Baoshan Iron & Steel Co dipped 0.31 percent to 6.52 yuan. Anshan Iron & Steel Co trailed 0.7 percent to 8.53 yuan. Beijing Shougang Co was 0.51 percent lower at 3.93 yuan.
The pharmaceutical sector led the gainers. Beijing Tongrentang Co, a Chinese medicine specialist company, climbed 5.21 percent to 29.70 yuan. Guilin Layn Natural Ingredients Co gained 4.87 percent to 16.38 yuan. Harbin Pharmaceutical Group CO went up 3.64 percent to 22.75 yuan.
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