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Shanghai shares see slight gain as mood varies
By Feng Jianmin |
August 27, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up as weak property developers and banks pared gains of cement producers.
The benchmark Shanghai Composite edged up 0.28 percent, or 7.26 points, to close at 2,610.74 points, 1.19 percent lower from last week. Turnover fell to 75.2 billion yuan (US$11.1 billion) from yesterday's 81.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.85 percent higher at 1,128.49 points.
The central government will continue to implement strict curbs on property speculation and increase supply of land and low-cost homes in the second half of this year, said Zhang Ping, head of National Development and Reform Commission, in a report to China's top legislative body yesterday.
Property developers were weak. China Vanke declined 1.06 percent to 8.44 yuan. Gemdale Corp dipped 0.15 percent to 6.54 yuan. China Merchants Property Development Co trailed 1.34 percent to 19.14 yuan. Poly Real Estate Co lost 0.58 percent to 12.07 yuan.
Cement producers drove index higher on speculation that Beijing's plan to develop the central, west and shouthwest regions of China may boost demand. Xinjiang Tianshan Cement Co climbed 5 percent to 25.50 yuan. Anhui Conch Cement Co advanced 3.63 percent to 21.99 yuan. Tangshan Jidong Cement Co gained 4.23 percent to 20.95 yuan.
Banks lost as concerns for bad loans and tightening regulatory environment dimmed positive earnings report. Industrial and Commercial Bank of China reported a 27.6 percent year-on-year increase of net profit in the first half to 84.6 billion yuan, making it the most profitable company of those having released mid-term reports. Its share dipped 0.5 percent to 4.10 yuan. Bank of China fell 0.6 percent to 3.38 yuan after reporting a 27 percent growth in net profit in the first half.
The benchmark Shanghai Composite edged up 0.28 percent, or 7.26 points, to close at 2,610.74 points, 1.19 percent lower from last week. Turnover fell to 75.2 billion yuan (US$11.1 billion) from yesterday's 81.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.85 percent higher at 1,128.49 points.
The central government will continue to implement strict curbs on property speculation and increase supply of land and low-cost homes in the second half of this year, said Zhang Ping, head of National Development and Reform Commission, in a report to China's top legislative body yesterday.
Property developers were weak. China Vanke declined 1.06 percent to 8.44 yuan. Gemdale Corp dipped 0.15 percent to 6.54 yuan. China Merchants Property Development Co trailed 1.34 percent to 19.14 yuan. Poly Real Estate Co lost 0.58 percent to 12.07 yuan.
Cement producers drove index higher on speculation that Beijing's plan to develop the central, west and shouthwest regions of China may boost demand. Xinjiang Tianshan Cement Co climbed 5 percent to 25.50 yuan. Anhui Conch Cement Co advanced 3.63 percent to 21.99 yuan. Tangshan Jidong Cement Co gained 4.23 percent to 20.95 yuan.
Banks lost as concerns for bad loans and tightening regulatory environment dimmed positive earnings report. Industrial and Commercial Bank of China reported a 27.6 percent year-on-year increase of net profit in the first half to 84.6 billion yuan, making it the most profitable company of those having released mid-term reports. Its share dipped 0.5 percent to 4.10 yuan. Bank of China fell 0.6 percent to 3.38 yuan after reporting a 27 percent growth in net profit in the first half.
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