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Shanghai stock index rise but developers drop
By Feng Jianmin |
April 26, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks remained in fluctuation and closed slightly higher in the morning session. Developers dropped on concerns liquidity in property investment would be further tightened.
The benchmark Shanghai Composite Index closed up 0.14 percent to 2987.57 points. Turnover was 63 billion yuan (US$9.2 billion). Gainers outnumbered losers by 503 to 422, and 179 remained unchanged.
The China Securities Regulatory Committee last Friday required developers to submit fund raising plans for review.
The property sector went weak after Bank of China last Friday said it would raise interest rates for existing house mortgages. China Vanke Co lost 0.5 percent to 7.89 yuan. Poly Real Estate Group Co went down 0.24 percent to 16.82 yuan after saying first quarter profit climbed 66 percent to 548 million yuan from a year earlier. Bucking the downward trend, Shanghai Lujiazui Finance & Trade Zone Development Co picked up 0.55 percent to 20.26 yuan.
Insiders revealed that most Chinese steel makers have accepted an almost doubled price of iron ore set by Rio Tinto, Vale and BHP, according to the Shanghai Securities News.
Baoshan Iron and Steel Co slipped 0.89 percent to 6.65 yuan. Beijing Shougang Co Ltd dipped 0.22 percent to 4.64 yuan. Angang Steel Company edged up 0.41 percent to 9.73 yuan.
China Southern Airlines Co, the nation's largest carrier, boosted first-quarter profit by more than sixfold to 1.42 billion yuan from a year earlier. The stock was down 0.33 percent to 9.03 yuan.
Bank of China went up 0.25 percent to 4.05 yuan. Industry and Commercial Bank closed 0.22 percent lower to 4.54 yuan. PetroChina, the biggest index component, dipped 0.16 percent to 12.23 yuan. China Shenhua Energy Co, the nation's largest coal producer picked up 0.62 percent to 27.69 yuan.
The benchmark Shanghai Composite Index closed up 0.14 percent to 2987.57 points. Turnover was 63 billion yuan (US$9.2 billion). Gainers outnumbered losers by 503 to 422, and 179 remained unchanged.
The China Securities Regulatory Committee last Friday required developers to submit fund raising plans for review.
The property sector went weak after Bank of China last Friday said it would raise interest rates for existing house mortgages. China Vanke Co lost 0.5 percent to 7.89 yuan. Poly Real Estate Group Co went down 0.24 percent to 16.82 yuan after saying first quarter profit climbed 66 percent to 548 million yuan from a year earlier. Bucking the downward trend, Shanghai Lujiazui Finance & Trade Zone Development Co picked up 0.55 percent to 20.26 yuan.
Insiders revealed that most Chinese steel makers have accepted an almost doubled price of iron ore set by Rio Tinto, Vale and BHP, according to the Shanghai Securities News.
Baoshan Iron and Steel Co slipped 0.89 percent to 6.65 yuan. Beijing Shougang Co Ltd dipped 0.22 percent to 4.64 yuan. Angang Steel Company edged up 0.41 percent to 9.73 yuan.
China Southern Airlines Co, the nation's largest carrier, boosted first-quarter profit by more than sixfold to 1.42 billion yuan from a year earlier. The stock was down 0.33 percent to 9.03 yuan.
Bank of China went up 0.25 percent to 4.05 yuan. Industry and Commercial Bank closed 0.22 percent lower to 4.54 yuan. PetroChina, the biggest index component, dipped 0.16 percent to 12.23 yuan. China Shenhua Energy Co, the nation's largest coal producer picked up 0.62 percent to 27.69 yuan.
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