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Shanghai stocks rise on stronger small caps
By Feng Jianmin |
August 6, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed slightly higher in the morning session as gains in small caps more than offset losses of blue chips.
The benchmark Shanghai Composite Index added 0.14 percent, or 3.7 points, to close at 2,624.45 points. Turnover shrank to 52.4 billion yuan (US$ 7.74 billion) from yesterday's morning's 58.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.25 percent to close at 1,089 points.
Steel and cement providers were weak on demand concerns as the central government tightened mortgage loans for homes. Anhui Conch Cement Co dipped 0.05 percent to 19.20 yuan. Baoshan Iron and Steel Co, China's biggest steel maker, was unchanged at 6.28 yuan. Inner Mongolian Baotou Steel Union was unchanged at 3.38 yuan.
Banks went mixed. Bank of China remained unchanged at 3.49 yuan. Industrial and Commercial Bank of China was 0.33 percent higher to 6 yuan. Bank of Communications added 0.47 percent to 6.41 yuan. China Construction Bank lost 0.41 percent to 4.81 yuan.
Insurers went mixed after China Insurance Regulatory Commission widened insurers' investment scope to real estate and equities of unlisted companies, and allowed them to invest as much as 20 percent of their assets in stocks.
China Life Insurance Co, the country's largest life insurance company, edged 0.21 percent to 23.70 yuan. China Pacific Insurance (Group) Co was 0.43 percent lower to 23.19 yuan. Ping An Insurance (Group) Co rose 0.65 percent to 46.81 yuan.
The benchmark Shanghai Composite Index added 0.14 percent, or 3.7 points, to close at 2,624.45 points. Turnover shrank to 52.4 billion yuan (US$ 7.74 billion) from yesterday's morning's 58.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.25 percent to close at 1,089 points.
Steel and cement providers were weak on demand concerns as the central government tightened mortgage loans for homes. Anhui Conch Cement Co dipped 0.05 percent to 19.20 yuan. Baoshan Iron and Steel Co, China's biggest steel maker, was unchanged at 6.28 yuan. Inner Mongolian Baotou Steel Union was unchanged at 3.38 yuan.
Banks went mixed. Bank of China remained unchanged at 3.49 yuan. Industrial and Commercial Bank of China was 0.33 percent higher to 6 yuan. Bank of Communications added 0.47 percent to 6.41 yuan. China Construction Bank lost 0.41 percent to 4.81 yuan.
Insurers went mixed after China Insurance Regulatory Commission widened insurers' investment scope to real estate and equities of unlisted companies, and allowed them to invest as much as 20 percent of their assets in stocks.
China Life Insurance Co, the country's largest life insurance company, edged 0.21 percent to 23.70 yuan. China Pacific Insurance (Group) Co was 0.43 percent lower to 23.19 yuan. Ping An Insurance (Group) Co rose 0.65 percent to 46.81 yuan.
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