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Shanghai stocks stage afternoon rally to end higher
By Ding Yining |
November 19, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S market rebounded in the afternoon session and closed nearly 1 percent higher on the last trading day of the week with losses in financial shares erased by gains of property developers.
The benchmark Shanghai Composite Index was up 0.81 percent, or 23.11 points, to close at 2,888.57 points. Turnover was 155.8 billion yuan (US$23.6 billion). A total of 764 shares closed higher while 104 lowered and 53 remained unchanged. The gauge lost a collective of 3.24 percent this week.
The Shenzhen Composite Index advanced 2.93 percent to at 1,297.48 points.
State Information Center, the research agency under the National Development and Reform Commission, said in a latest report that Consumer Price Index will rise 3.8 percent in the fourth quarter, the highest quarterly gain this year. It also suggested a shift from the current moderately easy monetary policy to a more neutral one, the China Securities Journal reported today.
Banks and insurers ended lower. Shanghai Pudong Development Bank dipped 0.53 percent to 13.12 yuan. China Life Insurance lost 0.17 percent to 23.25 yuan. China Merchants Bank lowered 0.88 percent to 13.56 yuan.
SAIC Motor Co, the nation's largest auto maker, rose 1.17 percent to 18.21 yuan. The Shanghai-based company said it has agreed to pay US$5 million for a 0.97 percent stake in General Motors initial public offering.
Commodity shares showed mixed results. Zijin Mining Co lowered 0.46 percent to 8.71 yuan. Yunnan Copper Co was down 0.69 percent to 24.47 yuan. Zhongjin Gold Mining Co edged up 0.37 percent to 40.52 yuan.
China Petroleum & Chemical Corp, Asia's largest oil refiner, lost 0.48 percent to 8.35 yuan. PetroChina, the biggest index component, lowered 0.97 percent to 11.28 yuan.
Property sector rebounded from earlier losses. China Merchants Development Co rose 1.11 percent to 16.41 yuan. Poly Real Estate Co edged up 0.16 percent to 12.40 yuan. Shanghai Waigaoqiao Free Trade Zone Development surged 8.44 percent to 15.29 yuan.
The benchmark Shanghai Composite Index was up 0.81 percent, or 23.11 points, to close at 2,888.57 points. Turnover was 155.8 billion yuan (US$23.6 billion). A total of 764 shares closed higher while 104 lowered and 53 remained unchanged. The gauge lost a collective of 3.24 percent this week.
The Shenzhen Composite Index advanced 2.93 percent to at 1,297.48 points.
State Information Center, the research agency under the National Development and Reform Commission, said in a latest report that Consumer Price Index will rise 3.8 percent in the fourth quarter, the highest quarterly gain this year. It also suggested a shift from the current moderately easy monetary policy to a more neutral one, the China Securities Journal reported today.
Banks and insurers ended lower. Shanghai Pudong Development Bank dipped 0.53 percent to 13.12 yuan. China Life Insurance lost 0.17 percent to 23.25 yuan. China Merchants Bank lowered 0.88 percent to 13.56 yuan.
SAIC Motor Co, the nation's largest auto maker, rose 1.17 percent to 18.21 yuan. The Shanghai-based company said it has agreed to pay US$5 million for a 0.97 percent stake in General Motors initial public offering.
Commodity shares showed mixed results. Zijin Mining Co lowered 0.46 percent to 8.71 yuan. Yunnan Copper Co was down 0.69 percent to 24.47 yuan. Zhongjin Gold Mining Co edged up 0.37 percent to 40.52 yuan.
China Petroleum & Chemical Corp, Asia's largest oil refiner, lost 0.48 percent to 8.35 yuan. PetroChina, the biggest index component, lowered 0.97 percent to 11.28 yuan.
Property sector rebounded from earlier losses. China Merchants Development Co rose 1.11 percent to 16.41 yuan. Poly Real Estate Co edged up 0.16 percent to 12.40 yuan. Shanghai Waigaoqiao Free Trade Zone Development surged 8.44 percent to 15.29 yuan.
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