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Shanghai stocks unchanged in the morning
By Feng Jianmin |
August 9, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed almost unchanged in the morning session after the central government announced further plans to remove overcapacity.
The benchmark Shanghai Composite Index added 0.01 percent, or 0.28 points, to close at 2,658.67 points. Turnover rose to 71.5 billion yuan (US$ 10.56 billion) from last Friday morning's 52.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.71 percent to close at 1,115.25 points.
A total of 2,087 companies in 18 industries including cement, paper, coal and steel have been ordered to stop operation before the end of September because of their excessive energy consumption and pollution, the Ministry of Industry and Information Technology said yesterday.
Large cement providers led the gainers on the prospect that the plan may boost healthy development for the industries. Anhui Conch Cement Co rose 2.28 percent to 20.20 yuan. Tangshan Jidong Cement Co climbed 3.67 percent to 18.92 yuan. Gansu Qilianshan Cement Group Co went up 1.68 percent to 16.96 yuan.
Banks were weak after lending for third homes is banned in Shanghai, Beijing and Shenzhen and on concerns that the overcapacity-removal plan may pare their credit. Bank of China remained fell 0.85 percent to 3.49 yuan. Industrial and Commercial Bank of China was 0.7 percent lower to 4.23 yuan. Bank of Communications dropped 1 percent to 6.47 yuan. China Construction Bank lost 0.62 percent to 4.84 yuan.
Agriculture related stocks gained on expectation of higher food prices. Hefei Fengle Seed Co advanced 3.93 percent to 15.85 yuan. Xinjiang Guannong Fruit & Antler Group Co jumped 7.84 percent to 21.60 yuan. Shandong Denghai Seeds Co climbed 5.25 percent to 62.30 yuan.
The benchmark Shanghai Composite Index added 0.01 percent, or 0.28 points, to close at 2,658.67 points. Turnover rose to 71.5 billion yuan (US$ 10.56 billion) from last Friday morning's 52.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.71 percent to close at 1,115.25 points.
A total of 2,087 companies in 18 industries including cement, paper, coal and steel have been ordered to stop operation before the end of September because of their excessive energy consumption and pollution, the Ministry of Industry and Information Technology said yesterday.
Large cement providers led the gainers on the prospect that the plan may boost healthy development for the industries. Anhui Conch Cement Co rose 2.28 percent to 20.20 yuan. Tangshan Jidong Cement Co climbed 3.67 percent to 18.92 yuan. Gansu Qilianshan Cement Group Co went up 1.68 percent to 16.96 yuan.
Banks were weak after lending for third homes is banned in Shanghai, Beijing and Shenzhen and on concerns that the overcapacity-removal plan may pare their credit. Bank of China remained fell 0.85 percent to 3.49 yuan. Industrial and Commercial Bank of China was 0.7 percent lower to 4.23 yuan. Bank of Communications dropped 1 percent to 6.47 yuan. China Construction Bank lost 0.62 percent to 4.84 yuan.
Agriculture related stocks gained on expectation of higher food prices. Hefei Fengle Seed Co advanced 3.93 percent to 15.85 yuan. Xinjiang Guannong Fruit & Antler Group Co jumped 7.84 percent to 21.60 yuan. Shandong Denghai Seeds Co climbed 5.25 percent to 62.30 yuan.
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