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Shanghai stocks up today but still lose for the week
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SHANGHAI stocks eked out small gains today as market sentiment improved with positive policy stimuli.
The Shanghai Composite Index edged up 0.08 percent to 3,154.66 points. For the week, the gauge lost 0.58 percent.
Shares of iron and steel companies, telecommunication enterprises and those related to Xiongan New Area were among the biggest gainers today.
Investors turned optimistic by the positive signal of development of Xiongan New Area. China Development Bank is going to provide 130 billion yuan (US$18.85 billion) to support the development of Xiongan New Area, according to the announcement published by the official website of the China Development Bank yesterday.
Shares related to Xiongan New Area picked up in the afternoon session, with Tianjin Capital Environmental Protection Group Co rose 8.87 percent to 17.30 yuan (US$2.51) while Hebei Baoshuo Co added 5.32 percent to 15.83 yuan.
Shares of distilleries fell the most today. Zhejiang Guyuelongshan Shaoxing Wine Co declined 3.21 percent to 9.66 yuan while Shanxi Xinghuacun Fen Wine Factory Co lost 2.33 percent to 31.01 yuan.
"Distilleries shares fell since business performance of liquor makers was not as good as market expected, according to the first quarter report released by these companies," said Yu Chunsheng, analyst of Sealand Securities.
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