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Steel firms lead Shanghai equities up
By Feng Jianmin |
February 16, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for the fifth consecutive day as steel makers gained on speculations of better earnings after mills raised product prices, but banks and property developers were weak amid regulatory measures.
The Shanghai Composite Index rose 0.85 percent to close at 2,923.90. Turnover fell to 161.6 billion yuan (US$24.5 billion) from yesterday's 187 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.7 percent to 1269.41.
Steel makers gained after two major Chinese mills raised their main product prices for March delivery in the past two days. Baoshan Iron & Steel Co, China's largest listed mill, rose 2.8 percent to 7.38 yuan after raising prices for two main products by 6.7 percent and 4.9 percent, respectively. Wuhan Iron & Steel Co added 1.6 percent after raising prices by similar scales.
Property developers were mixed after the Shanghai Securities News reported that banking regulators ordered banks to prevent loans from flowing into property speculation and land purchase. China Vanke, China's largest developer, fell 0.6 percent to 8.53 yuan. China Merchants Property Development Co edged up 0.4 percent to 16.88 yuan.
Banks extended previous declines. China Merchants Bank lost 0.5 percent to 13.12 yuan. China Construction Bank was down 0.8 percent to 4.90 yuan.
The Shanghai Composite Index rose 0.85 percent to close at 2,923.90. Turnover fell to 161.6 billion yuan (US$24.5 billion) from yesterday's 187 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.7 percent to 1269.41.
Steel makers gained after two major Chinese mills raised their main product prices for March delivery in the past two days. Baoshan Iron & Steel Co, China's largest listed mill, rose 2.8 percent to 7.38 yuan after raising prices for two main products by 6.7 percent and 4.9 percent, respectively. Wuhan Iron & Steel Co added 1.6 percent after raising prices by similar scales.
Property developers were mixed after the Shanghai Securities News reported that banking regulators ordered banks to prevent loans from flowing into property speculation and land purchase. China Vanke, China's largest developer, fell 0.6 percent to 8.53 yuan. China Merchants Property Development Co edged up 0.4 percent to 16.88 yuan.
Banks extended previous declines. China Merchants Bank lost 0.5 percent to 13.12 yuan. China Construction Bank was down 0.8 percent to 4.90 yuan.
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