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Steel firms lift Shanghai index up
By Feng Jianmin |
February 16, 2011, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher in the morning session as steel makers gained while banks and property developers dropped.
The Shanghai Composite Index rose 0.17 percent to close at 2,904.27 by the noon break. Turnover fell to 82 billion yuan (US$12.4 billion) from yesterday morning's 92.1 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.6 percent to 1269.41.
"The stock index is facing pressure of profit taking after gaining 10 percent since recently," wrote Soochow Securities in a note.
Steel makers gained on speculation of better earnings 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 1.8 percent to 7.31 yuan after raising prices for two main products by 6.7 percent and 4.9 percent, respectively. Wuhan Iron & Steel Co similarly added 1.8 percent after raising prices by similar scales.
Property developers dropped 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 1.4 percent to 8.46 yuan. Gemdale Corp lost 2.1 percent to 6.86 yuan.
Banks extended previous declines. China Merchants Bank lost 1.1 percent to 13.05 yuan. China Construction Bank was 0.6 percent to 4.91 yuan.
The Shanghai Composite Index rose 0.17 percent to close at 2,904.27 by the noon break. Turnover fell to 82 billion yuan (US$12.4 billion) from yesterday morning's 92.1 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.6 percent to 1269.41.
"The stock index is facing pressure of profit taking after gaining 10 percent since recently," wrote Soochow Securities in a note.
Steel makers gained on speculation of better earnings 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 1.8 percent to 7.31 yuan after raising prices for two main products by 6.7 percent and 4.9 percent, respectively. Wuhan Iron & Steel Co similarly added 1.8 percent after raising prices by similar scales.
Property developers dropped 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 1.4 percent to 8.46 yuan. Gemdale Corp lost 2.1 percent to 6.86 yuan.
Banks extended previous declines. China Merchants Bank lost 1.1 percent to 13.05 yuan. China Construction Bank was 0.6 percent to 4.91 yuan.
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