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Steel firms power Shanghai gauge up
By Feng Jianmin |
March 4, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up in the morning session as steel makers rose.
The benchmark Shanghai Composite Index added 0.21 percent to 2,909.11. Turnover dropped to 68 billion yuan (US$ 10.3 billion) from yesterday morning's 97.3 billion yuan.
The Shenzhen Component Index, which tracks the smaller market on the mainland, was down 0.05 percent to 12,692.04.
Steel makers led the gainers after media reported that the country will support development of high-power rail car wheels, which now rely heavily on imports.
Maanshan Iron & Steel, which produced the first batch of such wheels, jumped 7.7 percent to 3.92 yuan. Wuhan Iron & Steel Co rose 2 percent to 4.65 yuan.
China Vanke gained 0.61 percent to 8.24 yuan after reporting that its sales was 6.1 billion yuan in February, 142 percent higher than the previous year, but was 70 percent lower than January. Poly Real Estate Co dipped 0.6 percent to 12.71 yuan.
Banks declined on concerns that the central bank will order commercial banks to put aside more money from lending to control liquidity. Bank of China edged down 0.3 percent to 3.29 yuan.
The benchmark Shanghai Composite Index added 0.21 percent to 2,909.11. Turnover dropped to 68 billion yuan (US$ 10.3 billion) from yesterday morning's 97.3 billion yuan.
The Shenzhen Component Index, which tracks the smaller market on the mainland, was down 0.05 percent to 12,692.04.
Steel makers led the gainers after media reported that the country will support development of high-power rail car wheels, which now rely heavily on imports.
Maanshan Iron & Steel, which produced the first batch of such wheels, jumped 7.7 percent to 3.92 yuan. Wuhan Iron & Steel Co rose 2 percent to 4.65 yuan.
China Vanke gained 0.61 percent to 8.24 yuan after reporting that its sales was 6.1 billion yuan in February, 142 percent higher than the previous year, but was 70 percent lower than January. Poly Real Estate Co dipped 0.6 percent to 12.71 yuan.
Banks declined on concerns that the central bank will order commercial banks to put aside more money from lending to control liquidity. Bank of China edged down 0.3 percent to 3.29 yuan.
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