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Stock market on the rebound
By Joyce Pan |
May 5, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rebounded from a seven-month low today, led by property developers and lenders.
The benchmark Shanghai Composite Index added 0.77 percent, or 21.87 points to 2,857.15 points. Turnover rose to 114.1 billion yuan (US$16.8 billion) from 80.4 billion yuan on Tuesday. Gainers outnumbered losers 787 to 100 and 11 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.23 percent to close at 1,129.5 points.
The Shanghai market opened lower and dropped more than 1 percent to an intraday low of 2,770.33 points following plunges in the surrounding market on concerns over the European debt crisis. But rebounds in real estate and banking reversed losses in the afternoon.
"Lenders and property developers have already been very cheap and there was not much room for further drops judging from their price earnings ratio," said Guo Feng, a Northeast Securities Co analyst.
Bank of Communications gained 1.2 percent to 7.05 yuan. Shanghai Pudong Development Bank climbed 0.6 percent to 20.31 yuan.
Shanghai-based Shimao Co edged up 0.8 percent to 10.8 yuan. Shanghai Lujiazui Finance & Trade Zone jumped 2.8 percent to 19.75 yuan. Wolong Real Estate Group surged by 10 percent daily cap to 6.2 yuan.
"The property sector will be under pressure as the government is likely to roll out more measures to crackdown on soaring housing prices including the property taxes," CITIC Securities Co wrote in a research note.
JI Huaiyin, an official from the State Council, said the property tax could ensure the healthy development of the housing market but the government needed to proceed step by step.
Bucking the upward trend, commodity producers lost after raw material prices plunged on speculation the European debt crisis could become a barrier to the world's economic recovery.
Jiangxi Copper, the largest producer of the metal, fell 3.4 percent to 32.35 yuan. Aluminum Crop of China, the nation's biggest maker of the lightweight metal, shed 2 percent to 11.11 yuan.
PetroChina, the nation's top oil company and the largest component of the index, slid 0.4 percent to 11.92 yuan. Sinopec, Asia's largest oil refiner, eased 0.8 percent to 9.88 yuan.
The benchmark Shanghai Composite Index added 0.77 percent, or 21.87 points to 2,857.15 points. Turnover rose to 114.1 billion yuan (US$16.8 billion) from 80.4 billion yuan on Tuesday. Gainers outnumbered losers 787 to 100 and 11 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.23 percent to close at 1,129.5 points.
The Shanghai market opened lower and dropped more than 1 percent to an intraday low of 2,770.33 points following plunges in the surrounding market on concerns over the European debt crisis. But rebounds in real estate and banking reversed losses in the afternoon.
"Lenders and property developers have already been very cheap and there was not much room for further drops judging from their price earnings ratio," said Guo Feng, a Northeast Securities Co analyst.
Bank of Communications gained 1.2 percent to 7.05 yuan. Shanghai Pudong Development Bank climbed 0.6 percent to 20.31 yuan.
Shanghai-based Shimao Co edged up 0.8 percent to 10.8 yuan. Shanghai Lujiazui Finance & Trade Zone jumped 2.8 percent to 19.75 yuan. Wolong Real Estate Group surged by 10 percent daily cap to 6.2 yuan.
"The property sector will be under pressure as the government is likely to roll out more measures to crackdown on soaring housing prices including the property taxes," CITIC Securities Co wrote in a research note.
JI Huaiyin, an official from the State Council, said the property tax could ensure the healthy development of the housing market but the government needed to proceed step by step.
Bucking the upward trend, commodity producers lost after raw material prices plunged on speculation the European debt crisis could become a barrier to the world's economic recovery.
Jiangxi Copper, the largest producer of the metal, fell 3.4 percent to 32.35 yuan. Aluminum Crop of China, the nation's biggest maker of the lightweight metal, shed 2 percent to 11.11 yuan.
PetroChina, the nation's top oil company and the largest component of the index, slid 0.4 percent to 11.92 yuan. Sinopec, Asia's largest oil refiner, eased 0.8 percent to 9.88 yuan.
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