Stock prices rise for 5th trading day
By Feng Jianmin and Pan Xiaoyi |
July 23, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for the fifth consecutive trading day.
The benchmark Shanghai Composite Index rose 1.07 percent, or 27.01 points, to close at 2,562.41, the highest level since June 24. Turnover shrank to 95.8 billion yuan (US$14.1 billion) from Wednesday's 105.7 billion yuan.
"The number of market hot spots is increasing with more sectors on the gaining side, indicating investor sentiment is recovering and ready to participate in the market," Central China Securities Co said.
Property developers gained after a report that the collection of property tax will probably start in 2012, later than expected. Poly Real Estate (Group) Co climbed 4.5 percent to 12.35 yuan.
Wuhan Iron and Steel Co rose 1.3 percent to 4.66 yuan after it secured iron ore from Venezula at a price 30 percent lower than that of Australian and Brazilian miners. Baoshan Iron and Steel Co edged up 0.6 percent to 6.30 yuan. Angang Steel Co gained 2.8 percent to 8.39 yuan.
Rare earth metal producers benefited from speculation prices will increase. Inner Mongolia Baotou Steel Rare-Earth High-Tech Co surged 5.89 percent to 40.81 yuan.
The benchmark Shanghai Composite Index rose 1.07 percent, or 27.01 points, to close at 2,562.41, the highest level since June 24. Turnover shrank to 95.8 billion yuan (US$14.1 billion) from Wednesday's 105.7 billion yuan.
"The number of market hot spots is increasing with more sectors on the gaining side, indicating investor sentiment is recovering and ready to participate in the market," Central China Securities Co said.
Property developers gained after a report that the collection of property tax will probably start in 2012, later than expected. Poly Real Estate (Group) Co climbed 4.5 percent to 12.35 yuan.
Wuhan Iron and Steel Co rose 1.3 percent to 4.66 yuan after it secured iron ore from Venezula at a price 30 percent lower than that of Australian and Brazilian miners. Baoshan Iron and Steel Co edged up 0.6 percent to 6.30 yuan. Angang Steel Co gained 2.8 percent to 8.39 yuan.
Rare earth metal producers benefited from speculation prices will increase. Inner Mongolia Baotou Steel Rare-Earth High-Tech Co surged 5.89 percent to 40.81 yuan.
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