Stocks climb slightly but turnover stays flat
By Ding Yining |
March 20, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market closed higher yesterday, with banking shares and metal producers lifting the index, although turnover remained flat on the last trading day of the week.
The benchmark Shanghai Composite Index added 0.71 percent, or 21.66 points, to close at 3,067.75. Turnover was 103 billion yuan (US$15.1 billion).
The gauge gained a total of 1.92 percent for the week.
"The index will not go through dramatic fluctuations next week, and it is likely to remain between 3,020 and 3,070 points in the near future," said Chen Jian, an analyst at United Securities.
Investors sought property shares after the State-owned Assets Supervision and Administration Commission ordered those central government-controlled enterprises whose core business is not real estate to pull out of property development after completing their ongoing projects, as they expect real estate developers to benefit.
China Vanke Co increased 0.84 percent to 9.62 yuan, and COFCO Property Group Co rallied 5.68 percent to 10.23 yuan.
Steel mills gained. Baoshan Iron and Steel Co, China's largest steel producer, rose 0.73 percent to 8.28 yuan.
Metal producers also rose. Yunnan Copper Co jumped 2.68 percent to 26.01 yuan.
The benchmark Shanghai Composite Index added 0.71 percent, or 21.66 points, to close at 3,067.75. Turnover was 103 billion yuan (US$15.1 billion).
The gauge gained a total of 1.92 percent for the week.
"The index will not go through dramatic fluctuations next week, and it is likely to remain between 3,020 and 3,070 points in the near future," said Chen Jian, an analyst at United Securities.
Investors sought property shares after the State-owned Assets Supervision and Administration Commission ordered those central government-controlled enterprises whose core business is not real estate to pull out of property development after completing their ongoing projects, as they expect real estate developers to benefit.
China Vanke Co increased 0.84 percent to 9.62 yuan, and COFCO Property Group Co rallied 5.68 percent to 10.23 yuan.
Steel mills gained. Baoshan Iron and Steel Co, China's largest steel producer, rose 0.73 percent to 8.28 yuan.
Metal producers also rose. Yunnan Copper Co jumped 2.68 percent to 26.01 yuan.
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