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Stocks end week 2% higher
By Feng Jianmin |
May 28, 2010, Friday
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Online Edition
Online Edition
SHANGHAI stocks closed almost unchanged today as weak performance in the property and steel sectors offsets an earlier gain on the surge of the US and Europe stocks overnight.
The benchmark Shanghai Composite Index fell from a two-week high of 2,686.54 points to close at 2,655.77 points, 0.15 points lower than yesterday's close. Turnover expanded to 101.4 billion yuan (US$14.9 billion) from yesterday's 96.5 billion yuan. Losers outnumbered gainers by 459 to 427, and 223 shares remain unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, inched up 2.44 points, or 0.23 percent to 1,062.78 points.
The property sector was among the weakest performers after the Securities Times reported on a possible levy of property tax in Shanghai. China Vanke Co shrank 1.33 percent to 7.43 yuan. Poly Real Estate lost 2.47 percent to 11.44 yuan. Gemdale Co sank 2.89 percent to 6.73 yuan.
Steel mills also dragged down the index on worries about shrinking demand. Baoshan Iron & Steel Co dipped 0.92 percent to 6.48 yuan. Angang Steel Company trailed 1.05 percent to 8.50 yuan. Beijing Shougang Co was 1.27 percent lower at 3.90 yuan.
The pharmaceutical sector led the gainers. Beijing Tongrentang Co, a leading Chinese medicine company, gained 3.22 percent to 29.14 yuan. Guilin Layn Natural Ingredients Co climbed 4.23 percent to 16.28 yuan. Harbin Pharmaceutical Group CO went up 2.28 percent to 22.45 yuan.
The Shanghai Composite Index gained 2.2 percent over the week, the most since April.
The benchmark Shanghai Composite Index fell from a two-week high of 2,686.54 points to close at 2,655.77 points, 0.15 points lower than yesterday's close. Turnover expanded to 101.4 billion yuan (US$14.9 billion) from yesterday's 96.5 billion yuan. Losers outnumbered gainers by 459 to 427, and 223 shares remain unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, inched up 2.44 points, or 0.23 percent to 1,062.78 points.
The property sector was among the weakest performers after the Securities Times reported on a possible levy of property tax in Shanghai. China Vanke Co shrank 1.33 percent to 7.43 yuan. Poly Real Estate lost 2.47 percent to 11.44 yuan. Gemdale Co sank 2.89 percent to 6.73 yuan.
Steel mills also dragged down the index on worries about shrinking demand. Baoshan Iron & Steel Co dipped 0.92 percent to 6.48 yuan. Angang Steel Company trailed 1.05 percent to 8.50 yuan. Beijing Shougang Co was 1.27 percent lower at 3.90 yuan.
The pharmaceutical sector led the gainers. Beijing Tongrentang Co, a leading Chinese medicine company, gained 3.22 percent to 29.14 yuan. Guilin Layn Natural Ingredients Co climbed 4.23 percent to 16.28 yuan. Harbin Pharmaceutical Group CO went up 2.28 percent to 22.45 yuan.
The Shanghai Composite Index gained 2.2 percent over the week, the most since April.
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