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Stocks gain slightly despite drop in industrial profit
By Ye Zhen |
May 28, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning despite data showing the overall profits of industrial companies in China continued to fall in April.
The benchmark Shanghai Composite Index rose 0.05 percent, or 1.17 points to 2,334.72. Turnover stood at 42.1 billion yuan (US$6.7 billion) in the morning session.
Combined profit at industrial companies in China dropped 1.6 percent from a year earlier in the first four months this year, the National Statistics Bureau said yesterday. Industrial profits fell 2.2 percent annually in April to 407.6 billion yuan.
Green companies consolidated last week's gains on the government's subsidy scheme to promote energy conservation and reduce emissions. Tianjin Capital Environmental Protection Group added 2 percent to 5.76 yuan while Beijing Capital Co edged up 0.4 percent to 5.25 yuan.
Construction related stocks also remained strong as the government announced last week that the nation will accelerate infrastructure construction.
Cement producers led the market gains. Anhui Conch Cement Co, the biggest Chinese cement producer, gained 2.8 percent to 17.37 yuan. Zhejiang Jianfeng Group Co jumped 4.8 percent to 14 yuan.
China Railway Erju Co increased the day limit of 10 percent for the second straight trading day to 8.07 yuan. China Railway Group Limited climbed 2.5 percent to 2.86 yuan.
Most brokerages slumped in the morning trading. Soochow Securities Co lost 2.4 percent to 9.19 yuan. Founder Securities Co fell 1.6 percent to 5.03 yuan. Citic Securities, the biggest listed brokerage, added 0.2 percent to 13.27 yuan.
The benchmark Shanghai Composite Index rose 0.05 percent, or 1.17 points to 2,334.72. Turnover stood at 42.1 billion yuan (US$6.7 billion) in the morning session.
Combined profit at industrial companies in China dropped 1.6 percent from a year earlier in the first four months this year, the National Statistics Bureau said yesterday. Industrial profits fell 2.2 percent annually in April to 407.6 billion yuan.
Green companies consolidated last week's gains on the government's subsidy scheme to promote energy conservation and reduce emissions. Tianjin Capital Environmental Protection Group added 2 percent to 5.76 yuan while Beijing Capital Co edged up 0.4 percent to 5.25 yuan.
Construction related stocks also remained strong as the government announced last week that the nation will accelerate infrastructure construction.
Cement producers led the market gains. Anhui Conch Cement Co, the biggest Chinese cement producer, gained 2.8 percent to 17.37 yuan. Zhejiang Jianfeng Group Co jumped 4.8 percent to 14 yuan.
China Railway Erju Co increased the day limit of 10 percent for the second straight trading day to 8.07 yuan. China Railway Group Limited climbed 2.5 percent to 2.86 yuan.
Most brokerages slumped in the morning trading. Soochow Securities Co lost 2.4 percent to 9.19 yuan. Founder Securities Co fell 1.6 percent to 5.03 yuan. Citic Securities, the biggest listed brokerage, added 0.2 percent to 13.27 yuan.
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