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Stocks trim losses on rail investment plan
By Hu Xiaocen |
March 22, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks trimmed losses from the morning trade, as railway infrastructure constructors rallied on the government's one-trillion-yuan transportation system plan.
The Shanghai Composite Index rebounded in the afternoon to close at 2,375.77 points, the lowest in a week, with a slide of 0.1 percent. Turnover was 76.9 billion yuan (US$12 billion).
Rail constructors paced an advance of 1.31 percent on average after the State Council had announced a comprehensive plan for transportation system enhancement. According to the plan announced on the government's website, the nation plans to build 96 rail lines exceeding a total length of 2,500 kilometers by 2015, which requires a total investment of more than 1 trillion yuan.
CSR Co, the China's biggest train maker, added 1.31 percent to 4.63 yuan, while the country's second largest train maker, China CNR Corp gained 0.93 percent to 4.35 yuan. Jinxi Axle Co, a producer of light railway axles, jumped 2.54 percent to 11.71 yuan.
HSBC and Markit Economics posted a decline in the preliminary reading of China's manufacturing PMI to 48.1 in March from a final reading of 49.6 in February. The reading for March reached its lowest level in four months.
China's economy may bottom in the first half of the year, and achieve a "soft landing," said Ba Shusong, a senior economist at the State Council's Development Research Center, today in Shanghai.
Metal and coal producers were among the worst performers with a slump of 2.29 and 0.91 percent on average, as a lower manufacturing Purchase Managers Index suggests weakened manufacturing activities, therefore less demand for their products.
Jiangxi Copper Co, China's biggest producer of the metal, slumped 2.12 percent to 25.89 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, China's biggest producer of rare earth, plunged 5.48 percent to 66.45 yuan. China Shenhua Energy Co, the nation's largest coal producer, retreated 0.72 percent to 26.10 yuan.
The Shanghai Composite Index rebounded in the afternoon to close at 2,375.77 points, the lowest in a week, with a slide of 0.1 percent. Turnover was 76.9 billion yuan (US$12 billion).
Rail constructors paced an advance of 1.31 percent on average after the State Council had announced a comprehensive plan for transportation system enhancement. According to the plan announced on the government's website, the nation plans to build 96 rail lines exceeding a total length of 2,500 kilometers by 2015, which requires a total investment of more than 1 trillion yuan.
CSR Co, the China's biggest train maker, added 1.31 percent to 4.63 yuan, while the country's second largest train maker, China CNR Corp gained 0.93 percent to 4.35 yuan. Jinxi Axle Co, a producer of light railway axles, jumped 2.54 percent to 11.71 yuan.
HSBC and Markit Economics posted a decline in the preliminary reading of China's manufacturing PMI to 48.1 in March from a final reading of 49.6 in February. The reading for March reached its lowest level in four months.
China's economy may bottom in the first half of the year, and achieve a "soft landing," said Ba Shusong, a senior economist at the State Council's Development Research Center, today in Shanghai.
Metal and coal producers were among the worst performers with a slump of 2.29 and 0.91 percent on average, as a lower manufacturing Purchase Managers Index suggests weakened manufacturing activities, therefore less demand for their products.
Jiangxi Copper Co, China's biggest producer of the metal, slumped 2.12 percent to 25.89 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, China's biggest producer of rare earth, plunged 5.48 percent to 66.45 yuan. China Shenhua Energy Co, the nation's largest coal producer, retreated 0.72 percent to 26.10 yuan.
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