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Tech chips rise but banks drop in Shanghai
By Feng Jianmin |
December 14, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed flat today as technology chips and cement firms gained on policy support while banks were weak on worries about tightening lending.
The benchmark Shanghai Composite Index edged up 0.14 percent, or 4.1 points, to 2,927. Turnover was 153 billion yuan (US$23 billion), slightly lower than yesterday's 160 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 1 percent to 1,350.75.
"Firms related to construction of low-cost homes and emerging industries such as green energy and high technology are favored by investors because these sectors are supported by government investments and thus won't be hurt by tighter monetary policies," said CITIC Securities in a note.
Banks were weak among concerns about tightening credit. Agriculture Bank of China fell 0.4 percent to 2.65 yuan. Industrial and Commercial Bank of China was down 0.2 percent to 4.27 yuan. China Construction Bank was unchanged at 4.78 yuan.
Cement firms led the gainers on speculation that demand may be boosted as the Chinese government pledged to build more low-cost homes in the next five years. Jiangxi Wannianqing Cement Co jumped by the daily limit of 10 percent to 13.09 yuan. Fujian Cement Inc similarly rallied 10 percent to 8.99 yuan. Hebei Taihang Cement Co climbed 8.2 percent to 14.52 yuan.
The technology sector rallied after the development of internet of things was given priority to in the government's plan for the next five years. Xiamen Xindeco Co surged by a daily limit of 10 percent to 15.98 yuan. Fujian Newland Computer Co rose 3 percent to 23.77 yuan.
Carriers gained. China Eastern Airlines rose 1.6 percent to 7.22 yuan after saying yesterday that it flew 40 percent more passengers in the first 11 months from the same period last year. Air China added 1 percent to 13.16 yuan after reporting yesterday its passenger volume in November was 8.3 percent higher than last year but 13.6 percent lower than last month.
The benchmark Shanghai Composite Index edged up 0.14 percent, or 4.1 points, to 2,927. Turnover was 153 billion yuan (US$23 billion), slightly lower than yesterday's 160 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 1 percent to 1,350.75.
"Firms related to construction of low-cost homes and emerging industries such as green energy and high technology are favored by investors because these sectors are supported by government investments and thus won't be hurt by tighter monetary policies," said CITIC Securities in a note.
Banks were weak among concerns about tightening credit. Agriculture Bank of China fell 0.4 percent to 2.65 yuan. Industrial and Commercial Bank of China was down 0.2 percent to 4.27 yuan. China Construction Bank was unchanged at 4.78 yuan.
Cement firms led the gainers on speculation that demand may be boosted as the Chinese government pledged to build more low-cost homes in the next five years. Jiangxi Wannianqing Cement Co jumped by the daily limit of 10 percent to 13.09 yuan. Fujian Cement Inc similarly rallied 10 percent to 8.99 yuan. Hebei Taihang Cement Co climbed 8.2 percent to 14.52 yuan.
The technology sector rallied after the development of internet of things was given priority to in the government's plan for the next five years. Xiamen Xindeco Co surged by a daily limit of 10 percent to 15.98 yuan. Fujian Newland Computer Co rose 3 percent to 23.77 yuan.
Carriers gained. China Eastern Airlines rose 1.6 percent to 7.22 yuan after saying yesterday that it flew 40 percent more passengers in the first 11 months from the same period last year. Air China added 1 percent to 13.16 yuan after reporting yesterday its passenger volume in November was 8.3 percent higher than last year but 13.6 percent lower than last month.
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