Weak bank stocks offset gains by shippers
By Ding Yining and Feng Jianmin |
May 27, 2010, Thursday
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Print Edition
Print Edition
SHANGHAI'S stocks closed slightly higher yesterday although weak financial shares offset gains by shipping companies and investor confidence remained flat.
The Shanghai Composite Index edged up 0.12 percent, or 3.16 points, to close at 2,625.79. Turnover fell to 75.2 billion yuan (US$11 billion) from Tuesday's 101.7 billion yuan.
"Policy risks see no sign of escalating in the near future and the index is likely to adjust with relatively low turnover," Lu Xiaoping, an analyst at Zheshang Securities, said in a research note.
Rising transport charges boosted earnings prospects for domestic shipping companies. The Baltic Dry Index, which tracks dry bulk freight, rose 6.2 percent to 4,187 points on Tuesday, the highest level in more than seven months.
China Cosco Holdings Co advanced 1.9 percent to 10.21 yuan, and Cosco Shipping Co climbed 3.88 percent to 7.76 yuan. China Shipping Container Lines Co added 1.07 percent to 3.78 yuan.
Property shares showed mixed results. China Merchants Property Development Co added 0.48 percent to 16.60 yuan. Poly Real Estate Group rose 0.34 percent to 11.70 yuan. Gemdale Corp lost 0.78 percent to 6.93 yuan.
The Bank of Communications lost 1.19 percent to 6.62 yuan, Shanghai Pudong Development Bank dipped 0.16 percent to 19.11 yuan and China Merchants Bank fell 0.37 percent to 13.64 yuan.
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