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Weak banks offset new-energy gains
By Feng Jianmin |
July 21, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks closed almost unchanged today as weak performance of banks and the property developers offset gains in the new-energy sector.
The benchmark Shanghai Composite Index went up 0.26 percent, or 6.66 points, to close at 2,535.39. Turnover stood at 105.7 billion yuan (US$15.6 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.06 percent to 1,021 points.
New energy stocks gained after the central government released a plan yesterday to invest 5 trillion yuan to develop clean energy in the next decade.
The blueprint will focus on reducing reliance on fossil energy and carbon emissions, said Jiang Bing, head of the planning sector of the National Energy Administration. The draft plan will be submitted to the State Council after approval by the National Development and Reform Commission.
Guangdong Baolihua New Energy Stock Co surged 10 percent to 5.7 yuan. SUFA Technology Industry Co, a leading valve provider for nuclear power, climbed 5.54 percent to 20.57 yuan. Guizhou Changzheng Electric Co went up 1.27 percent to 10.39 yuan.
Banks and property developers were weak after Liu Mingkang, chairman of China Banking Regulatory Commission, underlined curbs on lending, especially for purchases of third homes and high energy-consumption industries.
Industrial and Commercial Bank of China edged down 0.47 percent to 4.22 yuan. China Merchants Bank was 0.29 percent lower to 13.96 yuan. China Construction Bank dipped 0.16 percent to 6.30 yuan.
China Vanke went down 0.77 percent to 7.75 yuan. Poly Real Estate (Group) Co fell 0.92 percent to 11.82 yuan. China Merchants Property Development Co dropped 1.8 percent to 17.96 yuan.
The benchmark Shanghai Composite Index went up 0.26 percent, or 6.66 points, to close at 2,535.39. Turnover stood at 105.7 billion yuan (US$15.6 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.06 percent to 1,021 points.
New energy stocks gained after the central government released a plan yesterday to invest 5 trillion yuan to develop clean energy in the next decade.
The blueprint will focus on reducing reliance on fossil energy and carbon emissions, said Jiang Bing, head of the planning sector of the National Energy Administration. The draft plan will be submitted to the State Council after approval by the National Development and Reform Commission.
Guangdong Baolihua New Energy Stock Co surged 10 percent to 5.7 yuan. SUFA Technology Industry Co, a leading valve provider for nuclear power, climbed 5.54 percent to 20.57 yuan. Guizhou Changzheng Electric Co went up 1.27 percent to 10.39 yuan.
Banks and property developers were weak after Liu Mingkang, chairman of China Banking Regulatory Commission, underlined curbs on lending, especially for purchases of third homes and high energy-consumption industries.
Industrial and Commercial Bank of China edged down 0.47 percent to 4.22 yuan. China Merchants Bank was 0.29 percent lower to 13.96 yuan. China Construction Bank dipped 0.16 percent to 6.30 yuan.
China Vanke went down 0.77 percent to 7.75 yuan. Poly Real Estate (Group) Co fell 0.92 percent to 11.82 yuan. China Merchants Property Development Co dropped 1.8 percent to 17.96 yuan.
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