Equities edge up led by banks, insurers
Mainland stocks rose, led by banks and insurers, after the nation\’s growth rate accelerated to the quickest pace since 2007 in the fourth quarter.
The Shanghai Composite Index rose 7.01, or 0.2 percent, to 3158.86 at the close, erasing a 0.8 percent loss. The CSI 300 Index gained 0.4 percent to 3408.57.
\”China\’s economy has recovered strongly, particularly in the second half,\” Thomas Deng, head of China strategy at Goldman Sachs Group Inc, said. \”We\’re still positive on the market.\”
Industrial & Commercial Bank of China, the nation\’s biggest listed lender, added 1.8 percent to 5.02 yuan. Construction Bank, the second largest, rose 2.3 percent to 5.89 yuan. Shanghai Pudong Development Bank Co, the Chinese partner of Citigroup Inc, advanced 3.4 percent to 20.47 yuan.
China Asset Management Co, the nation\’s biggest mutual fund company, bought Chinese banks and transport companies and sold mining stocks in its flagship fund in the fourth quarter, according to the company\’s website.
Jiangxi Copper Co paced declines by commodities producers on concern the government will rein in credit growth to avert asset bubbles.
The company lost 1.5 percent to 37.33 yuan. Aluminum Corp of China Ltd slid 1.4 percent to 13.72 yuan. PetroChina Co dropped 1.2 percent to 13.51 yuan.
Hang Seng falls
Hong Kong stocks fell 1.99 percent to their lowest level in more than three months yesterday, as investors exited banks and property stocks after the mainland\’s strong economic data reignited fears of further tightening measures.
The benchmark Hang Seng Index fell sharply in afternoon trade, ending down 423.50 points at 20862.67, its lowest close since Oct 6. The China Enterprises Index of top locally listed mainland stocks was down 2.64 percent at 11957.83.
Market turnover rose to HK$83.13 billion from Wednesday\’s HK$74.62 billion.
Chinese shares close mixed at midday Friday
Chinese shares closed mixed at midday on Friday. The benchmark Shanghai Composite Index was slightly up 0.08 percent, or 2.66 points, to close at 3,267.29 points.
The Shenzhen Component Index lost 0.43 percent, or 59.15 points, to close at 13,700.69 points.
The Hushen 300 Index reflecting the performance of the country\’s Shanghai and Shenzhen stock exchanges ended 0.11 percent lower midday at 3587.05 points.
ChiNext stocks close higher on Wednesday
The ChiNext closed higher Wednesday as only ten of the 28 shares at China\’s start-up board for small and medium-sized enterprises went down.
The board, which is based in Shenzhen and started trading on October 30, 2009, is tailored to the needs of enterprises engaged in independent innovation and other enterprises with great growth potential.
Chinese shares close down 1.73%
The benchmark index of Chinese equities dropped 1.73 percent Wednesday, led by declining financial and property stocks.
The Shanghai Composite Index went down 1.73 percent, or 57.09 points, to close at 3,239.57.
The Shenzhen Component Index dipped 1.14 percent, or 158.12 points, to close at 13,772.17.
Combined turnover shrank to 232.27 billion yuan ($34.01 billion) from 275.4 billion yuan on the previous trading day.
Losers outnumbered gainers by 730 to 156 in Shanghai and 638 to 166 in Shenzhen.
Hong Kong stocks close 1.44% lower
Hong Kong stocks lost 318.76 points, or 1.44 percent, to close at 21,741.76 on Wednesday.
Chinese shares close up 0.45% on Thursday
The benchmark index of Chinese equities rose 0.45 percent Thursday, after the State Council, or cabinet, Wednesday said China would continue to boost consumption in 2010.
The Shanghai Composite Index expanded 0.45 percent, or 14.69 points, to close at 3,254.26. The Shenzhen Component Index climbed 0.70 percent, or 96.63 points, to close at 13,868.80.
Combined turnover shrank to 193.51 billion yuan ($28.33 billion) from 232.27 billion yuan on the previous trading day.
Gainers outnumbered losers by 641 to 215 in Shanghai and 570 to 231 in Shenzhen.
Chinese shares open slightly higher Friday
Chinese shares opened slightly higher on Friday with the benchmark Shanghai Composite Index rising 0.19 percent to open at 3,260.45 points.
The Shenzhen Component Index edged up 0.53 percent to 13,942.24 points at the opening.
Monthly economic figures for November concerning industrial output, urban fixed-asset investment, export and import, and inflation are expected to be released by China\’s National Bureau of Statistics on Friday.
It is forecasted that China\’s consumer price index (CPI), a main gauge of inflation, is to see a year-on-year growth between 0.5 percent to 0.6 percent in November, ending nine months of decline.
Equities rebound on fresh stimulus moves
Mainland shares rose for the first time in three days, led by household-goods makers, after the government extended policies to boost consumption. Developers fell after the government scrapped a tax break on property sales.
Hisense Electric Co, a manufacturer of flat-panel televisions, advanced 5.8 percent to a record of 24.35 yuan, while Gree Electric Appliances Inc, China\’s largest maker of home air-conditioners, added 2.5 percent to 27.58 yuan.
China Vanke Co, the nation\’s biggest listed property developer, slid 1 percent to 11.91 yuan.
The Shanghai Composite Index added 14.7, or 0.45 percent, to close at 3254.26. The CSI 300 Index gained 0.64 percent to 3577.24.
\”The stimulus plans will greatly promote the potential for China\’s domestic consumption, which is enormous,\” said Xu Lirong, a Shanghai-based fund manager at Franklin Templeton Sealand Fund Management Co, which oversees about $2.6 billion.
The State Council will extend subsidies for purchases of appliances and farming equipment in rural areas, the cabinet said on Wednesday. China will also continue appliance trade-in subsidies beyond May 2010.
An index tracking consumer discretionary stocks on the CSI 300 has climbed 130 percent this year, the best performer among the 10 industry groups.
The Shanghai Composite may reach 4500 next year as the fastest economic growth in three years bolsters domestic consumption, according to CITIC Securities Co, the biggest broker by market value.
Hang Seng falls
Hong Kong stocks fell for a fifth day as mainland developers and automakers dropped after the State Council said it will re-impose a sales tax on homes sold within five years and scale back some tax breaks for car buyers.
Guangzhou R&F Properties Co, the biggest developer in the southern city, dropped 3.5 percent. Dongfeng Motor Group Co, the biggest automaker traded in Hong Kong, plunged 6 percent to HK$10.96. Geely Automobile fell 8.2 percent to HK$4.23.
The Hang Seng Index declined 0.19 percent to close at 21700.04.
ChiNext stock market down on Thursday
The ChiNext closed lower Thursday as only five of the 28 shares at China\’s start-up board for small and medium-sized enterprises went up.
The board, which is based in Shenzhen and started trading on October 30, 2009, is tailored to the needs of enterprises engaged in independent innovation and other enterprises with great growth potential.
Chinese shares close down 0.21%
The benchmark index of Chinese equities dropped 0.21 percent Friday, after the National Bureau of Statistics revealed November\’s economic statistics.
The Shanghai Composite Index retreated 0.21 percent, or 6.94 points, to close at 3,247.32.
The Shenzhen Component Index climbed 0.05 percent, or 7.07 points, to close at 13,875.87.
Combined turnover shrank to 191.2 billion yuan ($27.99 billion) from 193.51 billion yuan on the previous trading day.
Losers outnumbered gainers by 489 to 320 in Shanghai and 439 to 315 in Shenzhen.
