- Thursday 2010-03-11 17:43
The Shanghai Composite Index rose 2.35 points or 0.08% to close at 3,051.28 points, with turnover of 97.79 billion yuan.
The Shenzhen Component Index fell 23.95 points or 0.19% to close at 12,367.69 points, with turnover of 68.58 billion yuan.
Banks, brokerages, and the petrochemicals sector outperformed the market while coal, real estate, auto, non-ferrous metal and regional concept stocks underperformed.
The State Council has approved the revised overall development plan of Wuhan, driving certain Hubei stocks up. Wuhan Double (600136, 12.42, +10.01%), whose reorganization and private placement plan was approved and Hubei Dinglong Chemical (300054, 56.08, +10%), both rose by the daily limits.
Bank stocks performed strongly, led by Shanghai Pudong Development Bank (600000, 21.30, +2.70%), which announced that it will raise 39.8 billion yuan through the sale of a 20% stake to China Mobile (0941.HK, 75.40,+1.69%). Heavyweights Bank of China (601988, 4.17, +0.72%), Industrial and Commercial Bank of China (601398, 4.90, +0.41%), China Construction Bank (601939, 5.66, +0.53%) all rose.
Hou Wailin, director of CSRC's Guangdong branch, said that a review on GF Securities (000776, 55.59, +6.60%), which had applied to be a pilot brokerage for margin financing and securities lending, has been completed and submitted to the CSRC for approval. On this, GF rallied strongly in afternoon trading, driving up other brokerages including CITIC Securities (600030, 27.84, +2.2%), Haitong Securities (600837, 17.31, +1.58%) and Huatai Securities (601688, 22.92,+2.78%).
With the international oil price going up, PetroChina (601857, 12.94, +0.70%) and Sinopec (600028, 11.49, +2.04%) both performed well.
The Ministry of Land and Resources issued new regulations to curb the overheated housing market, requiring developers to pay a downpayment of 20% of the minimum price of the land when taking part in land auctions. Other tightening measures were announced. Most real estate stocks fell, led by Yunnan Metropolis Real Estate Development (600239, 24.88, -4.38%) and Zhongtian Urban Development (000540, 17.42, -3.44%).
Triggered by the whole market's strong performance in afternoon trading, stocks listed on the ChiNext board performed well, with three stocks rising by their daily limits, four stocks up by more than 7% while 12 stocks were up by more than 5%.
