| Domestic stocks little changed on Tuesday |
SHANGHAI, July 24 -- STOCKS on the Chinese mainland were almost unchanged today.
The Shanghai Composite Index, which covers yuan-backed A shares and US dollar-denominated B stocks, slipped 0.07 percent to 4,210.33.
The Shenzhen Composite Index, the smaller of the Chinese mainland's markets, grew 0.27 percent to 1,184.62.
Shares of steel makers gained on predicted growth in prices of the metal.
JP Morgan's Hong Kong-based analyst Feng Zhang said in an e-mailed report that China's steel prices may rise eight percent next year and five percent in 2009 as demand growth is expected to outstrip an increase in capacity.
Angang Steel, China's third-largest steel maker, jumped 1.46 yuan (19 US cents), or 7.47 percent, to 21 yuan.
China's top planning body said yesterday that housing prices in 70 major cities in the country surged 7.1 percent in June from a year earlier.
China Vanke, China's largest-listed real estate developer, added 0.69 yuan, or 2.62 percent, to 27.05 yuan per share, after housing prices grew at a fast pace in June.
Poly Real Estate Group Co, the third-largest developer by market value, advanced 2.51 yuan, or 4.24 percent, to 61.70 yuan.
Insurance companies continued yesterday's losses today.
China Life Insurance Co, the nation's biggest insurer, dropped 0.96 yuan per share, or 1.96 percent, to 48.02 yuan. Ping An Insurance (Group) Co, China's second-largest insurer, dropped 0.94 yuan, or 1.13 percent, to 82.52 yuan.
China's insurance regulator said this morning that domestic insurers have received 13,000 cases, totaling 680 million yuan, from flood-hit areas including Anhui, Fujian, Guangdong, Guangxi, Hubei, Hunan and Sichuan.
Insurers have paid out 20.34 million yuan to settle 3,200 cases thus far. The remaining cases are still being processed.
|
|
