Latest News:  
Beijing   Sunny    29 / 17 ℃  City Forecast

English>>China Business

Stock markets hoisted by Chongqing-based firms, brewers soak up gains

By Yu Xi  (Global Times)

08:32, August 22, 2012

Markets in Shanghai and Shenzhen were able to record slight victories Tuesday after shares of Chongqing-based firms skyrocketed in response to a local investment plan.

The Shanghai Composite Index advanced 11.31 points, or 0.54 percent, to close at 2,118.27; while the Shenzhen Component Index inched up 0.12 percent, or 10.86 points, to end at 8,849.49.

Both benchmarks opened lower Tuesday thanks to lingering pessimism from the pervious day, but stepped up quickly in early trading due to a rally staged by shares of Chongqing-based firms as well as shale gas, touch screen and Internet stocks. Most of the early gains were erased in the afternoon session though after rumors emerged that the central bank might delay its plan to reduce interest rates, say analysts.

Shares on Chongqing boards surged sharply on reports that the city's government intends to invest 1.5 trillion yuan ($235.5 billion) into local industrial development over the next three years. The news helped Shanghai-listed Chongqing Gangjiu Co and Shenzhen-listed Chongqing Sanxia Paints Co both shoot to the daily limit Tuesday.

Chinese brewers also rose broadly Tuesday following the release of positive earnings reports from several of the sector's largest players. Shenzhen-listed alcohol producer Wuliangye Group added 1.29 percent to 35.30 yuan after the company disclosed a 50 percent year-on-year surge in its net profits during the first half. Shanghai-listed Kweichow Moutai Co, a major rival of Wuliangye, rose 1.35 percent to 235.79 yuan after reporting a 42.6 percent annual surge in its profits during the same period.

Real estate developers took another hit Tuesday on rumors that the government may soon expand a trial property tax system. Poly Real Estate Group gave up 1.90 percent to 9.83 yuan.

News we recommend:
Prices fly for Angry Birds' merchandise Wine imports give Chinese firms a hangover Spirited into the world of e-commerce
E-shopping fuels domestic consumption China's firms bigger but not necessarily better China's beauty industry profits from a makeover
Taxing times for China's tax reformers  Experts divided on yuan’s future [Audio]Soccer in China Part III: The Business Side

Email|Print|Comments(Editor:李倩、厉振羽)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Air-landing drill in desert

  2. Uncover the secret of gold bars production

  3. Taxing times for China's tax reformers

  4. Hong Kong ready for Paralympics

  5. sexy bikini - on the beach

  6. How to marry a billionaire

Most Popular

Opinions

  1. EU, China extend hands of friendship
  2. Editorial: Rules for stock market
  3. U.S.-S. Korea drills harmful to regional stability
  4. Wake-up call for industry
  5. Is Romney trounced, or has more tricks?
  6. Commentary: Meet the new consumers
  7. Medicare row escalates with Romney's VP pick
  8. New UN envoy's appointment last ditch for Syria
  9. Stock markets remain a depressing drag
  10. ASEAN, China should maintain regional stability

What's happening in China

Lhasa ranks at top of residents' happiness list

  1. Officers and men in live-ammunition tactical drill
  2. Many workers face extended probation period
  3. Free Qixi Festival events canceled
  4. Three Gorges Dam sees new round of flooding
  5. Amusement parks boost real estate market

China Features

  1. Japan stuck in neighbors' anger
  2. Is China's low-cost era approaching its end?
  3. Chinese firms provided one-stop services in U.S.
  4. Don't store bread and biscuits together
  5. Eat ducks during Chushu (Stopping the heat)

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai