Chinese Equities Mixed; Property Grows on April Data
The Shanghai Composite Index increased 0.39% to close at 2,698.76, while the Shenzhen Composite Index climbed 1.33% to end at 1,049.99 on Monday, May 10. Trading turnovers on the Shanghai and Shenzhen Stock Exchanges were RMB 95.44 billion and RMB 71.56 billion, respectively.
Poly Real Estate (600048.SH) released April sales data showing contract sales for the month came to RMB 4.09 billion, flat with April sales last year. Shares in the Shanghai market heavyweight rose 3.2% while peers Gemdale (600383.SH) increased 3.65% and China Merchants Property Development (000024.SZ) added 3.37%.
Media companies dove in reaction to reports today that the government will push ten domestic online news sites to list on domestic exchanges, China Finance reports. CTV Media (600088.SH) and Gehua Satellite (600037.SH) both closed down 10.01%.
Gold companies slipped Monday, despite ongoing increases in the price of gold. Gansu Ronghua Group (600311.SH) fell 4.43%, Zhongjin Gold (600489.SH) was knocked back 4.28% and Shandong Gold (600547.SH) lost 2.45%.
Shipbuilders gained Monday following the release of a report by the Ministry of Industry and Information Technology showing strengthening quarterly performance, Securities Times reports. The big three shipbuilders China CSSC Holdings (600150.SH), Guangzhou Shipyard International (600685.SH) increased 6.73% and CSSC Jiangnan Heavy Industries (600072.SH) aggregate completed capacity for the first quarter of this year came to 14.57 million tons in the quarter, a year-on-year increase of 128% and accounting for 41.1% of global output, the report said. Shares in the companies increased 7.78%, 6.73% and 4.69%, respectively.
China Southern Airlines (NYSE:ZNH, 1055.HK, 600029.SH) dove 10.04%, Air China (0753.HK, 601111.SH) dropped 10.01%, China Eastern Airlines (0670.HK, 600115.SH) lost 5.03%. Severe rainstorms have killed at least 70 people since Wednesday and are expected to continue in the southern and central parts of the country, with strong winds and hailstorms in some areas, China Daily reported May 10.
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