Media, tech gains brighten market
SHANGHAI - Most mainland stocks rose as media and technology companies gained on speculation the government may start to allow bundling of telephone, Internet and television services, overshadowing declines by banks.
Cable television operator Beijing Gehua CATV Network Co advanced 1.9 percent to 15.49 yuan on a report China may begin trials to combine the services in June.
Poly Real Estate Group Co led property stocks higher after two of Hong Kong's biggest developers said housing prices in the mainland won't plunge.
China Construction Bank and Bank of China Ltd declined among Chinese lenders on concern bad loans will increase.
"It looks like the government will rely on high technology as a new driver for economic growth in the future and that has created a very bright growth story for related stocks and sectors," said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co. "The rebound for the broader market may carry on for a while."
About four stocks rose for every three that dropped on the Shanghai Composite Index, which fell 4.39, or 0.1 percent, to 3046.09 at the close. The CSI 300 Index slipped 0.2 percent to 3267.55.
Hong Kong's Hang Seng index fell 0.3 percent to 21330.67 on Thursday, as energy companies declined on lower oil prices. The Hang Seng China Enterprises Index dropped 0.2 percent to 12208.36.
Bloomberg News
(China Daily 03/19/2010 page17)
