Shanghai stocks rose sharply yesterday, led by a late surge in brokerages and banks, on speculation that authorities might soon announce the long-delayed launch of stock index futures.
W. L. Gore & Associate Inc, manufacturer of GORE-TEX and thousands of other advanced products, earlier this month announced it would construct a new 21,700-sq-m facility and also renovate 6,000 sq m of recently leased space in Shenzhen, Guangdong province. The Newark, Delaware-based firm's new $30 million facility would be located adjacent to its existing fabric and electronics manufacturing plant, which it opened in 2002 with a $10 million investment.
The telecom industry's restructuring is expected to strengthen China Unicom and China Telecom while weakening China Mobile, market insiders said.
Shanghai key stock index dropped 1.65 percent yesterday with PetroChina, the most heavily weighted stock, sliding as the market discounted rumors of a possible fuel price hike while other large caps were sluggish.
The impact of the Olympic Games on Beijing's real estate market will be lasting and positive as infrastructure expansion creates new commercial areas and supports the development of suburban residential hubs.
Late afternoon buying on rumors the government was considering raising fuel oil prices reversed the stock market's slide, pushing the Shanghai benchmark index up 2.93 percent.
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