Airlines lift key index to end higher
By Ding Yining |
January 29, 2010, Friday
|
Print Edition
Print Edition
AIRLINES lifted Shanghai's stock index to close higher yesterday for the first time in five days after crude prices dropped to the lowest level in more than one month.
The benchmark Shanghai Composite Index edged up 0.25 percent, or 7.54 points, to close at 2,994.14. Turnover fell to 85.6 billion yuan (US$12.5 billion) from 90.3 billion yuan on Wednesday.
Crude oil prices fell 1.4 percent to US$73.67 a barrel in New York yesterday, the lowest close since December 21.
China Eastern Airlines increased 2.68 percent to 6.52 yuan, Hainan Airlines soared 9.89 percent to 7 yuan and China Southern Airlines Co Ltd climbed 3.39 percent to 6.10 yuan.
The index's roller-coaster ride "is likely to come to an end after falling for five days and the shrinking turnover suggested a rebound in the near future," Dong Wu Securities' Qi Dapeng wrote.
Steel companies and coal producers also gained. Baoshan Iron and Steel Co, China's biggest steel maker, rose 0.93 percent to 7.62 yuan and Angang Steel Co Ltd increased 1.28 percent to 11.89 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co rose 1.09 percent to 29.63 yuan and China Shenhua Energy Co, the nation's largest coal producer, edged up 0.31 percent to 29.59 yuan.
Banks continued their decline. Shanghai Pudong Development Bank lost 0.65 percent to 19.73 yuan and the Bank of Communications fell 3.06 percent to 8.25 yuan. China Construction Bank dipped 0.53 percent to 5.63 yuan and China Merchants Bank shed 2.01 percent to finish at 15.13 yuan.
The benchmark Shanghai Composite Index edged up 0.25 percent, or 7.54 points, to close at 2,994.14. Turnover fell to 85.6 billion yuan (US$12.5 billion) from 90.3 billion yuan on Wednesday.
Crude oil prices fell 1.4 percent to US$73.67 a barrel in New York yesterday, the lowest close since December 21.
China Eastern Airlines increased 2.68 percent to 6.52 yuan, Hainan Airlines soared 9.89 percent to 7 yuan and China Southern Airlines Co Ltd climbed 3.39 percent to 6.10 yuan.
The index's roller-coaster ride "is likely to come to an end after falling for five days and the shrinking turnover suggested a rebound in the near future," Dong Wu Securities' Qi Dapeng wrote.
Steel companies and coal producers also gained. Baoshan Iron and Steel Co, China's biggest steel maker, rose 0.93 percent to 7.62 yuan and Angang Steel Co Ltd increased 1.28 percent to 11.89 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co rose 1.09 percent to 29.63 yuan and China Shenhua Energy Co, the nation's largest coal producer, edged up 0.31 percent to 29.59 yuan.
Banks continued their decline. Shanghai Pudong Development Bank lost 0.65 percent to 19.73 yuan and the Bank of Communications fell 3.06 percent to 8.25 yuan. China Construction Bank dipped 0.53 percent to 5.63 yuan and China Merchants Bank shed 2.01 percent to finish at 15.13 yuan.
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