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Another robust day for stocks
By Ding Yining |
January 7, 2009, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index continued to rise, closing 3 percent higher yesterday and staying above 1,900 points with blue chips and the financial sector leading the gains.
The benchmark Shanghai Composite Index rose 56.43 points to close at 1,937.14. Turnover was 69 billion yuan (US$10.1 billion), up from Monday's 46.1 billion yuan. A total of 863 shares rose and 33 remained unchanged. Only 12 fell.
"The index is not affected by the weak performance of the United States stock market and Hong Kong's market and turnover continues to expand," according to a research note by GF Securities. "We think the (Shanghai) index may go through slight fluctuations after two days of gains in the new year and investors will remain cautious."
PetroChina, the biggest index component, was up 2.02 percent to close at 10.59 yuan. China Pacific Insurance (Group), the nation's third-largest insurer, added 2.95 percent to 12.21 yuan.
Shanghai Pudong Development Bank said in a preliminary earnings statement yesterday that full-year profit in 2008 more than doubled from the previous year to reach 12.5 billion yuan on higher interest income and lower taxes. Its shares rose 5.54 percent to 14.48 yuan.
Other banks were also among the gainers. The Industrial Bank Co advanced 4.51 percent to 15.75 yuan. The Industrial and Commercial Bank of China rose 2.78 percent to 3.70 yuan.
Poly Real Estate Group Co, China's second-largest developer by market value, said its sales for 2008 rose 20.4 percent from the previous year to 20.5 billion yuan. The shares increased 3.18 percent to 15.89 yuan. Gemdale Corporation advanced 5.50 percent to close at 7.29 yuan. China Vanke Co, the nation's biggest listed property developer, was up 2.54 percent to 6.87 yuan.
Shanghai Fosun Pharmaceutical (Group) Co was up 0.65 percent to 10.90 yuan.
The benchmark Shanghai Composite Index rose 56.43 points to close at 1,937.14. Turnover was 69 billion yuan (US$10.1 billion), up from Monday's 46.1 billion yuan. A total of 863 shares rose and 33 remained unchanged. Only 12 fell.
"The index is not affected by the weak performance of the United States stock market and Hong Kong's market and turnover continues to expand," according to a research note by GF Securities. "We think the (Shanghai) index may go through slight fluctuations after two days of gains in the new year and investors will remain cautious."
PetroChina, the biggest index component, was up 2.02 percent to close at 10.59 yuan. China Pacific Insurance (Group), the nation's third-largest insurer, added 2.95 percent to 12.21 yuan.
Shanghai Pudong Development Bank said in a preliminary earnings statement yesterday that full-year profit in 2008 more than doubled from the previous year to reach 12.5 billion yuan on higher interest income and lower taxes. Its shares rose 5.54 percent to 14.48 yuan.
Other banks were also among the gainers. The Industrial Bank Co advanced 4.51 percent to 15.75 yuan. The Industrial and Commercial Bank of China rose 2.78 percent to 3.70 yuan.
Poly Real Estate Group Co, China's second-largest developer by market value, said its sales for 2008 rose 20.4 percent from the previous year to 20.5 billion yuan. The shares increased 3.18 percent to 15.89 yuan. Gemdale Corporation advanced 5.50 percent to close at 7.29 yuan. China Vanke Co, the nation's biggest listed property developer, was up 2.54 percent to 6.87 yuan.
Shanghai Fosun Pharmaceutical (Group) Co was up 0.65 percent to 10.90 yuan.
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