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Auto, media stocks push market to 3-and-a-half month high
By Ding Yining |
February 27, 2012, Monday
|
Online Edition
Online Edition
THE Shanghai market ended at the highest level in three and a half months after gains in auto makers and media sector were slightly offset by losses among banking and financial shares.
The benchmark Shanghai Composite Index edged up 0.3 percent, or 7.43 points, to 2,447.06 points. Turnover was 144.7 billion yuan (US$23 billion), the highest in more than 10 months.
Vice Premier Wang Qishan said during an inspection tour in central China's Henan Province over the weekend that financial institutions should continue to carry out a prudent monetary policy to ensure financial stability.
China Pacific Insurance (Group) Co was down 0.60 percent to 21.57 yuan. China Merchants Bank shed 0.47 percent to 12.82 yuan.
Automobile makers surged after China included only domestic brands for its official vehicle purchases agenda this year. Dongfeng Automobile leaped by the daily limit of 10 percent to 3.81 yuan. Chongqing Changan Automobile Co Ltd hiked 4.95 percent to 4.88 yuan.
PetroChina, the biggest index component, rose 1.15 percent to 10.55 yuan after crude rose above US$109 a barrel to the highest level in nine months last Friday.
The General Administration of Press and Publication said in a guideline released over the weekend that publication houses and media groups are encouraged to carry out more mergers and acquisitions, and to introduce more strategic investors.
Media sectors rose moderately after a rally in the morning session. Jiangsu Phoenix Publishing & Media Co Ltd was up 0.43 percent to 9.35 yuan. Hunan Tangel Publishing Co edged up 0.35 percent to 25.55 yuan.
The benchmark Shanghai Composite Index edged up 0.3 percent, or 7.43 points, to 2,447.06 points. Turnover was 144.7 billion yuan (US$23 billion), the highest in more than 10 months.
Vice Premier Wang Qishan said during an inspection tour in central China's Henan Province over the weekend that financial institutions should continue to carry out a prudent monetary policy to ensure financial stability.
China Pacific Insurance (Group) Co was down 0.60 percent to 21.57 yuan. China Merchants Bank shed 0.47 percent to 12.82 yuan.
Automobile makers surged after China included only domestic brands for its official vehicle purchases agenda this year. Dongfeng Automobile leaped by the daily limit of 10 percent to 3.81 yuan. Chongqing Changan Automobile Co Ltd hiked 4.95 percent to 4.88 yuan.
PetroChina, the biggest index component, rose 1.15 percent to 10.55 yuan after crude rose above US$109 a barrel to the highest level in nine months last Friday.
The General Administration of Press and Publication said in a guideline released over the weekend that publication houses and media groups are encouraged to carry out more mergers and acquisitions, and to introduce more strategic investors.
Media sectors rose moderately after a rally in the morning session. Jiangsu Phoenix Publishing & Media Co Ltd was up 0.43 percent to 9.35 yuan. Hunan Tangel Publishing Co edged up 0.35 percent to 25.55 yuan.
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