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Wan LixinOpinion deputy editor of Shanghai Daily
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Banks and ports lift morning market
By Ding Yining |
March 26, 2009, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher in morning trade led by strong performances by banks and port operators.
The benchmark Shanghai Composite Index edged up 0.16 percent, or 3.59 points, to close at 2,259.15 points. Turnover was 72.2 billion yuan (US$10.6 billion). Losers outnumbered gainers 454 to 391 and 63 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.75 percent to close at 751.42 points.
Oil producers were among the losers. PetroChina, the largest oil producer and biggest heavyweight in the market, posted its first drop in full-year profit since 2001 after refining losses widened fourfold and crude oil prices slumped. Its stock was down 1.56 percent to 11.39 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, said it estimates 2008 net income fell by about 50 percent. Its shares lost 1.59 percent to 8.68 yuan.
China Life Insurance Co, the nation's biggest insurer, posted its first annual profit drop in five years after the stock market slump hurt investment returns even as premiums increased.
Its shares edged up 0.77 percent to 22.30 yuan.
Banks led the rebound. Industrial & Commercial Bank of China, the nation's biggest lender, advanced 2.92 percent to 3.88 yuan. Bank of China added 1.18 percent to 3.43 yuan. Shanghai Pudong Development was up 2.41 percent to 21.26 yuan.
Shipping companies and port operators were also strong after the State Council announced yesterday that Shanghai will become a major international shipping hub. It also called for an integration of port resources in the Yangtze River Delta. China Shipping Container Lines Co hiked 8.29 percent to 3.92 yuan.
Shanghai International Port (Group) Co Ltd surged the daily limit of 10 percent to 4.94 yuan.
The benchmark Shanghai Composite Index edged up 0.16 percent, or 3.59 points, to close at 2,259.15 points. Turnover was 72.2 billion yuan (US$10.6 billion). Losers outnumbered gainers 454 to 391 and 63 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.75 percent to close at 751.42 points.
Oil producers were among the losers. PetroChina, the largest oil producer and biggest heavyweight in the market, posted its first drop in full-year profit since 2001 after refining losses widened fourfold and crude oil prices slumped. Its stock was down 1.56 percent to 11.39 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, said it estimates 2008 net income fell by about 50 percent. Its shares lost 1.59 percent to 8.68 yuan.
China Life Insurance Co, the nation's biggest insurer, posted its first annual profit drop in five years after the stock market slump hurt investment returns even as premiums increased.
Its shares edged up 0.77 percent to 22.30 yuan.
Banks led the rebound. Industrial & Commercial Bank of China, the nation's biggest lender, advanced 2.92 percent to 3.88 yuan. Bank of China added 1.18 percent to 3.43 yuan. Shanghai Pudong Development was up 2.41 percent to 21.26 yuan.
Shipping companies and port operators were also strong after the State Council announced yesterday that Shanghai will become a major international shipping hub. It also called for an integration of port resources in the Yangtze River Delta. China Shipping Container Lines Co hiked 8.29 percent to 3.92 yuan.
Shanghai International Port (Group) Co Ltd surged the daily limit of 10 percent to 4.94 yuan.
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