Related News

Home » Business » Finance

Banks boost market in morning

SHANGHAI'S market closed higher in the morning session to above 3,000 points, with banking sector lifting the index with less tightening concern.

The benchmark Shanghai Composite Index rose 0.82 percent, or 24.47 points, to close at 3,009.97 points. Turnover was 31 billion yuan (US$4.5 billion). Gainers outnumbered losers 755 to 106, and 54 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.83 percent higher to close at 1,127.83 points.

Loans for new projects should be strictly controlled, the central bank said in its fourth quarter monetary policy report on its Website late yesterday. It also called for continued pro-growth fiscal policies in this year. It set the annual growth rate for M2 supply at 17 percent.

Banks continued yesterday's gain with no immediate sign for tightening measures. Shanghai Pudong Development Bank gained 0.76 percent to 19.79 yuan. Bank of Communications added 1.47 percent to 8.31 yuan. China Merchants Bank rose 1.29 percent to 15.76 yuan.

Real estate developers also lifted the index. Poly Real Estate Group was up 0.47 percent to 19.44 yuan. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.54 percent to 9.33 yuan. Gemdale Corporation advanced 1.64 percent to 12.37 yuan.

Metal producers were also among the gainers. Zhongjin Gold Mining Co rallied 4.59 percent to 51.93 yuan. Yunnan Copper Co advanced 2.80 percent to 26.07 yuan. Aluminum Corporation of China Ltd added 1.28 percent to 12.69 yuan.

China Shenhua Energy Co, the biggest coal producer, said sales in January added 10 percent from the previous year to 19.4 million tons. Its shares were up 0.65 percent to 29.37 yuan.

Brokerages showed mixed results. Everbright Securities lost 0.63 percent to 26.68 yuan. Haitong Securities was up 0.23 percent to 17.43 yuan and Guoyuan Securities edged up 0.27 percent to 18.27 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend