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Blue chips, banks help market to close higher
By Ding Yining |
January 6, 2009, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index continued its gains in afternoon trading and closed 3 percent higher to stay above 1,900 points, with blue chips and the financial sector leading the rise.
The benchmark Shanghai Composite Index increased 3 percent, or 56.43 points, to close at 1,937.14 points. Turnover was 69.0 billion yuan (US$10.09 billion), up from yesterday's 46.1 billion yuan. A total of 863 shares gained and 33 remained unchanged while only 12 dropped.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.66 percent to close at 586.33 points.
"The index is not affected by the weak performances of the US stock market and Hong Kong market and the turnover continued to expand," said a research note by GF Securities.
"We think the index may experience slight fluctuation after two days of gaining in the New Year and investors will remain cautious," the note said.
PetroChina, the biggest index component, was up 2.02 percent to close at 10.59 yuan. China Pacific Insurance (Group) Co., the nation's third-largest insurer, added 2.95 percent to 12.21 yuan.
Shanghai Pudong Development Bank, whose shares hiked 5.54 percent to 14.48 yuan, said in a preliminary earnings statement 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.
Other banks were also among the gainers. Industrial Bank Co Ltd advanced 4.51 percent to 15.75 yuan and Industrial & Commercial Bank of China, the nation's biggest lender, rose 2.78 percent to 3.70 yuan.
Property sector shares also gained. Poly Real Estate Group Co, China's second-largest developer by market value, said sales rose 20.4 percent to 20.5 billion yuan last year and shares increased 3.18 percent to 15.89 yuan.
Gemdale Corporation advanced 5.50 percent to close at 7.29 yuan and China Vanke Co, the nation's biggest listed property developer, increased 2.54 percent to 6.87 yuan.
Shanghai Fosun Pharmaceutical (Group) Co said its Hong Kong-based unit bought a 12.07 percent stake in New York-listed Tongjitang Chinese Medicines Co. Its shares were up 0.65 percent to 10.90 yuan.
Communication shares remained strong on market optimism about the earning ability of companies linked to the issue of 3G licenses. China United Telecommunications Corp., which controls the nation's second-largest cell phone operator, added 3.52 percent to 5.29 yuan. ZTE Corp., China's second-biggest phone-equipment maker, gained 3.98 percent to 29.00 yuan.
The benchmark Shanghai Composite Index increased 3 percent, or 56.43 points, to close at 1,937.14 points. Turnover was 69.0 billion yuan (US$10.09 billion), up from yesterday's 46.1 billion yuan. A total of 863 shares gained and 33 remained unchanged while only 12 dropped.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.66 percent to close at 586.33 points.
"The index is not affected by the weak performances of the US stock market and Hong Kong market and the turnover continued to expand," said a research note by GF Securities.
"We think the index may experience slight fluctuation after two days of gaining in the New Year and investors will remain cautious," the note said.
PetroChina, the biggest index component, was up 2.02 percent to close at 10.59 yuan. China Pacific Insurance (Group) Co., the nation's third-largest insurer, added 2.95 percent to 12.21 yuan.
Shanghai Pudong Development Bank, whose shares hiked 5.54 percent to 14.48 yuan, said in a preliminary earnings statement 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.
Other banks were also among the gainers. Industrial Bank Co Ltd advanced 4.51 percent to 15.75 yuan and Industrial & Commercial Bank of China, the nation's biggest lender, rose 2.78 percent to 3.70 yuan.
Property sector shares also gained. Poly Real Estate Group Co, China's second-largest developer by market value, said sales rose 20.4 percent to 20.5 billion yuan last year and shares increased 3.18 percent to 15.89 yuan.
Gemdale Corporation advanced 5.50 percent to close at 7.29 yuan and China Vanke Co, the nation's biggest listed property developer, increased 2.54 percent to 6.87 yuan.
Shanghai Fosun Pharmaceutical (Group) Co said its Hong Kong-based unit bought a 12.07 percent stake in New York-listed Tongjitang Chinese Medicines Co. Its shares were up 0.65 percent to 10.90 yuan.
Communication shares remained strong on market optimism about the earning ability of companies linked to the issue of 3G licenses. China United Telecommunications Corp., which controls the nation's second-largest cell phone operator, added 3.52 percent to 5.29 yuan. ZTE Corp., China's second-biggest phone-equipment maker, gained 3.98 percent to 29.00 yuan.
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