Related News
Blue chips rally spurs on index
By Winny Wang |
March 29, 2010, Monday
|
Online Edition
Online Edition
SHARES on the Chinese mainland jumped today led by heavy-weighted chips and brokers after the securities regulator late Friday approved the country's first stock index futures to be traded on April 16.
The Shanghai Composite Index, which tracks the bigger mainland bourse, added 2.09 percent to close at 3,123.80 points. Turnover stood at 155 billion yuan (US$22.69 billion). Gainers outnumbered losers by 607 against 202 while 55 counters remained unchanged.
"Blue chips made widespread gains today spurred by the news of stock index futures," said Wan Bin, an analyst at GF Securities Co.
"However, the current turnover can't support the stock market to grow continuously, and the benchmark index is likely to fluctuate again after a short-term blue chips rally," Wan said.
The Shenzhen Composite Index, which covers the smaller exchange, grew 1.24 percent to 1,200.98 points.
China Petroleum and Chemical Corp, Asia's biggest refiner, advanced 1.78 percent to 12 yuan. The company said today its profit for 2009 more than doubled to 61.8 billion yuan from a year earlier.
China Construction Bank, the country's second-largest lender by market value, rose 2.33 to 5.71 yuan, after announcing its net income more than doubled year on year to 20.7 billion yuan in the fourth quarter.
Chongqing Water soared 73.35 percent on its debut to 12.10 yuan today on anticipation of gains from the country's water infrastructure plans.
Brokerages were strong amid investors' expectations that the index futures business will boost their revenues. The China Financial Futures Exchange said Friday that it would launch the index futures on April 16.
The first stock-index contracts will track the CSI 300 index, which tracks the biggest 300 companies listed in Shanghai and Shenzhen. The products allow investors to hedge against risks and profit from the declines in the market.
CITIC Securities Co, China's top listed brokerage, soared 3.47 percent to 28.36 yuan. GF Securities Co increased 2.03 percent to 56.89 yuan. Shanghai-based Haitong Securities Co was up 2.83 percent at 17.07 yuan.
The Shanghai Composite Index, which tracks the bigger mainland bourse, added 2.09 percent to close at 3,123.80 points. Turnover stood at 155 billion yuan (US$22.69 billion). Gainers outnumbered losers by 607 against 202 while 55 counters remained unchanged.
"Blue chips made widespread gains today spurred by the news of stock index futures," said Wan Bin, an analyst at GF Securities Co.
"However, the current turnover can't support the stock market to grow continuously, and the benchmark index is likely to fluctuate again after a short-term blue chips rally," Wan said.
The Shenzhen Composite Index, which covers the smaller exchange, grew 1.24 percent to 1,200.98 points.
China Petroleum and Chemical Corp, Asia's biggest refiner, advanced 1.78 percent to 12 yuan. The company said today its profit for 2009 more than doubled to 61.8 billion yuan from a year earlier.
China Construction Bank, the country's second-largest lender by market value, rose 2.33 to 5.71 yuan, after announcing its net income more than doubled year on year to 20.7 billion yuan in the fourth quarter.
Chongqing Water soared 73.35 percent on its debut to 12.10 yuan today on anticipation of gains from the country's water infrastructure plans.
Brokerages were strong amid investors' expectations that the index futures business will boost their revenues. The China Financial Futures Exchange said Friday that it would launch the index futures on April 16.
The first stock-index contracts will track the CSI 300 index, which tracks the biggest 300 companies listed in Shanghai and Shenzhen. The products allow investors to hedge against risks and profit from the declines in the market.
CITIC Securities Co, China's top listed brokerage, soared 3.47 percent to 28.36 yuan. GF Securities Co increased 2.03 percent to 56.89 yuan. Shanghai-based Haitong Securities Co was up 2.83 percent at 17.07 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
