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Break brings a boom to the bourse at midday
By Joyce Pan |
June 1, 2009, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose over 2 percent in the morning session, after surrounding markets accumulated gains during the four-day Dragon-Boat holiday break when the local bourse was closed.
The benchmark Shanghai Composite Index jumped 2.27 percent, or 59.8 points, to close at 2,692.73 points. Gainers outnumbered losers 682 to 146 while 33 remained unchanged. Turnover stood at 72.06 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.54 percent to close at 895.36 points.
Oil refiners surged after oil prices climbed over US$60. PetroChina, China's largest oil producer and the biggest component index, soared 5.85 percent to 14.30 yuan. Sinopec, Asia's largest oil refiner added 1.73 percent to 10.56 yuan.
Property developers were on the gaining side after the State Council announced favorable policies in fixed assets investment. Gemdale Corp, a Chinese partner of ING Group NV, advanced 5.81 percent to 16.58 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, jumped 4.21 percent to 22.28 yuan and Shanghai-based Shimao Property Co hiked 3.98 percent to 14.1 yuan.
Coal producers were strong. China Shenhua Energy Co, Asia's largest coal producer, expanded 5.45 percent to 26.7 yuan. Datong Coal industry Co, China's second-largest coal company by capacity, increased 7.54 percent to 35.95 yuan. Pindingshan Tian'an Coal Mining Co gained 6.81 percent to 34.02 yuan.
The benchmark Shanghai Composite Index jumped 2.27 percent, or 59.8 points, to close at 2,692.73 points. Gainers outnumbered losers 682 to 146 while 33 remained unchanged. Turnover stood at 72.06 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.54 percent to close at 895.36 points.
Oil refiners surged after oil prices climbed over US$60. PetroChina, China's largest oil producer and the biggest component index, soared 5.85 percent to 14.30 yuan. Sinopec, Asia's largest oil refiner added 1.73 percent to 10.56 yuan.
Property developers were on the gaining side after the State Council announced favorable policies in fixed assets investment. Gemdale Corp, a Chinese partner of ING Group NV, advanced 5.81 percent to 16.58 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, jumped 4.21 percent to 22.28 yuan and Shanghai-based Shimao Property Co hiked 3.98 percent to 14.1 yuan.
Coal producers were strong. China Shenhua Energy Co, Asia's largest coal producer, expanded 5.45 percent to 26.7 yuan. Datong Coal industry Co, China's second-largest coal company by capacity, increased 7.54 percent to 35.95 yuan. Pindingshan Tian'an Coal Mining Co gained 6.81 percent to 34.02 yuan.
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