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Carriers and developers power Shanghai shares
By Ding Yining |
July 28, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S benchmark stock index jumped nearly 1 percent in the morning session after airlines and property shares rebounded.
The benchmark Shanghai Composite Index rose 0.92 percent, or 23.63 points, to close at 2,599 points. Turnover was 48 billion yuan(US$7 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.21 percent to close at 1,062.12 points.
Airlines led the rebound in the morning trading among expectations their earnings will be boosted by a surge in travel demand. China Southern Airlines surged 3.95 percent to 7.36 yuan. China Eastern Airlines hiked 6.49 percent to 8.21 yuan after saying it will invest 2.38 billion yuan to set up an airline joint venture with the Yunnan provincial government. Air China rose 3.09 percent to 12.68 yuan.
Banks also lifted the index. Bank of Communications jumped 1.57 percent to 6.45 yuan. Shanghai Pudong Development Bank rose 1.51 percent to 14.83 yuan. China Merchants Bank added 1.49 percent to 14.32 yuan.
The central bank said on its website that China's "economic fundamentals remain good". The country's decreasing dependence on exports also means the European debt crisis is unlikely to have a large impact, the central bank said in its second-quarter report yesterday.
Real estate developers rebounded from earlier losses. Shanghai Shimao Co rose 1.74 percent to 14.06 yuan. China Vanke Co jumped 2.35 percent to 8.27 yuan. Gemdale Corporation advanced 3.29 percent to 6.90 yuan.
Beijing Zhongke Sanhuan High-Tech Co said it may set up a joint venture with China Minmetals Nonferrous Metals Co to produce rare-earth materials. The stock was up 0.89 percent to 13.65 yuan.
Metal companies are also among the gainers. Yunnan Copper rose 0.61 percent to 19.86 yuan. Metallurgical Corporation of China was up 0.72 percent to 4.20 yuan. Ningbo Fubang Jingye Group added 0.91 percent to 7.80 yuan.
The benchmark Shanghai Composite Index rose 0.92 percent, or 23.63 points, to close at 2,599 points. Turnover was 48 billion yuan(US$7 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.21 percent to close at 1,062.12 points.
Airlines led the rebound in the morning trading among expectations their earnings will be boosted by a surge in travel demand. China Southern Airlines surged 3.95 percent to 7.36 yuan. China Eastern Airlines hiked 6.49 percent to 8.21 yuan after saying it will invest 2.38 billion yuan to set up an airline joint venture with the Yunnan provincial government. Air China rose 3.09 percent to 12.68 yuan.
Banks also lifted the index. Bank of Communications jumped 1.57 percent to 6.45 yuan. Shanghai Pudong Development Bank rose 1.51 percent to 14.83 yuan. China Merchants Bank added 1.49 percent to 14.32 yuan.
The central bank said on its website that China's "economic fundamentals remain good". The country's decreasing dependence on exports also means the European debt crisis is unlikely to have a large impact, the central bank said in its second-quarter report yesterday.
Real estate developers rebounded from earlier losses. Shanghai Shimao Co rose 1.74 percent to 14.06 yuan. China Vanke Co jumped 2.35 percent to 8.27 yuan. Gemdale Corporation advanced 3.29 percent to 6.90 yuan.
Beijing Zhongke Sanhuan High-Tech Co said it may set up a joint venture with China Minmetals Nonferrous Metals Co to produce rare-earth materials. The stock was up 0.89 percent to 13.65 yuan.
Metal companies are also among the gainers. Yunnan Copper rose 0.61 percent to 19.86 yuan. Metallurgical Corporation of China was up 0.72 percent to 4.20 yuan. Ningbo Fubang Jingye Group added 0.91 percent to 7.80 yuan.
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