Coal, real estate shares lift key index up

By Joyce Pan | May 7, 2009, Thursday |

Print Edition

SHANGHAI'S key stock index gained nearly 1 percent yesterday, led by coal producers and property developers.

The Shanghai Composite Index rose 0.98 percent, or 25.18 points, to close at 2,592.52 points, after reaching an intraday high of 2,596.93 points. Gainers outnumbered losers 650 to 194 while 26 stocks were unchanged. Turnover rose to 154.74 billion yuan (US$22.76 billion) from 151.48 billion yuan on Tuesday.

''The benchmark index moved upward after some fluctuations but it met some resistance at 2,600 points,'' said Wu Ling, an analyst at S&E Securities Brokerage Co. ''Though some sectors were actively traded and contributed to the gains, weak heavyweight blue chips curbed the index's rebound.''

Coal producers were among gainers, with Datong Coal Industry Co surging 5.34 percent to 33.51 yuan. Shanxi Coking Co soared 4.58 percent to 7.30 yuan while Pingdingshan Tianan Coal Mining Co jumped 3.55 percent to 27.69 yuan.

Real estate developers also rose. Gemdale Corp gained 3.88 percent to 13.38 yuan, Poly Real Estate Group added 2.32 percent to 20.76 yuan and Shimao Co jumped 4.05 percent to 13.11 yuan.

Finance

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Coal, real estate shares lift key index up

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