Confident investors lift index nearly 1%
By Ding Yining |
March 4, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stocks climbed nearly 1 percent yesterday to a five-week closing high, led by heavyweight chips and steel makers, as more investors feel confident in China's economic recovery.
The Shanghai Composite Index added 0.78 percent, or 23.90 points, to close at 3,097.01. Turnover totaled 136.5 billion yuan (US$20 billion).
Expressing confidence in the market, individual investors opened 330,875 stock trading accounts last week, the most in more than two months, as the local market rebounded after the week-long Spring Festival holiday, China Securities Depository and Clearing Corp said yesterday.
Steel makers and power plants gained. Baoshan Iron and Steel Co, China's biggest steel maker, added 1.11 percent to 8.18 yuan and Angang Steel Co rose 1.41 percent to 12.19 yuan. Huaneng Power International Inc surged 2.83 percent to 7.64 yuan.
Heavyweights "are expected to remain stable as the National People's Congress and the Chinese People's Political Consultative Conference may come up with more stimulus measures to sustain domestic demand," Haitong Securities wrote.
Real estate firms fell on expectations there will be heated debate on ways to curb surging property prices during the annual sessions of the CPPCC and the NPC this week.
China Vanke Co shed 0.31 percent to 9.58 yuan, China Merchants Property Development Co Ltd lost 1.45 percent to 23.09 yuan and Gemdale Corporation dipped 0.39 percent to 12.82 yuan.
The Shanghai Composite Index added 0.78 percent, or 23.90 points, to close at 3,097.01. Turnover totaled 136.5 billion yuan (US$20 billion).
Expressing confidence in the market, individual investors opened 330,875 stock trading accounts last week, the most in more than two months, as the local market rebounded after the week-long Spring Festival holiday, China Securities Depository and Clearing Corp said yesterday.
Steel makers and power plants gained. Baoshan Iron and Steel Co, China's biggest steel maker, added 1.11 percent to 8.18 yuan and Angang Steel Co rose 1.41 percent to 12.19 yuan. Huaneng Power International Inc surged 2.83 percent to 7.64 yuan.
Heavyweights "are expected to remain stable as the National People's Congress and the Chinese People's Political Consultative Conference may come up with more stimulus measures to sustain domestic demand," Haitong Securities wrote.
Real estate firms fell on expectations there will be heated debate on ways to curb surging property prices during the annual sessions of the CPPCC and the NPC this week.
China Vanke Co shed 0.31 percent to 9.58 yuan, China Merchants Property Development Co Ltd lost 1.45 percent to 23.09 yuan and Gemdale Corporation dipped 0.39 percent to 12.82 yuan.
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