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Developers and air carriers lead gainers in Shanghai
By Lydia Chen |
April 29, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market posted slight gains in the morning session today thanks to a rebound among developers and energy shares while airlines rallied after China's yuan strengthened beyond 6.5 per US dollar for the first time since 1993.
The benchmark Shanghai Composite Index edged up 0.11 percent to 2,890.29.
Developers led the gaining pack in the morning trading as data from the central bank showed new loans for the country's massive affordable housing projects have shot 40.1 percent from a year ago between January and March.
China Vanke Co, the country's biggest developer, climbed 1.68 percent to 8.45 yuan (US$1.3). Shanghai Shimao Co gained 2.82 percent to 14.60 yuan.
Airliners benefited from the rising Chinese currency while the upcoming three-day holiday is also expected to see sales boom.
Air China Co climbed 1.10 percent to 11.07 yuan. Hainan Airlines Co jumped 3.59 percent to 8.94 yuan.
The People's Bank of China fixed the yuan's mid-point versus the dollar stronger at 6.4990 today from yesterday's 6.5051, breaching the important psychological level of 6.50 per dollar for the first time since the country unified official and market exchange rates at the end of 1993.
The benchmark Shanghai Composite Index edged up 0.11 percent to 2,890.29.
Developers led the gaining pack in the morning trading as data from the central bank showed new loans for the country's massive affordable housing projects have shot 40.1 percent from a year ago between January and March.
China Vanke Co, the country's biggest developer, climbed 1.68 percent to 8.45 yuan (US$1.3). Shanghai Shimao Co gained 2.82 percent to 14.60 yuan.
Airliners benefited from the rising Chinese currency while the upcoming three-day holiday is also expected to see sales boom.
Air China Co climbed 1.10 percent to 11.07 yuan. Hainan Airlines Co jumped 3.59 percent to 8.94 yuan.
The People's Bank of China fixed the yuan's mid-point versus the dollar stronger at 6.4990 today from yesterday's 6.5051, breaching the important psychological level of 6.50 per dollar for the first time since the country unified official and market exchange rates at the end of 1993.
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