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November 5, 2009

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Disneyland news propel stocks to end up

THE announcement of the Shanghai Disneyland project propelled the local stock market to a seven-week high yesterday in anticipation that the theme park will attract more visitors to boost the city's service industry.

The key Shanghai Composite Index edged up 0.46 percent, or 14.31 points, to 3,128.54, its highest close since August 13. Turnover totaled 164 billion yuan (US$24 billion).

United States-based Walt Disney Co said in a statement yesterday that it has received Chinese government approval to build a theme park in Shanghai. The project, which costs an estimated US$3.5 billion, is expected to be operational in five or six years in Pudong New Area.

Shanghai Jinling Co jumped 3.54 percent to 9.37 yuan on hopes the project will boost service and entertainment facility providers in the area. SinoTex Investment and Development Co rose 8.64 percent to 11.19 yuan and Shanghai Belling Corp surged 7.25 percent to 7.40 yuan.

"The index is likely to remain on an upward trend in the near future with improving economic situation and improved earnings from listed companies despite some fluctuations in property shares," Zhao Yang, an analyst at United Securities, wrote in a research note.

Property shares lost their earlier gains as some investors took profit. Shanghai Lujiazui Finance & Trade Zone Development Co lost 1.92 percent to 29.17 yuan and Shanghai Jielong Industry Co shed 1.94 percent to 18.24 yuan.

Metal producers gained after the gold price jumped above US$1,080 an ounce. Nanjing Yunhai Special Metals Co surged 8.11 percent to 16 yuan, Zijin Mining Co rose 1.50 percent to 9.49 yuan, Zhongjin Gold Mining Co added 1.78 percent to finish at 59.34 yuan.

Banks also rose, with Shanghai Pudong Development Bank jumping 2.16 percent to 23.67 yuan.


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