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Economic aid package hope boosts market

SHANGHAI'S key stock index added more than 1 percent on the first trading day after the Chinese New Year as more measures to stimulate economy are expected.

The benchmark Shanghai Composite Index was up 1.06 percent, or 21.03 points, to close at 2,011.68 points. Turnover was 61.8 billion yuan (US$9.0 billion). Winners outnumbered losers 820 to 50 while 38 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, increased 2.09 percent to close at 623.01 points.

Premier Wen Jiabao told the Financial Times in London on Sunday the government may implement more measures to boost its economy in addition to the 4 trillion yuan package.

Gold miners are among the winners with the increase in the gold price. Both Zhongjin Gold Corp and Shandong Gold Mining Co Ltd surged the daily limit of 10 percent. Zhongjin Gold Corp closed at 39.99 yuan and Shandong Gold Mining closed at 50.55 yuan. Zijin Mining Group Co Ltd hiked 9.94 percent to 5.53 yuan.

On Sunday the central government issued guidelines for agricultural development this year and pledged to make steady rural and agricultural development a priority, to ensure the supply of farm products and to guarantee the income for farmers.

Agricultural companies had an overall good performance. Gansu Yasheng Industrial (Group) Co Ltd surged the daily limit of 10 percent to 3.74 yuan. Xinjiang Talimu Agriculture Development Co Ltd advanced 3.68 percent to 8.73 yuan. Beijing Shunxin Agriculture Co Ltd was up 3.02 percent to 12.62 yuan.

Banks had a mixed performance. The China Merchants Bank Co, the nation's fifth-largest bank by market value, dipped 0.07 percent to 13.50 yuan. The China Construction Bank edged up 0.50 percent to 4.02 yuan. The Bank of China was up 0.33 percent to 3.07 yuan. Shanghai Pudong Development Bank dropped 2.28 percent to 16.31 yuan.

Oil companies were among the losers. PetroChina, the biggest component index, dipped 0.19 percent to 10.35 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, was down 1.39 percent to 7.83 yuan.

Sany Heavy Industry Co agreed to invest US$128 million to build a machinery production plant and research center in Germany, according to a report by the Securities Times. Its shares jumped 6.18 percent to close at 20.79 yuan.

Yanzhou Coal Mining Co, the listed unit of China's fourth largest coal miner, said it may buy back as much as 10 percent of the company's Hong Kong listed shares. The stock was down 1.86 percent to 10.02 yuan.


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