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Expo bolsters shares index
By Winny Wang |
March 30, 2010, Tuesday
|
Online Edition
Online Edition
SHARES on the Chinese mainland closed slightly higher today, bolstered by widespread gains of banks and strong Shanghai companies with the approaching World Expo.
The Shanghai Composite Index, which tracks the bigger mainland bourse, edged up 0.15 percent to close at 3,128.47 points. Turnover stood at 125 billion yuan (US$18.3 billion). Gainers outnumbered losers by 479 to 328 with 57 stocks unchanged.
The Shenzhen Composite Index, which tracks the smaller exchange, advanced 0.63 percent to 1,208.57 points.
Jing Ulrich, chairwoman of China equities and commodities at JPMorgan Chase & Co, said in a note today that China's stock market is expected to rise in the middle term.
She attributed the growth to adequate liquidity, low deposit interest rate, appreciation of the yuan, the launch of index futures and increasing corporate earnings.
Lenders extended Monday's rally today, spurred by the announcement of a stock index futures launch next month.
"With eased concerns over supervision, financing and tightened credit, the investment environment for lenders turned warm and more liquidity will be piled into lenders boosted by margin trading and index futures," said Sinolink Securities Co.
Industrial and Commercial Bank of China, the world's biggest lender in terms of market value, gained 0.2 percent to 5.02 yuan. Bank of China, the country's biggest foreign exchange bank, rose 0.23 percent to 4.37 yuan.
Local stocks performed actively today with the approaching World Expo. Shanghai Jiaoyun Co Ltd jumped 3.33 percent to 10.25 yuan and Shanghai Qiangsheng Holding Co Ltd rose 5.55 percent to 10.46 yuan.
Prices for coal with an energy value of 5,500 kilocalories per kilogram rose 0.74 percent to between 675 yuan and 685 yuan a metric ton as of today compared with a week earlier, the first increase since January 11, according to the China Coal Transport & Distribution Association.
China Shenhua Energy Co, the country's largest coal producer, advanced 0.96 percent to 29.33 yuan. China Coal Energy Co, the nation's second-largest coal producer, grew 0.68 percent to 11.91 yuan.
The Shanghai Composite Index, which tracks the bigger mainland bourse, edged up 0.15 percent to close at 3,128.47 points. Turnover stood at 125 billion yuan (US$18.3 billion). Gainers outnumbered losers by 479 to 328 with 57 stocks unchanged.
The Shenzhen Composite Index, which tracks the smaller exchange, advanced 0.63 percent to 1,208.57 points.
Jing Ulrich, chairwoman of China equities and commodities at JPMorgan Chase & Co, said in a note today that China's stock market is expected to rise in the middle term.
She attributed the growth to adequate liquidity, low deposit interest rate, appreciation of the yuan, the launch of index futures and increasing corporate earnings.
Lenders extended Monday's rally today, spurred by the announcement of a stock index futures launch next month.
"With eased concerns over supervision, financing and tightened credit, the investment environment for lenders turned warm and more liquidity will be piled into lenders boosted by margin trading and index futures," said Sinolink Securities Co.
Industrial and Commercial Bank of China, the world's biggest lender in terms of market value, gained 0.2 percent to 5.02 yuan. Bank of China, the country's biggest foreign exchange bank, rose 0.23 percent to 4.37 yuan.
Local stocks performed actively today with the approaching World Expo. Shanghai Jiaoyun Co Ltd jumped 3.33 percent to 10.25 yuan and Shanghai Qiangsheng Holding Co Ltd rose 5.55 percent to 10.46 yuan.
Prices for coal with an energy value of 5,500 kilocalories per kilogram rose 0.74 percent to between 675 yuan and 685 yuan a metric ton as of today compared with a week earlier, the first increase since January 11, according to the China Coal Transport & Distribution Association.
China Shenhua Energy Co, the country's largest coal producer, advanced 0.96 percent to 29.33 yuan. China Coal Energy Co, the nation's second-largest coal producer, grew 0.68 percent to 11.91 yuan.
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