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Generators give markets a spark
By Ding Yining |
January 10, 2009, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed higher yesterday to end the first week of 2009 with electric generators leading the gains on expectation that they could receive subsidies from the government.
The benchmark Shanghai Composite Index rose 1.42 percent to close at 1,904.86.
"The index is fairly strong today, entering another round of gaining after two days of losing and is expected to reach 2,000 points in the near future," says a research note by Shenyin and Wanguo Securities.
Guiguan Electric, a unit of China's second-biggest electricity producer, said in a statement that it has received 30 million yuan from the State-owned Assets Supervision and Administration Commission of the State Council to support its reconstruction projects after the earthquake in May 2008. Its shares added 1.97 percent to 6.72 yuan.
Other electric generators are among the gainers. Huaneng Power International Inc increased 2.39 percent to 7.29 yuan Datang International Power Generation Co, a unit of China's second-biggest electricity producer, rallied 8.01 percent to 7.28 yuan.
China Life Insurance Co, the country's largest life insurance company, rose 1.15 percent to close at 9.35 yuan.
Banks were mixed. The Bank of Communications dipped 0.20 percent to 4.94 yuan. The Bank of China lowered 0.34 percent to 2.93 yuan. Shanghai Pudong Development Bank advanced 2.64 percent to 14.01 yuan. The Industrial Bank Co rose 1.47 percent to 15.23 yuan.
The benchmark Shanghai Composite Index rose 1.42 percent to close at 1,904.86.
"The index is fairly strong today, entering another round of gaining after two days of losing and is expected to reach 2,000 points in the near future," says a research note by Shenyin and Wanguo Securities.
Guiguan Electric, a unit of China's second-biggest electricity producer, said in a statement that it has received 30 million yuan from the State-owned Assets Supervision and Administration Commission of the State Council to support its reconstruction projects after the earthquake in May 2008. Its shares added 1.97 percent to 6.72 yuan.
Other electric generators are among the gainers. Huaneng Power International Inc increased 2.39 percent to 7.29 yuan Datang International Power Generation Co, a unit of China's second-biggest electricity producer, rallied 8.01 percent to 7.28 yuan.
China Life Insurance Co, the country's largest life insurance company, rose 1.15 percent to close at 9.35 yuan.
Banks were mixed. The Bank of Communications dipped 0.20 percent to 4.94 yuan. The Bank of China lowered 0.34 percent to 2.93 yuan. Shanghai Pudong Development Bank advanced 2.64 percent to 14.01 yuan. The Industrial Bank Co rose 1.47 percent to 15.23 yuan.
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