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Heavyweights boost Shanghai stocks in morning

By Ding Yining | December 30, 2009, Wednesday | Online Edition

SHANGHAI'S market closed higher in the morning session, lifted by heavyweights as market expects rally to continue next year.

The benchmark Shanghai Composite Index added 1.05 percent, or 33.56 points, to close at 3,245.32 points. Turnover was 79.7 billion yuan (US$11.7 billion). Losers outnumbered gainers 614 to 229, and 69 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.41 percent to close at 1,186.24 points.

PetroChina has won Canadian regulatory approval to buy stakes in two oil-sands projects with US$1.8 billion. Its shares advanced 1.70 percent to 13.78 yuan.

China Vanke Co, the biggest listed domestic developer, added 1.34 percent to 10.59 yuan. Gemdale Corporation rose 1.88 percent to 13.53 yuan. Poly Real Estate Group edged up 0.74 percent to 21.89 yuan.

Banks were among the gainers among expectations new loans in December will reach 300 billion yuan, higher than previous estimates. China Merchants Bank surged 4.25 percent to 17.90 yuan. Shanghai Pudong Development Bank jumped 2.48 percent to 21.45 yuan. China Construction Bank advanced 2.70 percent to close at 6.08 yuan. Bank of Communications rose 3.72 percent to 8.93 yuan.

Metal producers showed mixed results. Zijin Mining Co dipped 0.74 percent to 9.40 yuan. Shandong Gold Mining Co lowered 1.70 percent to 79.41 yuan. Yunnan Copper Co rose 1.09 percent to 29.65 yuan. Jiangxi Copper was up 0.39 percent to 39 yuan.

Brokerages also lifted the market. Haitong Securities rose 1.76 percent to 19.13 yuan. Everbright Securities added 1.02 percent to 24.65 yuan. Guoyuan Securities was up 1.51 percent to 20.86 yuan.
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