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IPO plans leave market edging up

SHANGHAI'S key stock index remained in fluctuation over the possible resumption of initial public offerings and edged up at the end of the morning session.

The benchmark Shanghai Composite Index was up 0.29 percent, or 8.25 points, to close at 2,824.50 points. Turnover was 64.6 billion yuan (US$9.4 billion). Gainers outnumbered losers 461 to 388 and 59 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.12 percent to close at 933.29 points.

Financial shares had strong performances. Bank of China added 1.77 percent to 4.03 yuan. Bank of Communications advanced 2.75 percent to 8.21 yuan. Shanghai Pudong Development Bank was up 1.29 percent to 21.27 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.06 percent to 4.76 yuan.

Haitong Securities jumped 3.79 percent to 17.00 yuan. Sinolink Securities added 1.88 percent to 20.06 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd was up 0.71 percent to 23.97 yuan.

TCL Corp, the nation's biggest maker of consumer electronics posted a 92 percent year-on-year increase in sales of LCD television in May. Its shares dipped 0.25 percent to 3.94 yuan.

Air carriers bucked the upward trend. Air China, the biggest carrier by market value, lost 2.33 percent to 6.72 yuan. China Southern Airlines Co Ltd was down 1.65 percent to 5.36 yuan.

Real estate developers were also among the losers. Poly Real Estate Group retreated 3.54 percent to 23.45 yuan. China Vanke Co, the nation's biggest listed property developer, was down 1.96 percent to 11 yuan. Gemdale Corporation buckled 5.24 percent to 13.55 yuan.


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