IT, electronics lead rebound

By Pan Xiaoyi | February 20, 2009, Friday |

Print Edition

SHANGHAI'S key stock index closed higher for the first time in three days yesterday, led by electronics companies as the government approved a plan to boost the sector on Wednesday, after the market closed.

The Shanghai Composite Index rose 0.78 percent, or 17.26 points, to 2,227.13. Gainers outnumbered losers 694 to 173, while 16 remained unchanged. Turnover shrank to 108.3 billion yuan (US$15.93 billion), down from 135.3 billion yuan on Wednesday.

"The market is expected to go through several ups and downs by the end of the second quarter," Golden Sun Securities Co wrote in a research note. "Investors should be cautious about possibly worsening corporate profit margins."

The government promised to provide additional investment to the electronics and IT industries and to promote the expansion of 3G communications and other high-tech services.

China National Software and Service Co jumped by the 10 percent daily limit to 11.46 yuan.

Founder Technology Group Corp, China's second-largest computer maker, rose 4.09 percent to 3.82 yuan while Tsinghua Tongfang Co, a manufacturer of personal computers, rose 2.58 percent to 14.31 yuan.

Baoshan Iron & Steel Co, China's biggest steel maker, climbed 4.18 percent to 5.98 yuan on media reports that the government is to announce policies to promote domestic steel mergers this weekend.

Finance

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IT, electronics lead rebound

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