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IT shares rise in Shanghai
By Lydia Chen |
January 13, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped on strength of shares in information and integrated circuit industries after the State Council released measures to support their developments.
PetroChina led oil producers higher after a major shareholder reported a profit jump.
The Shanghai Composite Index, which tracks the bigger mainland market, added 0.23 percent to 2,827.71. Turnover edged up to 87.93 billion yuan (US$13.32 billion) from yesterday's 87.4 billion yuan.
Shanghai Baosight Software Co surged 7.07 percent to 27.73 yuan.
The government will earmark capital from the central budget to fund technological improvements and upgrading of projects in qualified integrated circuit enterprises, according to a statement issued at the end of a State Council's meeting chaired by Premier Wen Jiabao.
PetroChina, the nation's largest oil company, climbed 1.33 percent to 11.39 yuan. China National Petroleum Corp, the majority shareholder in PetroChina, said in a statement on its website that earnings jumped a year-on-year of 30 percent to 167.6 billion yuan last year.
Sinovel Wind Group Co fell below its offering price on its debut in Shanghai today. The firm, China's biggest maker of wind turbines, tumbled 9.59 percent to 81.37 yuan.
Sinovel Wind priced its IPO shares at 90 yuan, valuing the company at 25 times this year's earnings, which is higher than the industry's average of 20 times.
PetroChina led oil producers higher after a major shareholder reported a profit jump.
The Shanghai Composite Index, which tracks the bigger mainland market, added 0.23 percent to 2,827.71. Turnover edged up to 87.93 billion yuan (US$13.32 billion) from yesterday's 87.4 billion yuan.
Shanghai Baosight Software Co surged 7.07 percent to 27.73 yuan.
The government will earmark capital from the central budget to fund technological improvements and upgrading of projects in qualified integrated circuit enterprises, according to a statement issued at the end of a State Council's meeting chaired by Premier Wen Jiabao.
PetroChina, the nation's largest oil company, climbed 1.33 percent to 11.39 yuan. China National Petroleum Corp, the majority shareholder in PetroChina, said in a statement on its website that earnings jumped a year-on-year of 30 percent to 167.6 billion yuan last year.
Sinovel Wind Group Co fell below its offering price on its debut in Shanghai today. The firm, China's biggest maker of wind turbines, tumbled 9.59 percent to 81.37 yuan.
Sinovel Wind priced its IPO shares at 90 yuan, valuing the company at 25 times this year's earnings, which is higher than the industry's average of 20 times.
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