Index adds 3.5% on hopes of measures

By Pan Xiaoyi | January 15, 2009, Thursday |

Print Edition

SHANGHAI'S key stock index jumped over 3 percent yesterday and erased losses of the previous two days as the central government yesterday started discussing plans to revive the country's 10 key industries.

The Shanghai Composite Index rose 3.52 percent, or 65.5 points, to 1,928.87.

Almost all shares gained while only 11 dropped and 4 stocks stayed unchanged. Turnover swelled to 64.2 billion yuan (US$9.44 billion) from 49.3 billion yuan on the previous trading day.

"From a short-term perspective, the local index will swing on expectations of major government moves to bolster the economy," according to a research note by Jiangnan Securities Co.

The State Council, of China's Cabinet, yesterday discussed proposals to revive the steel and automobile sectors which are part of the 10 key industries.

Lenders led gainers on speculation China Investment Corp and Central Huijin Investment Co were considering buying shares in major Chinese banks as foreign investors reduced their holdings.

Bank of Nanjing Co jumped 5.37 percent, to 9.02 yuan after saying its profit last year may rise 70 percent to 909.5 million yuan on higher interest income and fees. Shanghai Pudong Development Bank Co soared 8.08 percent to 15.12 yuan.

Tongling Nonferrous Metals Group Co, China's biggest copper firm, added 4.51 percent to 7.65 yuan. Jiangxi Copper Co gained 5.66 percent to 12.51 yuan.

Finance

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Index adds 3.5% on hopes of measures

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