Index ends higher for 1st time in 4 days
By Ding Yining |
February 10, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stocks yesterday closed higher for the first time in four days as banks and metal producers gained.
The benchmark Shanghai Composite Index rose 0.47 percent, or 13.67 points, to close at 2,948.84. Turnover declined to 68 billion yuan (US$10 billion) from Monday's 73.2 billion yuan.
But with the Spring Festival holiday approaching the market is expected to be rather quiet, said an analyst.
"The index is likely to remain in a close range" as the market is not expected to see much trading as investors stayed on the sidelines ahead of the holiday which falls on Sunday, Chen Wei, an analyst at United Securities, wrote.
Banks rebounded. Shanghai Pudong Development Bank rose 1.04 percent to 19.42 yuan, the Bank of Communications gained 0.62 percent to 8.13 yuan, and China Merchants Bank increased 1.19 percent to 15.31 yuan.
Metal producers also gained. Shandong Gold Mining Co advanced 2.35 percent to 65.84 yuan and Yunnan Copper Co rose 2.92 percent to 24.70 yuan.
Other gainers included Southwest Securities which climbed 1.90 percent after saying its profit surged over 600 percent to 1 billion yuan in 2009. Haitong Securities, the nation's second-largest listed brokerage, said it plans to invest 10 billion yuan in equities on top of 4 billion yuan invested in the margin trading business. Its shares gained 0.95 percent to 17.03 yuan.
Property shares lost, with Poly Real Estate Group off 0.21 percent to 18.64 yuan while Shanghai Shimao Co fell 0.93 percent to 13.81 yuan. China Vanke Co, the biggest listed property firm, shed 0.33 percent to 9.09 yuan.
The benchmark Shanghai Composite Index rose 0.47 percent, or 13.67 points, to close at 2,948.84. Turnover declined to 68 billion yuan (US$10 billion) from Monday's 73.2 billion yuan.
But with the Spring Festival holiday approaching the market is expected to be rather quiet, said an analyst.
"The index is likely to remain in a close range" as the market is not expected to see much trading as investors stayed on the sidelines ahead of the holiday which falls on Sunday, Chen Wei, an analyst at United Securities, wrote.
Banks rebounded. Shanghai Pudong Development Bank rose 1.04 percent to 19.42 yuan, the Bank of Communications gained 0.62 percent to 8.13 yuan, and China Merchants Bank increased 1.19 percent to 15.31 yuan.
Metal producers also gained. Shandong Gold Mining Co advanced 2.35 percent to 65.84 yuan and Yunnan Copper Co rose 2.92 percent to 24.70 yuan.
Other gainers included Southwest Securities which climbed 1.90 percent after saying its profit surged over 600 percent to 1 billion yuan in 2009. Haitong Securities, the nation's second-largest listed brokerage, said it plans to invest 10 billion yuan in equities on top of 4 billion yuan invested in the margin trading business. Its shares gained 0.95 percent to 17.03 yuan.
Property shares lost, with Poly Real Estate Group off 0.21 percent to 18.64 yuan while Shanghai Shimao Co fell 0.93 percent to 13.81 yuan. China Vanke Co, the biggest listed property firm, shed 0.33 percent to 9.09 yuan.
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