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Key index ends above 1% ahead of holiday
By Ding Yining |
February 13, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S benchmark stock index yesterday closed more than 1 percent higher at the highest level in more than 2 weeks and recorded the first weekly gain in four weeks, as investors grew cautiously optimistic about the near-term trend after the market returns from the Spring Festival holiday.
The Shanghai Composite Index rose 1.09 percent, or 32.63 points, to close at 3,018.13 on the last trading day before the weeklong holiday. Turnover was 56.1 billion yuan (US$8.2 billion).
For the week, the barometer climbed 2.7 percent, the biggest weekly gain this year.
The market will reopen on February 22.
"Annual reports set to be announced after the holiday break are likely to lift the market as more companies are expected to post better-than-expected results, and the index will remain on an upward trend despite small fluctuations," Southwest Securities said in a research note.
China's latest economic data for January, posted by the government this week, showed that the country's economic recovery after the global financial crisis is now in full swing.
Top steel producer Baoshan Iron and Steel Co closed up 2.43 percent at 8.02 yuan after it raised March prices for some of its products.
China Construction Bank gained 1.43 percent to 5.69 yuan, and China Merchants Bank advanced 1.41 percent to 15.78 yuan. The Bank of Communications added 0.98 percent to 8.27 yuan.
China Vanke Co, the biggest listed domestic real estate developer, rose 0.97 percent to 9.37 yuan. Poly Real Estate Group edged up 0.62 percent to 19.47 yuan.
The Shanghai Composite Index rose 1.09 percent, or 32.63 points, to close at 3,018.13 on the last trading day before the weeklong holiday. Turnover was 56.1 billion yuan (US$8.2 billion).
For the week, the barometer climbed 2.7 percent, the biggest weekly gain this year.
The market will reopen on February 22.
"Annual reports set to be announced after the holiday break are likely to lift the market as more companies are expected to post better-than-expected results, and the index will remain on an upward trend despite small fluctuations," Southwest Securities said in a research note.
China's latest economic data for January, posted by the government this week, showed that the country's economic recovery after the global financial crisis is now in full swing.
Top steel producer Baoshan Iron and Steel Co closed up 2.43 percent at 8.02 yuan after it raised March prices for some of its products.
China Construction Bank gained 1.43 percent to 5.69 yuan, and China Merchants Bank advanced 1.41 percent to 15.78 yuan. The Bank of Communications added 0.98 percent to 8.27 yuan.
China Vanke Co, the biggest listed domestic real estate developer, rose 0.97 percent to 9.37 yuan. Poly Real Estate Group edged up 0.62 percent to 19.47 yuan.
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