Key index ends at highest in 2 weeks
By Ding Yining |
December 30, 2009, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock barometer edged up yesterday to close at the highest level in two weeks as banks rose on expectations that China's economic recovery will continue to boost loans.
The Shanghai Composite Index added 0.72 percent, or 22.98 points, to close at 3,211.76. Turnover stood at 117 billion yuan (US$17 billion). China's economy may grow between 8 and 9 percent in 2010, central bank adviser Fan Gang said at a forum in Beijing yesterday. His remark triggered hopes that banks may look forward to more loans being issued in 2010.
But an analyst believed that the outlook for shares to surge before 2009 comes to an end may not be realized.
The market is expected to remain cautious as the end of the year approaches, Chen Wei, an analyst at United Securities, wrote.
Shanghai Pudong Development Bank edged up 0.77 percent to 20.93 yuan, China Construction Bank added 0.85 percent to close at 5.92 yuan and the Bank of Communications climbed 2.01 percent to 8.61 yuan.
Brokerages also gained. CITIC Securities Co climbed 3.11 percent to 30.79 yuan, Haitong Securities Co added 2.29 percent to 18.80 yuan and Sinolink Securities rose 1.17 percent to 23.28 yuan.
Although CNR, one of China's two big train makers, added 2.34 percent to close at 5.69 yuan on its debut yesterday, it was the smallest gain for shares making their debut trading this year.
Property developers remained weak on concerns that more government measures may be launched to curb speculation in the overheated real estate market.
Shanghai-based Shimao Co shed 0.81 percent to 16 yuan. Poly Real Estate Group declined 2.03 percent to 21.73 yuan and Gemdale Corp dropped 1.92 percent to finish at 13.28 yuan.
The Shanghai Composite Index added 0.72 percent, or 22.98 points, to close at 3,211.76. Turnover stood at 117 billion yuan (US$17 billion). China's economy may grow between 8 and 9 percent in 2010, central bank adviser Fan Gang said at a forum in Beijing yesterday. His remark triggered hopes that banks may look forward to more loans being issued in 2010.
But an analyst believed that the outlook for shares to surge before 2009 comes to an end may not be realized.
The market is expected to remain cautious as the end of the year approaches, Chen Wei, an analyst at United Securities, wrote.
Shanghai Pudong Development Bank edged up 0.77 percent to 20.93 yuan, China Construction Bank added 0.85 percent to close at 5.92 yuan and the Bank of Communications climbed 2.01 percent to 8.61 yuan.
Brokerages also gained. CITIC Securities Co climbed 3.11 percent to 30.79 yuan, Haitong Securities Co added 2.29 percent to 18.80 yuan and Sinolink Securities rose 1.17 percent to 23.28 yuan.
Although CNR, one of China's two big train makers, added 2.34 percent to close at 5.69 yuan on its debut yesterday, it was the smallest gain for shares making their debut trading this year.
Property developers remained weak on concerns that more government measures may be launched to curb speculation in the overheated real estate market.
Shanghai-based Shimao Co shed 0.81 percent to 16 yuan. Poly Real Estate Group declined 2.03 percent to 21.73 yuan and Gemdale Corp dropped 1.92 percent to finish at 13.28 yuan.
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