Key index extends rally on FDI news
By Pan Xiaoyi |
January 16, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index extended its rally yesterday, boosted by news that China's foreign direct investment surged 103 percent year on year in December.
The Shanghai Composite Index added 0.27 percent, or 8.6 points, to close at 3,224.15, sending the gauge to a weekly gain of 0.9 percent. Turnover shrank to 151.4 billion yuan (US$22.3 billion) from 168 billion yuan on Thursday.
The Ministry of Commerce yesterday said FDI totaled US$12.1 billion last month. But China's total FDI last year fell 2.6 percent from a year ago to US$90.03 billion.
"The economic growth, Consumer Price Index and other economic data for 2009, which are scheduled to be released next Thursday, will further lift the market amid slack investor sentiment due to the central bank's move to drain liquidity," said Lin Xuewen, an analyst at Bandung Securities Co.
Wolong Real Estate Group surged by the 10 percent daily cap to 16.97 yuan. It reported late on Thursday that its 2009 profit jumped 33.27 percent from a year ago to 136 million yuan in the first annual earnings report by a property developer. Gemdale Corp rose 3.7 percent to 13.32 yuan, Shimao Co gained 3.5 percent to 14.98 yuan, and Poly Real Estate Group added 1.9 percent to 20.98 yuan.
Wuliangye Yibin Co, a premier Chinese spirits firm, gained 0.4 percent to 31.56 yuan after unveiling plans to raise liquor prices by between 8.5 percent and 10.3 percent from today. Kweichow Moutai Co added 0.8 percent to 169.87 yuan.
The Shanghai Composite Index added 0.27 percent, or 8.6 points, to close at 3,224.15, sending the gauge to a weekly gain of 0.9 percent. Turnover shrank to 151.4 billion yuan (US$22.3 billion) from 168 billion yuan on Thursday.
The Ministry of Commerce yesterday said FDI totaled US$12.1 billion last month. But China's total FDI last year fell 2.6 percent from a year ago to US$90.03 billion.
"The economic growth, Consumer Price Index and other economic data for 2009, which are scheduled to be released next Thursday, will further lift the market amid slack investor sentiment due to the central bank's move to drain liquidity," said Lin Xuewen, an analyst at Bandung Securities Co.
Wolong Real Estate Group surged by the 10 percent daily cap to 16.97 yuan. It reported late on Thursday that its 2009 profit jumped 33.27 percent from a year ago to 136 million yuan in the first annual earnings report by a property developer. Gemdale Corp rose 3.7 percent to 13.32 yuan, Shimao Co gained 3.5 percent to 14.98 yuan, and Poly Real Estate Group added 1.9 percent to 20.98 yuan.
Wuliangye Yibin Co, a premier Chinese spirits firm, gained 0.4 percent to 31.56 yuan after unveiling plans to raise liquor prices by between 8.5 percent and 10.3 percent from today. Kweichow Moutai Co added 0.8 percent to 169.87 yuan.
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