Key index starts holiday on a higher note
By Ding Yining |
October 1, 2009, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed higher on the last trading day before the start of the National Day holiday after a central bank committee pledged to continue relatively loose monetary policy in the fourth quarter. The market will reopen on October 9.
The benchmark Shanghai Composite Index yesterday rose 0.9 percent, or 24.89 points, to close at 2,779.43 points. Turnover dropped to 64.8 billion yuan (US$9.5 billion) from 74.3 billion yuan the previous day.
The index ended the month down 2.8 percent and lost 6.1 percent in the third quarter, its worst quarter this year.
Investor sentiment has been depressed in recent weeks by concerns about too many shares coming to market.
Chinese companies raised 105 billion yuan via initial public offerings in the third quarter, up 700 percent from a year earlier. More IPOs are in the pipeline, along with some locked-up shares being freed to trade. The Industrial and Commercial Bank of China, which announced it was to buy a 19.26 percent stake in a Thai bank, saw its shares climb 0.63 percent to 4.77 yuan.
Shanghai Pudong Development Bank said it recently completed a private placement, raising 15 billion yuan by selling shares at 16.59 yuan. The stock was almost unchanged at 19.65 yuan.
Fuel prices were cut by nearly 3 percent from yesterday and China Petroleum & Chemical Corp rose 0.09 percent to 11.30 yuan. PetroChina gained 1.03 percent to 12.70 yuan.
Metal producers reversed Tuesday's losses after gold futures rose. Zijin Mining Co added 2.41 percent to 8.49 yuan. Jiangxi Copper Co rose 4.69 percent to 34.17 yuan. Yunnan Copper Co rose 3.60 percent to 25.30 yuan. Aluminum Corp of China was up 3.07 percent to 12.76 yuan.
The benchmark Shanghai Composite Index yesterday rose 0.9 percent, or 24.89 points, to close at 2,779.43 points. Turnover dropped to 64.8 billion yuan (US$9.5 billion) from 74.3 billion yuan the previous day.
The index ended the month down 2.8 percent and lost 6.1 percent in the third quarter, its worst quarter this year.
Investor sentiment has been depressed in recent weeks by concerns about too many shares coming to market.
Chinese companies raised 105 billion yuan via initial public offerings in the third quarter, up 700 percent from a year earlier. More IPOs are in the pipeline, along with some locked-up shares being freed to trade. The Industrial and Commercial Bank of China, which announced it was to buy a 19.26 percent stake in a Thai bank, saw its shares climb 0.63 percent to 4.77 yuan.
Shanghai Pudong Development Bank said it recently completed a private placement, raising 15 billion yuan by selling shares at 16.59 yuan. The stock was almost unchanged at 19.65 yuan.
Fuel prices were cut by nearly 3 percent from yesterday and China Petroleum & Chemical Corp rose 0.09 percent to 11.30 yuan. PetroChina gained 1.03 percent to 12.70 yuan.
Metal producers reversed Tuesday's losses after gold futures rose. Zijin Mining Co added 2.41 percent to 8.49 yuan. Jiangxi Copper Co rose 4.69 percent to 34.17 yuan. Yunnan Copper Co rose 3.60 percent to 25.30 yuan. Aluminum Corp of China was up 3.07 percent to 12.76 yuan.
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