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Key index tops 3,300 barrier
By Ding Yining |
July 24, 2009, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index climbed yesterday and conquered the 3,300-point barrier at the close, led by Sinopec and financial shares.
The Shanghai Composite Index rose 0.97 percent, or 31.88 points, to close at a 13-month high 3,328.49, extending the barometer's surge to 83 percent this year. Turnover stood at 195.4 billion yuan (US$28.6 billion).
"The index will continue to fluctuate around 3,3000 points and construction firms and brokerages may outperform the market in the future," Fang Tiecheng, an analyst at United Securities, wrote in a note.
Fang attributed his optimism over these two sectors to the boost in infrastructure construction and also to the robust stock market in the first half of the year.
China Petroleum and Chemical Corp, also known as Sinopec, rose 3.06 percent to 13.79 yuan after surging 10 percent on Wednesday amid speculation of a huge increase in profit in the first half.
Yunnan Copper, China's third-biggest smelter of the metal, climbed 10 percent to 28.82 yuan after saying it plans to raise as much as 6 billion yuan through a private share sale to fund acquisitions. Jiangxi Copper Co gained 3.13 percent to 45.73 yuan.
Banks were also strong. Shanghai Pudong Development Bank added 1.51 percent to 25.55 yuan, China Construction Bank rose 0.99 percent to 6.12 yuan, the Bank of Communications climbed 5.16 percent to 10.60 yuan and China Merchants Bank Co gained 1.89 percent to 19.41 yuan.
Shipping lines fell as the Baltic Dry Index, a measure of shipping cost for commodities, dropped for the third consecutive day. China COSCO Holdings Co, the world's largest operator of dry-bulk ships, lost 1.24 percent to 17.47 yuan while COSCO Shipping Co, a unit of China's biggest shipping company, sank 1.65 percent to 13.12 yuan and China Shipping Development Co shed 1.22 percent to end at 16.23 yuan.
The Shanghai Composite Index rose 0.97 percent, or 31.88 points, to close at a 13-month high 3,328.49, extending the barometer's surge to 83 percent this year. Turnover stood at 195.4 billion yuan (US$28.6 billion).
"The index will continue to fluctuate around 3,3000 points and construction firms and brokerages may outperform the market in the future," Fang Tiecheng, an analyst at United Securities, wrote in a note.
Fang attributed his optimism over these two sectors to the boost in infrastructure construction and also to the robust stock market in the first half of the year.
China Petroleum and Chemical Corp, also known as Sinopec, rose 3.06 percent to 13.79 yuan after surging 10 percent on Wednesday amid speculation of a huge increase in profit in the first half.
Yunnan Copper, China's third-biggest smelter of the metal, climbed 10 percent to 28.82 yuan after saying it plans to raise as much as 6 billion yuan through a private share sale to fund acquisitions. Jiangxi Copper Co gained 3.13 percent to 45.73 yuan.
Banks were also strong. Shanghai Pudong Development Bank added 1.51 percent to 25.55 yuan, China Construction Bank rose 0.99 percent to 6.12 yuan, the Bank of Communications climbed 5.16 percent to 10.60 yuan and China Merchants Bank Co gained 1.89 percent to 19.41 yuan.
Shipping lines fell as the Baltic Dry Index, a measure of shipping cost for commodities, dropped for the third consecutive day. China COSCO Holdings Co, the world's largest operator of dry-bulk ships, lost 1.24 percent to 17.47 yuan while COSCO Shipping Co, a unit of China's biggest shipping company, sank 1.65 percent to 13.12 yuan and China Shipping Development Co shed 1.22 percent to end at 16.23 yuan.
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