Key stock index climbs over 1%
Source: Agencies/Shanghai Daily |
January 15, 2010, Friday
|
Print Edition
Print Edition
A robust showing by broadcasting and Internet-related shares propelled Shanghai's key stock index to close more than 1 percent higher yesterday.
The key Shanghai Composite Index gained 1.35 percent, or 42.89 points, to close at 3,215.55. Turnover stood at 168 billion yuan (US$24.6 billion).
China is encouraging Internet, telecommunications and radio and television networks to share communications and other resources by 2015 to act as a growth momentum for the economy, the State Council, China's Cabinet, said on Wednesday.
Shanxi Broadcast and TV Network Intermediary Co surged by the 10 percent daily cap to close at 11.77 yuan. Northern United Publishing and Media Group Co jumped 7.89 percent to 14.49 yuan.
Bargain hunting also helped boost the market after Wednesday's slump due to a bank reserve hike.
"Investors realized they were overreacting and tended to think the hike is necessary for the good of the Chinese economy amid inflation expectations," said Zhang Xiang, an analyst at Guodu Securities in Beijing.
Consumer goods led the recovery on hopes of stronger sales for the traditional Chinese New Year next month.
TCL Corp, China's biggest listed consumer-electronics maker, said sales of LCD televisions more than doubled from 2008 to 8.4 million last year. Its shares surged 8.60 percent to 5.81 yuan.
Home appliance producer Hisense Electric Co advanced 8.9 percent to 25.85 yuan, while Sichuan Changhong Electric Co, a major television set maker, climbed by 7 percent to 7.16 yuan.
Beijing Yanjing Brewery Co surged 7.6 percent to 21.42 yuan.
The key Shanghai Composite Index gained 1.35 percent, or 42.89 points, to close at 3,215.55. Turnover stood at 168 billion yuan (US$24.6 billion).
China is encouraging Internet, telecommunications and radio and television networks to share communications and other resources by 2015 to act as a growth momentum for the economy, the State Council, China's Cabinet, said on Wednesday.
Shanxi Broadcast and TV Network Intermediary Co surged by the 10 percent daily cap to close at 11.77 yuan. Northern United Publishing and Media Group Co jumped 7.89 percent to 14.49 yuan.
Bargain hunting also helped boost the market after Wednesday's slump due to a bank reserve hike.
"Investors realized they were overreacting and tended to think the hike is necessary for the good of the Chinese economy amid inflation expectations," said Zhang Xiang, an analyst at Guodu Securities in Beijing.
Consumer goods led the recovery on hopes of stronger sales for the traditional Chinese New Year next month.
TCL Corp, China's biggest listed consumer-electronics maker, said sales of LCD televisions more than doubled from 2008 to 8.4 million last year. Its shares surged 8.60 percent to 5.81 yuan.
Home appliance producer Hisense Electric Co advanced 8.9 percent to 25.85 yuan, while Sichuan Changhong Electric Co, a major television set maker, climbed by 7 percent to 7.16 yuan.
Beijing Yanjing Brewery Co surged 7.6 percent to 21.42 yuan.
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