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November 7, 2009

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Home » Business » Finance

Key stock index edges higher

SHANGHAI'S stock market closed slightly higher yesterday, fueled by property firms and auto makers.

The Shanghai Composite Index edged up 0.28 percent, or 8.98 points, to 3,164.04, a three-month closing high. Turnover was 181 billion yuan (US$26.5 billion).

The barometer gained a total of 5.61 percent this week, its best weekly rise in more than three months.

"The index may face pressure at about 3,150 points, but its upward trend is likely to continue in the next few months," said Chen Jian, an analyst at United Securities.

The China Securities Journal yesterday quoted spokesman Zhu Hongren for the Ministry of Industry and Information Technology as saying that China may extend the purchase tax cut to boost automobile sales. The deadline for the expiry of the stimulus measure was set for the end of the year.

FAW Car Co advanced 3.73 percent to 21.44 yuan, SAIC Motor Corp, the country's largest car maker, added 0.41 percent to 24.74 yuan, and Jiangling Motors Corp rallied 4.78 percent to 24.10 yuan.

China Vanke Co, the biggest listed domestic real estate developer, said its sales last month surged 95 percent from a year earlier to 6.54 billion yuan. Its shares jumped 2.8 percent to 12.10 yuan.

Banks were mixed. Shanghai Pudong Development Bank edged up 0.34 percent to 23.63 yuan.

The Bank of China dipped 0.71 percent to 4.17 yuan.


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