Key stock index gains as airlines soar
By Pan Xiaoyi |
January 19, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed higher yesterday as airlines took flight thanks to recovering air travel demand.
The benchmark Shanghai Composite Index added 0.40 percent, or 12.95 points, to close at 3,237.1. Turnover rose to 169.8 billion yuan (US$25 billion) from 151.4 billion yuan last Friday.
Carriers led the gains after China Eastern predicted a net profit in 2009, compared with a net loss the previous year.
The country's civil aviation industry earned a net profit of 2.2 billion yuan last year, the Civil Aviation Administration of China said last week.
China Eastern Airlines jumped 5 percent to 6.65 yuan. Air China, the country's flagship international carrier, surged 4.62 percent to 11.09 yuan after saying its parent will get a 1.5 billion yuan cash injection from the central government to fund its purchase of a stake in its cargo venture. China Southern Airlines Co climbed 4 percent to 6.44 yuan.
"Despite the negative impact caused by the fine-tuning of monetary policy, fast-growing earnings are expected to boost shares," Galaxy Securities Co wrote in a research note.
"There will not be much room for a correction considering the economic momentum this year," it said.
President Hu Jintao's visit to the World Expo site over the weekend turned investor attention to Expo-related sectors.
Shanghai Jinjiang International Hotels Development Co soared 7.5 percent to 28.41 yuan.
Shanghai New World Co advanced 7.2 percent to 17.94 yuan and Shanghai Oriental Pearl (Group) climbed 6.7 percent to 13.25 yuan.
The benchmark Shanghai Composite Index added 0.40 percent, or 12.95 points, to close at 3,237.1. Turnover rose to 169.8 billion yuan (US$25 billion) from 151.4 billion yuan last Friday.
Carriers led the gains after China Eastern predicted a net profit in 2009, compared with a net loss the previous year.
The country's civil aviation industry earned a net profit of 2.2 billion yuan last year, the Civil Aviation Administration of China said last week.
China Eastern Airlines jumped 5 percent to 6.65 yuan. Air China, the country's flagship international carrier, surged 4.62 percent to 11.09 yuan after saying its parent will get a 1.5 billion yuan cash injection from the central government to fund its purchase of a stake in its cargo venture. China Southern Airlines Co climbed 4 percent to 6.44 yuan.
"Despite the negative impact caused by the fine-tuning of monetary policy, fast-growing earnings are expected to boost shares," Galaxy Securities Co wrote in a research note.
"There will not be much room for a correction considering the economic momentum this year," it said.
President Hu Jintao's visit to the World Expo site over the weekend turned investor attention to Expo-related sectors.
Shanghai Jinjiang International Hotels Development Co soared 7.5 percent to 28.41 yuan.
Shanghai New World Co advanced 7.2 percent to 17.94 yuan and Shanghai Oriental Pearl (Group) climbed 6.7 percent to 13.25 yuan.
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