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Lenders lead index gain in morning
By Pan Xiaoyi |
December 2, 2009, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended the gains in the morning session, led by lenders on rumors Central Huijin Investment Co may allow China's four biggest banks to use dividend payments to replenish capital.
The benchmark Shanghai Composite Index rose 1.09 percent, or 35.11 points, to close at 3,270.47 points. Turnover stood at 104.5 billion yuan (US$15.4 billion). Gainers outnumbered losers 659 to 192 and 27 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.34 percent to close at 1,228.83 points.
Media reports said Huijin, the government's investment arm and the largest shareholder of the country's four state-owned banks, may allow the lenders to use dividend payments owed to replenish capital, easing market concerns they have to raise funds from the stock market.
Industrial and Commercial Bank of China Ltd jumped 1.7 percent to 5.35 yuan. China Construction Bank Corp climbed 1.7 percent to 6.06 yuan and Bank of China was up 1.2 percent to 4.19 yuan.
Coal producers were among the gainers on rebounding demand for industrial power. Datong Coal Industry edged up 0.3 percent to 46.86 yuan. Pingdingshan Tianan Coal Mining increased 1.8 percent to 33.25 yuan. China Shenhua Energy Co rose 0.7 percent to 35.79 yuan.
Zijin Mining Group Co, the country's largest gold producer, expanded 1.2 percent to 10.85 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 1.8 percent to 61.67 yuan. Shandong Gold Mining Co surged 3.2 percent to 87.63 yuan.
The benchmark Shanghai Composite Index rose 1.09 percent, or 35.11 points, to close at 3,270.47 points. Turnover stood at 104.5 billion yuan (US$15.4 billion). Gainers outnumbered losers 659 to 192 and 27 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.34 percent to close at 1,228.83 points.
Media reports said Huijin, the government's investment arm and the largest shareholder of the country's four state-owned banks, may allow the lenders to use dividend payments owed to replenish capital, easing market concerns they have to raise funds from the stock market.
Industrial and Commercial Bank of China Ltd jumped 1.7 percent to 5.35 yuan. China Construction Bank Corp climbed 1.7 percent to 6.06 yuan and Bank of China was up 1.2 percent to 4.19 yuan.
Coal producers were among the gainers on rebounding demand for industrial power. Datong Coal Industry edged up 0.3 percent to 46.86 yuan. Pingdingshan Tianan Coal Mining increased 1.8 percent to 33.25 yuan. China Shenhua Energy Co rose 0.7 percent to 35.79 yuan.
Zijin Mining Group Co, the country's largest gold producer, expanded 1.2 percent to 10.85 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 1.8 percent to 61.67 yuan. Shandong Gold Mining Co surged 3.2 percent to 87.63 yuan.
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