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Market breaks losing streak
By Tang Yicheng |
April 29, 2009, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index broke a three-day losing streak and climbed higher today as financial and property shares strengthened.
The benchmark Shanghai Composite Index was up 2.78 percent, or 66.75 points, to close at 2468.19 points.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 2.42 percent, or 19.28 points, to close at 817.59 points at 3pm.
Shares in banking and real estate contributed most to the gain today.
Bank of Communications Ltd, part-owned by HSBC Holdings Plc, added 8.96 percent to 6.81 yuan (99 US cents) after first-quarter earnings were little changed at 7.94 billion yuan as the economy's expansion slowed.
Bank of Ningbo Co, part-owned by Singapore's Oversea-Chinese Banking Corp, added 4.67 percent to 9.63 yuan after it posted a 4.8 percent gain in first-quarter profit.
China Vanke Co, the country's biggest real estate company, hiked 4.01 percent to 8.30 yuan while Shanghai-based Shimao Property Co climbed 6.45 percent to 11.22 yuan.
Energy shares also rallied over encouraging profit reports today.
China Shenhua Energy Co advanced 3.08 percent to 24.74 yuan. The increase came after Shenhua, the nation's largest coal producer, reported that its first-quarter profit increased 17 percent to 7.94 billion yuan as it lifted output to benefit from higher prices and improved domestic and overseas demands.
China Petroleum & Chemical Corp, also known as Sinopec, edged up 2.86 percent to 9.71 yuan. The company, Asia's biggest oil refiner, said net income jumped 85 percent to 11.2 billion yuan from a year earlier after the government eased fuel price controls and crude oil decreased. The company said first-half profit may jump more than 50 percent.
The benchmark Shanghai Composite Index was up 2.78 percent, or 66.75 points, to close at 2468.19 points.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 2.42 percent, or 19.28 points, to close at 817.59 points at 3pm.
Shares in banking and real estate contributed most to the gain today.
Bank of Communications Ltd, part-owned by HSBC Holdings Plc, added 8.96 percent to 6.81 yuan (99 US cents) after first-quarter earnings were little changed at 7.94 billion yuan as the economy's expansion slowed.
Bank of Ningbo Co, part-owned by Singapore's Oversea-Chinese Banking Corp, added 4.67 percent to 9.63 yuan after it posted a 4.8 percent gain in first-quarter profit.
China Vanke Co, the country's biggest real estate company, hiked 4.01 percent to 8.30 yuan while Shanghai-based Shimao Property Co climbed 6.45 percent to 11.22 yuan.
Energy shares also rallied over encouraging profit reports today.
China Shenhua Energy Co advanced 3.08 percent to 24.74 yuan. The increase came after Shenhua, the nation's largest coal producer, reported that its first-quarter profit increased 17 percent to 7.94 billion yuan as it lifted output to benefit from higher prices and improved domestic and overseas demands.
China Petroleum & Chemical Corp, also known as Sinopec, edged up 2.86 percent to 9.71 yuan. The company, Asia's biggest oil refiner, said net income jumped 85 percent to 11.2 billion yuan from a year earlier after the government eased fuel price controls and crude oil decreased. The company said first-half profit may jump more than 50 percent.
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