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Market edges up in morning

SHANGHAI'S market closed higher in the morning session with flat turnover on the last trading day of the year.

The benchmark Shanghai Composite Index was up 0.35 percent, or 11.26 points, to close at 3,273.86 points. Turnover lowered to 72 billion yuan (US$10.5 billion) from yesterday's 79.7 billion yuan. Losers outnumbered gainers 548 to 281, and 83 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.30 percent to close at 1,197.50 points.

Banks continued yesterday's gains after Industrial Bank said in a report that new loans may reach 500 billion yuan in December, significantly higher than a previous estimate of 300 billion yuan. Bank of Communications jumped 3.16 percent to 9.47 yuan. Industrial and Commercial Bank of China rose 0.74 percent to 5.43 yuan. China Construction Bank added 1.31 percent to close at 6.17 yuan.

China Eastern Airlines rose 1.48 percent to 6.17 yuan after it said in a statement yesterday that whole year profit will be around 600 million yuan, citing chairman Liu Shaoyong at an internal conference over the weekend.

Suning Appliance Co said yesterday it will pay US$4.4 million to buy Hong Kong's Citicall Retail Management Ltd for overseas expansion. Its shares edged up 0.83 percent to 20.77 yuan.

China Citic Bank said its board approved to sell as much as 25 billion yuan of bonds in 2010 to replenish capital. The stock lowered 0.72 percent to 8.23 yuan.

Brokerages showed mixed results. Sinolink Securities edged up 0.17 percent to 24.14 yuan. Haitong Securities added 0.37 percent to 19.21 yuan. Guoyuan Securities dipped 0.14 percent to 21.18 yuan.

China Vanke Co, the biggest listed domestic real estate developer, was up 0.47 percent to 10.80 yuan. Gemdale Corporation rose 1.75 percent to 13.94 yuan. Poly Real Estate Group ended 0.67 percent higher at 22.43 yuan.


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