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Market ends week firmer at 3,317
By Ding Yining |
December 4, 2009, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index added more than 1 percent and closed above 3,300 on the last trading day of the week, driven by strong performance of brokerages among speculation that margin trading will be introduced soon.
The benchmark Shanghai Composite Index rose 1.61 percent, or 52.42 points, to close at 3,317.04 points. Turnover was 257.4 billion yuan (US$37.7 billion). Losers outnumbered gainers 686 to 185 and 42 stocks remained unchanged. The index gained 7.14 over the week.
The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 1.57 percent to close at 1,214.74 points.
Securities Times reported that margin trading and index futures is likely to be introduced in the middle of next year, citing unidentified industry insiders. Haitong Securities rallied 7.14 percent to 18.15 yuan. Everbright Securities jumped 4.12 percent to 24.76 yuan. Citic Securities advanced 4.85 percent to 31.59 yuan.
Banks recovered from yesterday's losses. Industrial & Commercial Bank of China, the nation's biggest lender, jumped 2.85 percent to 5.41 yuan. Shanghai Pudong Development Bank rose 4.93 percent to 23.20 yuan. China Construction Bank added 3.85 percent to close at 6.20 yuan.
China Shipbuilding Industry Co, one of the two major vessel producers in the country, said it plans to raise as much as 14.7 billion yuan in an initial public offering in Shanghai market, more than double its original plan. The company will start subscriptions on Monday, according to a statement to the stock exchange.
Steel producers showed mixed results. Baoshan Iron & Steel Co edged up 0.44 percent to 9.15 yuan. Beijing Shougang Co Ltd dipped 0.48 percent to 6.17 yuan. Nanjing Iron & Steel Co rose 2.52 percent to 6.52 yuan. Wuhan Iron & Steel was up 1.77 percent to 8.63 yuan.
Metal producers retreated from previous gains after gold fell for a second day. Zijin Mining Co dropped 2.54 percent to 10.74 yuan. Shandong Gold Mining Co lowered 1.94 percent to 87 yuan. Zhongjin Gold Co retreated 2.32 percent to 64.37 yuan.
The benchmark Shanghai Composite Index rose 1.61 percent, or 52.42 points, to close at 3,317.04 points. Turnover was 257.4 billion yuan (US$37.7 billion). Losers outnumbered gainers 686 to 185 and 42 stocks remained unchanged. The index gained 7.14 over the week.
The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 1.57 percent to close at 1,214.74 points.
Securities Times reported that margin trading and index futures is likely to be introduced in the middle of next year, citing unidentified industry insiders. Haitong Securities rallied 7.14 percent to 18.15 yuan. Everbright Securities jumped 4.12 percent to 24.76 yuan. Citic Securities advanced 4.85 percent to 31.59 yuan.
Banks recovered from yesterday's losses. Industrial & Commercial Bank of China, the nation's biggest lender, jumped 2.85 percent to 5.41 yuan. Shanghai Pudong Development Bank rose 4.93 percent to 23.20 yuan. China Construction Bank added 3.85 percent to close at 6.20 yuan.
China Shipbuilding Industry Co, one of the two major vessel producers in the country, said it plans to raise as much as 14.7 billion yuan in an initial public offering in Shanghai market, more than double its original plan. The company will start subscriptions on Monday, according to a statement to the stock exchange.
Steel producers showed mixed results. Baoshan Iron & Steel Co edged up 0.44 percent to 9.15 yuan. Beijing Shougang Co Ltd dipped 0.48 percent to 6.17 yuan. Nanjing Iron & Steel Co rose 2.52 percent to 6.52 yuan. Wuhan Iron & Steel was up 1.77 percent to 8.63 yuan.
Metal producers retreated from previous gains after gold fell for a second day. Zijin Mining Co dropped 2.54 percent to 10.74 yuan. Shandong Gold Mining Co lowered 1.94 percent to 87 yuan. Zhongjin Gold Co retreated 2.32 percent to 64.37 yuan.
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