Market remains optimistic and up at midday

By Pan Xiaoyi | March 24, 2009, Tuesday |

Online Edition

SHANGHAI'S key stock index rose for a seventh day today, the longest winning stretch in more than 17 months, boosted by government stimulus measures, liquidity and rallies in surrounding markets.

The benchmark Shanghai Composite Index added 0.7 percent, or 16.17 points, to close at 2,341.65 points. Turnover stood at 89.4 billion yuan (US$13.15 billion). Gainers outnumbered losers 433 to 425 and 26 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.55 percent to close at 773.61 points.

Markets in the US experienced an average rise of over 6.5 percent after the US government announced plans to help banks escape bad assets.

PetroChina and Sinopec rose as oil prices rose to a four month high. PetroChina gained 1.37 percent to 11.82 yuan and Sinopec added 2.05 percent to 8.98 yuan.

Property developers remained strong on the recent increases in the number of transactions. Shanghai Lujiazui Finance & Trade Zone soared 7.29 percent to 24.72 yuan. China Merchants Property Development Co advanced 2.84 percent to 21.7 yuan. Hangzhou Binjiang Real Estate Group increased 2.84 percent to 14.85 yuan.

Finance

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Market remains optimistic and up at midday

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