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Metals and banks brighten morning market
By Ding Yining |
March 11, 2009, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index ended higher in the morning as metal producers and banks led a surge.
The benchmark Shanghai Composite Index added 1.02 percent, or 21.94 points, to 2,180.51 points at 11:30am. Turnover was 51.1 billion yuan (US$4.96 billion). Gainers outnumbered losers 725 to 132 and 51 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.50 percent to close at 710.27 points.
Banks reversed yesterday's losses. Industrial & Commercial Bank of China, the nation's biggest lender, was up 1.08 percent to 3.76 yuan. China Construction Bank added 1.46 percent to 4.17 yuan. Shanghai Pudong Development Bank rose 1.53 percent to 19.22 yuan.
Copper futures for May delivery jumped 2.7 percent in New York yesterday and analysts suggest China may post an increase of trade of the metal in February. Jiangxi Copper Ltd advanced 3.18 percent to 17.22 yuan. Yunnan Copper Co Ltd added 2.12 percent to 14.00 yuan.
Steel producers were also among the gainers among speculation the export tax refund would be raised. Baoshan Iron and Steel Co, China's biggest steel maker, climbed 2.78 percent to 5.55 yuan. Maanshan Iron and Steel Co rallied 6.85 percent to 3.90 yuan. Xinjiang Ba Yi Iron & Steel Co Ltd added 6.49 percent to 7.88 yuan.
Gemdale Corp said its February property sales more than doubled from January to 1.17 billion yuan. Its shares edged up 0.11 percent to 9.07 yuan. China Vanke Co, the nation's largest listed real estate developer, added 1.15 percent to 7.90 yuan. China Merchants Property Development Co lost 1.81 percent to 19.49 yuan.
Guangzhou Shipyard International Co, one of the units of China's biggest shipbuilder, said 2008 net income fell 13 percent to 820 million yuan. The stock was up 0.22 percent to 18.06 yuan.
Shanghai Bashi Industrial Group Co, the city-controlled bus company, said it would sell 1.11 billion shares to Shanghai Automotive Industry Corp. Its shares jumped 4.70 percent to 6.46 yuan.
The benchmark Shanghai Composite Index added 1.02 percent, or 21.94 points, to 2,180.51 points at 11:30am. Turnover was 51.1 billion yuan (US$4.96 billion). Gainers outnumbered losers 725 to 132 and 51 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.50 percent to close at 710.27 points.
Banks reversed yesterday's losses. Industrial & Commercial Bank of China, the nation's biggest lender, was up 1.08 percent to 3.76 yuan. China Construction Bank added 1.46 percent to 4.17 yuan. Shanghai Pudong Development Bank rose 1.53 percent to 19.22 yuan.
Copper futures for May delivery jumped 2.7 percent in New York yesterday and analysts suggest China may post an increase of trade of the metal in February. Jiangxi Copper Ltd advanced 3.18 percent to 17.22 yuan. Yunnan Copper Co Ltd added 2.12 percent to 14.00 yuan.
Steel producers were also among the gainers among speculation the export tax refund would be raised. Baoshan Iron and Steel Co, China's biggest steel maker, climbed 2.78 percent to 5.55 yuan. Maanshan Iron and Steel Co rallied 6.85 percent to 3.90 yuan. Xinjiang Ba Yi Iron & Steel Co Ltd added 6.49 percent to 7.88 yuan.
Gemdale Corp said its February property sales more than doubled from January to 1.17 billion yuan. Its shares edged up 0.11 percent to 9.07 yuan. China Vanke Co, the nation's largest listed real estate developer, added 1.15 percent to 7.90 yuan. China Merchants Property Development Co lost 1.81 percent to 19.49 yuan.
Guangzhou Shipyard International Co, one of the units of China's biggest shipbuilder, said 2008 net income fell 13 percent to 820 million yuan. The stock was up 0.22 percent to 18.06 yuan.
Shanghai Bashi Industrial Group Co, the city-controlled bus company, said it would sell 1.11 billion shares to Shanghai Automotive Industry Corp. Its shares jumped 4.70 percent to 6.46 yuan.
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