Power companies pull stocks up 1% in morning trade

By Pan Xiaoyi | July 31, 2009, Friday |

Online Edition

SHANGHAI'S key stock index rose more than 1 percent, led by power producers after the government pledged to spend heavily in the sector.

The benchmark Shanghai Composite Index rose 1.21 percent, or 40.29 points, to close at 3,361.85 points. Turnover stood at 110.94 billion yuan (US$16.31 billion). Gainers outnumbered losers 774 to 92 and 10 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.76 percent to close at 1,103.13 points.

Datang International Power Generation Co, a unit of China's second-biggest electricity producer, climbed by the 10 percent daily cap to 10.47 yuan. The company said first-half profit was expected to climb more than 50 percent from a year earlier, citing increased sales revenue from changes to tariffs and prices.

Huadian Power International Corp surged 8.82 percent to 6.17 yuan and Shanghai Electric Power Co advanced 6.83 percent to 6.26 yuan. GD Power Development Co hiked 5.39 percent to 8.41 yuan and Huaneng Power International Inc gained 4.25 percent to 9.08 yuan.

Real estate developers rebounded. Poly Real Estate Group Co added 1.99 percent to 27.22 yuan, Shanghai Lujiazui Finance & Trade Zone climbed 1.65 percent to 28.26 yuan and Gemdale Corp inched up 0.23 percent to 17.5 yuan.

Finance

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Power companies pull stocks up 1% in morning trade

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