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Power producers lift market at midday
By Ding Yining |
January 9, 2009, Friday
|
Online Edition
Online Edition
SHANGHAI's key stock index closed higher in the morning session with power producers leading the gains due to expectations they may receive government subsidies.
The benchmark Shanghai Composite Index edged up 0.28 percent, or 5.34 points, to close at 1,883.52 points as of 11:30am. Turnover was 22.8 billion yuan (US$3.34 billion). Gainers outnumbered losers 571 to 244 and 93 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.33 percent, or 9.14 points, to close at 576.39 points.
Guiguan Electric said in a statement that it has received 30 million yuan from the State-owned Assets Supervision and Administration Commission of the State Council for its reconstruction projects after the Sichuan earthquake in May. Its shares advanced 4.10 percent to 6.86 yuan.
Datang International Power Generation Co, a unit of China's second-biggest electricity producer, surged 8.01 percent to 7.28 yuan. Huaneng Power International Inc advanced 3.93 percent to 7.40 yuan.
China Shipping Development Co, the nation's biggest oil carrier, added 2.71 percent to 9.09 yuan. China Cosco Holdings Co, the country's biggest container line, was up 0.63 percent to 8.04 yuan.
Banks were mixed in the first half of trading. China Construction Bank added 0.27 percent to 3.73 yuan. Industrial Bank Co advanced 1.47 percent to 15.23 yuan. Bank of Communications dipped 0.20 percent to 4.94 yuan. Bank of China lost 0.34 percent to 2.93 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner which is also known as Sinopec, said its sales increased 90 million yuan in the last year. Its shares dipped 1.12 percent to 7.06 yuan. PetroChina, the biggest index component, was down 0.20 percent to 10.15 yuan.
The benchmark Shanghai Composite Index edged up 0.28 percent, or 5.34 points, to close at 1,883.52 points as of 11:30am. Turnover was 22.8 billion yuan (US$3.34 billion). Gainers outnumbered losers 571 to 244 and 93 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.33 percent, or 9.14 points, to close at 576.39 points.
Guiguan Electric said in a statement that it has received 30 million yuan from the State-owned Assets Supervision and Administration Commission of the State Council for its reconstruction projects after the Sichuan earthquake in May. Its shares advanced 4.10 percent to 6.86 yuan.
Datang International Power Generation Co, a unit of China's second-biggest electricity producer, surged 8.01 percent to 7.28 yuan. Huaneng Power International Inc advanced 3.93 percent to 7.40 yuan.
China Shipping Development Co, the nation's biggest oil carrier, added 2.71 percent to 9.09 yuan. China Cosco Holdings Co, the country's biggest container line, was up 0.63 percent to 8.04 yuan.
Banks were mixed in the first half of trading. China Construction Bank added 0.27 percent to 3.73 yuan. Industrial Bank Co advanced 1.47 percent to 15.23 yuan. Bank of Communications dipped 0.20 percent to 4.94 yuan. Bank of China lost 0.34 percent to 2.93 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner which is also known as Sinopec, said its sales increased 90 million yuan in the last year. Its shares dipped 1.12 percent to 7.06 yuan. PetroChina, the biggest index component, was down 0.20 percent to 10.15 yuan.
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