Related News

Home » Business » Finance

Resources, brokerages rally for a market close near 3,300 points

SHANGHAI'S key stock index rallied today and closed near 3,300 points on the back of strong performances by oil producers and brokerages.

The benchmark Shanghai Composite Index advanced 2.60, or 83.41 points, to close at 3,296.61 points. Turnover was 205.9 billion yuan (US$30.1 billion).

Gainers outnumbered losers 749 to 113 and 46 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.53 percent to close at 1,098.49 points.

Oil companies were strong as crude rose to nearly US$65 a barrel at the New York Mercantile Exchange yesterday as improved profits boosted crude demand.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, surged the daily limit of 10 percent to 13.38 yuan while PetroChina, the biggest index component, jumped 5.32 percent to 15.45 yuan.

Datong Coal Industry Co Ltd jumped the daily limit of 10 percent to 50.02 yuan and Shanxi Xishan Coal and Electricity Power Co Ltd surged 4.91 percent to 39.55 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co Ltd also rallied 10 percent to 38.80 yuan.

Brokerages also lifted the index as the domestic stock market's good performance boosted their profits. Changjiang Securities surged 8.46 percent to 25.90 yuan, Citic Securities jumped 4.82 percent to 34.77 yuan and Haitong Securities added 2.38 percent to 18.90 yuan. Sinolink Securities rose 2.66 percent to 26.97 yuan.

Real estate developers also rebounded from morning losses. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.50 percent to 13.99 yuan. Gemdale Corporation rose 1.26 percent to 17.74 yuan and Poly Real Estate Group added 1.43 percent to 29.05 yuan.

Among the banks, Shanghai Pudong Development Bank rose 1.21 percent to 25.17 yuan and China Construction Bank edged up 0.33 percent to close at 6.06 yuan.

Bank of Communications advanced 2.75 percent to 10.08 yuan and China Merchants Bank Co jumped 2.58 percent to 19.05 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend