Resources shares fuel index's increase

By Joyce Pan | May 8, 2009, Friday |

Print Edition

SHANGHAI'S key stock index ended higher yesterday, led by shares in the resources sector after the State Council, or China's Cabinet, set aside 20 billion yuan (US$2.94 billion) to fund their technology upgrade.

The Shanghai Composite Index added 0.19 percent, or 4.93 points, to close at 2,597.45 points, after reaching an intraday high of 2,622.11 points. Losers outnumbered gainers 575 to 293 while 11 stocks were unchanged. Turnover swelled to 174.95 billion yuan from 154.74 billion yuan on Wednesday.

"Blue chips such as coal producers, nonferrous metals and lenders had a positive impact on the index," said Wan Baohui, an analyst at S&E Securities Brokerage Co. "The resources sector still has much space for a rebound."

Datong Coal Industry Co soared 5.34 percent to 35.30 yuan while Pingdingshan Tianan Coal Mining Co jumped 2.71 percent to 28.44 yuan and China Coal Energy Co gained 1.88 percent to 11.39 yuan.

Property stocks also gained, with Shanghai Jinqiao Export Processing Zone up 3.44 percent to 16.24 yuan. Shanghai Zhangjiang Hi-tech Park Development Co gained 0.9 percent to close at 15.73 yuan.

Finance

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Resources shares fuel index's increase

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