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Retail stores lead gainers as market rises
By Ding Yining |
January 18, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher today with a strong performance by department stores and consumer-related shares.
The benchmark Shanghai Composite Index rose 0.40 percent, or 12.95 points, to close at 3,237.10 points. Turnover stood at 169.8 billion yuan (US$24.9 billion). Gainers outnumbered losers 716 to 156 while 42 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.16 percent to close at 1,240.96 points.
China's economy may grow between 8 percent and 9 percent in 2010, central bank adviser Fan Gang said at a forum in Beijing yesterday.
Consumer-related shares lifted the index. Shanghai Join Buy Co Ltd rallied 6.08 percent to 11.87 yuan. Shanghai New World Co surged 7.23 percent to 17.94 yuan. Shanghai Bailian Group Co advanced 4.52 percent to 20.10 yuan.
Steel makers were flat after the country's biggest mill reported lower net income. Baoshan Iron & Steel Co edged up 0.12 percent to 8.69 yuan. Its profit for 2009 dropped 11 percent to 5.75 billion yuan due to falling prices, the company said. Angang Steel Co eased 0.29 percent to 13.86 yuan. Wuhan Iron & Steel Co was up 0.13 percent to 7.72 yuan.
Banks showed mixed results. Shanghai Pudong Development Bank rose 1 percent to 20.24 yuan. China Merchants Bank dipped 0.80 percent to 16.18 yuan. China Construction Bank Corp edged up 0.34 percent to 5.90 yuan.
Airlines were among the gainers as China Eastern predicted a net profit for 2009, compared with a net loss for 2008. China's civil aviation industry flew into the black with a net profit of 2.2 billion yuan last year, bolstered by booming demand for air travel, the Civil Aviation Administration of China said last week.
China Eastern Airlines Corp jumped 5.06 percent to 6.65 yuan after the carrier said it will make profit in 2009 after losing more than 6.4 billion yuan on freight forwards in 2008. Air China jumped 4.62 percent to 11.09 yuan and China Southern Airlines Co climbed 4.04 percent to 6.44 yuan.
The benchmark Shanghai Composite Index rose 0.40 percent, or 12.95 points, to close at 3,237.10 points. Turnover stood at 169.8 billion yuan (US$24.9 billion). Gainers outnumbered losers 716 to 156 while 42 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.16 percent to close at 1,240.96 points.
China's economy may grow between 8 percent and 9 percent in 2010, central bank adviser Fan Gang said at a forum in Beijing yesterday.
Consumer-related shares lifted the index. Shanghai Join Buy Co Ltd rallied 6.08 percent to 11.87 yuan. Shanghai New World Co surged 7.23 percent to 17.94 yuan. Shanghai Bailian Group Co advanced 4.52 percent to 20.10 yuan.
Steel makers were flat after the country's biggest mill reported lower net income. Baoshan Iron & Steel Co edged up 0.12 percent to 8.69 yuan. Its profit for 2009 dropped 11 percent to 5.75 billion yuan due to falling prices, the company said. Angang Steel Co eased 0.29 percent to 13.86 yuan. Wuhan Iron & Steel Co was up 0.13 percent to 7.72 yuan.
Banks showed mixed results. Shanghai Pudong Development Bank rose 1 percent to 20.24 yuan. China Merchants Bank dipped 0.80 percent to 16.18 yuan. China Construction Bank Corp edged up 0.34 percent to 5.90 yuan.
Airlines were among the gainers as China Eastern predicted a net profit for 2009, compared with a net loss for 2008. China's civil aviation industry flew into the black with a net profit of 2.2 billion yuan last year, bolstered by booming demand for air travel, the Civil Aviation Administration of China said last week.
China Eastern Airlines Corp jumped 5.06 percent to 6.65 yuan after the carrier said it will make profit in 2009 after losing more than 6.4 billion yuan on freight forwards in 2008. Air China jumped 4.62 percent to 11.09 yuan and China Southern Airlines Co climbed 4.04 percent to 6.44 yuan.
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