Related News

Home » Business » Finance

Rising market has a golden glow at midday

SHANGHAI'S key stock index rose for a fourth day, on course for the longest winning streak this year, as gold gained.

The Shanghai Composite Index added 0.98 percent, or 21.75 points, to 2,245.48 points. Gainers outnumbered losers 690 to 158 while 39 remained unchanged. Turnover stood at 58.77 billion yuan (US$8.64 billion)

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.27 percent, or 9.39 points, to 746.82 points.

Zijin Mining Group Co, China's largest gold producer, advanced 3.48 percent to 8.92 yuan as the price of the commodity rebounded from the biggest drop in two months. Zhongjin Gold Co surged 5.11 percent to 51.45 yuan.

Gold futures for April delivery rebounded to US$942.40 an ounce in New York, after the close of regular trading.

Premier Wen Jiabao said yesterday the nation's economic stimulus plans should be implemented "as soon as possible," adding that the government "must play an active role in facing the crisis to prevent the economy from declining."

Shanghai Lujiazui Finance & Trade Zone Development Co, a real-estate developer in the city's financial district, rose by the daily 10 percent limit to 22.23 yuan.

Shanghai Zhenhua Port Machinery Co, the world's biggest maker of container cranes, said it raised 3 billion yuan selling shares to its parent company. The company sold 169.8 million shares at a price of 17.78 yuan each, it said. The stock jumped 9.96 percent to 10.71 yuan.

Tangshan Jidong Cement Co added 0.46 percent to 15.15 yuan. The cement maker said it plans to invest 165 million yuan to build a clinker plant in the southwestern city of Chongqing. The company will own 55 percent of the venture, which will be able to produce 3,200 tons of clinker per day, it said.

Bank of Communications Ltd gained 1.02 percent to 5.94 yuan. The lender posted its first quarterly profit drop in almost three years as a slowing economy forced it to make more provisions for bad loans. Net income dropped to 5.67 billion yuan (US$830 million) in the three months to December 31 from 5.79 billion yuan a year earlier, based on figures released by the bank.


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