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Shanghai bourse stays positive at midday
By Ding Yining |
January 6, 2009, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index added nearly 2 percent in the morning session to climb above 1,900 points with financial sector stocks leading the gains.
The benchmark Shanghai Composite Index rose 1.82 percent, or 34.28 points, to close at 1,915.00 points at 11:30am. Turnover was 35.5 billion yuan (US$5.19 billion). Gainers outnumbered losers 731 to 113 and 64 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.15 percent to close at 577.73 points.
Shanghai Pudong Development Bank's shares surged 4.74 percent to 14.37 yuan after a preliminary earnings statement that full-year profit in 2008 more than doubled from the previous year to 12.5 billion yuan on higher interest income and lower taxes.
Industrial Bank Co Ltd advanced 3.58 percent to 15.61 yuan while Industrial & Commercial Bank of China, the nation's biggest lender, rose 2.22 percent to 3.68 yuan.
PetroChina, the biggest index component, edged up 0.87 percent to 10.47 yuan. Shanxi Coking Co Ltd surged the daily limit of 10 percent to 5.16 yuan as crisis in the Middle East pushed crude oil prices above US$48 per barrel.
Real estate developers were also in positive territory. Poly Real Estate Group Co, China's second-largest developer by market value, said sales rose 20.4 percent to 20.5 billion yuan last year. Its shares lifted 3.67 percent to 14.12 yuan.
China Vanke Co, the nation's biggest listed property developer, was up 2.54 percent to 6.87 yuan.
Shanghai Fosun Pharmaceutical (Group) Co said its Hong Kong-based unit bought a 12.07 percent stake in New York-listed Tongjitang Chinese Medicines Co. Its shares were down 1.66 percent to 10.65 yuan.
The benchmark Shanghai Composite Index rose 1.82 percent, or 34.28 points, to close at 1,915.00 points at 11:30am. Turnover was 35.5 billion yuan (US$5.19 billion). Gainers outnumbered losers 731 to 113 and 64 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.15 percent to close at 577.73 points.
Shanghai Pudong Development Bank's shares surged 4.74 percent to 14.37 yuan after a preliminary earnings statement that full-year profit in 2008 more than doubled from the previous year to 12.5 billion yuan on higher interest income and lower taxes.
Industrial Bank Co Ltd advanced 3.58 percent to 15.61 yuan while Industrial & Commercial Bank of China, the nation's biggest lender, rose 2.22 percent to 3.68 yuan.
PetroChina, the biggest index component, edged up 0.87 percent to 10.47 yuan. Shanxi Coking Co Ltd surged the daily limit of 10 percent to 5.16 yuan as crisis in the Middle East pushed crude oil prices above US$48 per barrel.
Real estate developers were also in positive territory. Poly Real Estate Group Co, China's second-largest developer by market value, said sales rose 20.4 percent to 20.5 billion yuan last year. Its shares lifted 3.67 percent to 14.12 yuan.
China Vanke Co, the nation's biggest listed property developer, was up 2.54 percent to 6.87 yuan.
Shanghai Fosun Pharmaceutical (Group) Co said its Hong Kong-based unit bought a 12.07 percent stake in New York-listed Tongjitang Chinese Medicines Co. Its shares were down 1.66 percent to 10.65 yuan.
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