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Shanghai closes in positive territory
By Ding Yining |
January 5, 2009, Monday
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Online Edition
Online Edition
SHANGHAI'S key stock market index hiked more than 3 percent today to finish the first trading day of 2009 in positive territory.
The result reflected market expectations that the economy may recover once macro policies announced at the end of last year take effect.
The benchmark Shanghai Composite Index added 3.29 percent, or 59.91 points, to close at 1,880.72 points. Turnover was 46.1 billion yuan (US$6.74 billion). Gainers outnumbered losers 846 to 30 and 32 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 3.22 percent to close at 571.13 points.
PetroChina, the biggest index component, was up 2.06 percent to 10.38 yuan. Ping An Insurance (Group) Co, China's second- largest insurer, surged 8.50 percent to close at 28.85 yuan.
Among the banks, Shanghai Pudong Development Bank advanced 3.55 percent to 13.72 yuan and Bank of Communications rallied 6.96 percent to 5.07 yuan.
Yunnan Tin Co, the world's largest producer of the metal, surged the daily limit of 10 percent to close at 10.38 yuan after announcing it would store 6,000 tons of tin in response to the government's pledge to increase metal resources stocks.
The market also responded positively to an announcement by the Minister of Industry and Information Technology that licenses will be issued to phone companies to provide 3G services.
China United Telecommunications Corp, which controls the nation's second-largest cell phone operator, added 1.59 percent to 5.11 yuan. ZTE Corp, China's second-biggest phone-equipment maker, was up 2.54 percent to 27.89 yuan.
Anhui Conch Cement Co Ltd surged the daily cap of 10 percent on the back of the government's pledge to pour more capital into the development of infrastructure.
"The index will remain weak for a period of time and fluctuate in the first month of 2009 since many listed companies will announce profit results for 2008 and will make the market unstable," according to a research note by Haitong Securities.
The key Shanghai barometer was down over 65 percent last year to close at 1,820.81 points.
The result reflected market expectations that the economy may recover once macro policies announced at the end of last year take effect.
The benchmark Shanghai Composite Index added 3.29 percent, or 59.91 points, to close at 1,880.72 points. Turnover was 46.1 billion yuan (US$6.74 billion). Gainers outnumbered losers 846 to 30 and 32 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 3.22 percent to close at 571.13 points.
PetroChina, the biggest index component, was up 2.06 percent to 10.38 yuan. Ping An Insurance (Group) Co, China's second- largest insurer, surged 8.50 percent to close at 28.85 yuan.
Among the banks, Shanghai Pudong Development Bank advanced 3.55 percent to 13.72 yuan and Bank of Communications rallied 6.96 percent to 5.07 yuan.
Yunnan Tin Co, the world's largest producer of the metal, surged the daily limit of 10 percent to close at 10.38 yuan after announcing it would store 6,000 tons of tin in response to the government's pledge to increase metal resources stocks.
The market also responded positively to an announcement by the Minister of Industry and Information Technology that licenses will be issued to phone companies to provide 3G services.
China United Telecommunications Corp, which controls the nation's second-largest cell phone operator, added 1.59 percent to 5.11 yuan. ZTE Corp, China's second-biggest phone-equipment maker, was up 2.54 percent to 27.89 yuan.
Anhui Conch Cement Co Ltd surged the daily cap of 10 percent on the back of the government's pledge to pour more capital into the development of infrastructure.
"The index will remain weak for a period of time and fluctuate in the first month of 2009 since many listed companies will announce profit results for 2008 and will make the market unstable," according to a research note by Haitong Securities.
The key Shanghai barometer was down over 65 percent last year to close at 1,820.81 points.
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