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Shanghai index starts week with 0.4% gain
By Ye Zhen |
June 18, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks ended higher today as the pro-bailout New Democracy party won the Greek parliamentary election yesterday, easing concern the nation may be forced to leave the euro union.
The benchmark Shanghai Composite Index rose 0.4 percent, or 9.2 points to close at 2,316.05 points. Turnover was 60.3 billion yuan (US$9.6 billion) at the trading close.
The Greek election yesterday was deemed as a choice between leaving and remaining in the euro union. The New Democracy party, which won the election, broadly accepts the terms of the EU bailout, easing fears of an imminent Greek exit from the single currency union.
"Today the Greek people expressed their will to stay anchored within the European Union, remain an integral part of the eurozone, honor their country's commitments and foster growth," said Antonis Samaras, New Democracy's leader, on BBC yesterday.
In Shanghai, most oil related companies gained after oil futures rose on the Greek election result. China Oilfield Services Limited climbed 1.5 percent to 17.00 yuan. Offshore Oil Engineering Co rose 1.4 percent to 5.84 yuan. PetroChina Co, China's second largest oil refiner, added 0.3 percent to end at 9.24 yuan.
Cement producers posted a strong performance after it was reported that the Railway Ministry plans to increase investment in railway construction by 3.4 billion yuan to a total 440 billion. This will lift demand for cement.
Anhui Conch Cement Co, the biggest Chinese cement producer, climbed 1.4 percent to 16.21 yuan. Zhejiang Jianfeng Group Co surged 2.9 percent to 12.95 yuan. Xinjiang Qingsong Building Materials and Chemicals (Group) Co rose 3 percent to finish at 13.30 yuan.
Most property developers gained. China Vanke, the nation's biggest developer, climbed 0.9 percent to end at 9.19 yuan. Poly Real Estate, the second largest developer, rose 1.6 percent to 11.99 yuan. Gemdale Corporation added 0.6 percent to 7.06 yuan.
The benchmark Shanghai Composite Index rose 0.4 percent, or 9.2 points to close at 2,316.05 points. Turnover was 60.3 billion yuan (US$9.6 billion) at the trading close.
The Greek election yesterday was deemed as a choice between leaving and remaining in the euro union. The New Democracy party, which won the election, broadly accepts the terms of the EU bailout, easing fears of an imminent Greek exit from the single currency union.
"Today the Greek people expressed their will to stay anchored within the European Union, remain an integral part of the eurozone, honor their country's commitments and foster growth," said Antonis Samaras, New Democracy's leader, on BBC yesterday.
In Shanghai, most oil related companies gained after oil futures rose on the Greek election result. China Oilfield Services Limited climbed 1.5 percent to 17.00 yuan. Offshore Oil Engineering Co rose 1.4 percent to 5.84 yuan. PetroChina Co, China's second largest oil refiner, added 0.3 percent to end at 9.24 yuan.
Cement producers posted a strong performance after it was reported that the Railway Ministry plans to increase investment in railway construction by 3.4 billion yuan to a total 440 billion. This will lift demand for cement.
Anhui Conch Cement Co, the biggest Chinese cement producer, climbed 1.4 percent to 16.21 yuan. Zhejiang Jianfeng Group Co surged 2.9 percent to 12.95 yuan. Xinjiang Qingsong Building Materials and Chemicals (Group) Co rose 3 percent to finish at 13.30 yuan.
Most property developers gained. China Vanke, the nation's biggest developer, climbed 0.9 percent to end at 9.19 yuan. Poly Real Estate, the second largest developer, rose 1.6 percent to 11.99 yuan. Gemdale Corporation added 0.6 percent to 7.06 yuan.
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