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Shanghai index up 1.07% in morning trading
By Feng Jianmin |
March 25, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session powered by the blue chips.
The benchmark Shanghai Composite Index rose 1.07 percent to 2,978.14. Turnover was 84.8 billion yuan (US$ 12.9 billion).
Shenzhen Composite Index, which tracks the smaller market on the mainland, was up 1.4 percent to 12,949.13.
Gold miners led the gainers after gold bullion prices hit a record high of US$1447 per ounce in New York. Shandong Gold Mining Co climbed 5 percent to 52.48 yuan. Zhongjin Mining Group Co added 2.7 percent to 38.09 yuan.
Hainan-based firms rallied on speculation for a tourism boom as a tax rebate plan for tourists will be implemented on trial basis starting April 20. Hainan Airways jumped 6.3 percent to 8.58 yuan. Hainan Expressway Co advanced 5.4 percent to 6.29 yuan.
Banks rebounded after the Bank of China said its 2010 profits rose nearly 30 percent from a year earlier on earnings through interest rates and commissions. The shares went up 1.8 percent to 3.35 yuan. China Merchants Bank grew 2.5 percent to 14.35 yuan.
The benchmark Shanghai Composite Index rose 1.07 percent to 2,978.14. Turnover was 84.8 billion yuan (US$ 12.9 billion).
Shenzhen Composite Index, which tracks the smaller market on the mainland, was up 1.4 percent to 12,949.13.
Gold miners led the gainers after gold bullion prices hit a record high of US$1447 per ounce in New York. Shandong Gold Mining Co climbed 5 percent to 52.48 yuan. Zhongjin Mining Group Co added 2.7 percent to 38.09 yuan.
Hainan-based firms rallied on speculation for a tourism boom as a tax rebate plan for tourists will be implemented on trial basis starting April 20. Hainan Airways jumped 6.3 percent to 8.58 yuan. Hainan Expressway Co advanced 5.4 percent to 6.29 yuan.
Banks rebounded after the Bank of China said its 2010 profits rose nearly 30 percent from a year earlier on earnings through interest rates and commissions. The shares went up 1.8 percent to 3.35 yuan. China Merchants Bank grew 2.5 percent to 14.35 yuan.
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