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Shanghai share rise powered by banks

SHANGHAI'S stock market closed slightly higher in the morning session, as banks added while property shares dipped among concerns there will be more tightening measures to curb surging property price.

The benchmark Shanghai Composite Index was up 0.20 percent, or 6.02 points, to close at 3,059.14 points. Turnover was 54.2 billion yuan(US$7.9 billion). Losers outnumbered gainers 448 to 395, and 75 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.32 percent to close at 1,185.64 points.

Bank of China said profit rose 26 percent year on year in 2009 to 81.1 billion yuan. The stock advanced 1.45 percent to 4.21 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, was up 0.41 percent to 4.87 yuan. Shanghai Pudong Development Bank added 0.73 percent to 22.16 yuan. Bank of Communications rose 0.50 percent to 8.08 yuan. China Pacific Insurance Group added 1.08 percent to 25.25 yuan.

Huaneng International Co, the country's largest electricity provider, said its profit for 2009 was 4.93 billion yuan compared with a net loss in 2008. Its shares dipped 0.14 percent to 7.29 yuan.

Property were generally weak. China Vanke Co, the biggest listed domestic real estate developer, was down 1.26 percent to 9.40 yuan. Shanghai Shimao Co Ltd lost 1.13 percent to 14.89 yuan. Shanghai AJ Corporation dropped 0.96 percent to 11.37 yuan.

Metal producers also dropped. Zijin Gold Mining Co lost 0.61 percent to 8.19 yuan. Yunnan Copper Co lost 0.39 percent to 25.65 yuan. Zhongjin Gold Mining Co was down 0.20 percent to 48.93 yuan.


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