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Shanghai shares charged up as power producers gain
By Ding Yining |
January 9, 2009, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed higher today as power producers lead gains among expectations they may receive government subsidies.
The benchmark Shanghai Composite Index, which tracks yuan-dominated A shares and hard-currency B shares, added 1.27 percent, or 23.87 points, to close at 1,902.05 points. Turnover was 45.8 billion yuan (US$6.71 billion), down from yesterday's 55.0 billion yuan. Gainers outnumbered losers 812 to 52 and 44 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.58 percent, or 3.30 points, to close at 576.39 points.
PetroChina, the biggest stock based on market capitalization, edged up 0.59 percent to close at 10.23 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.28 percent to 7.12 yuan.
Guiguan Electric, a unit of China's second-biggest electricity producer, said in a statement that it has received 30 million yuan from the State-owned Assets Supervision and Administration Commission of the State Council to support its reconstruction projects after it suffered from the Sichuan earthquake in May. Its shares added 1.97 percent to 6.72 yuan. Other electricity generators gained. Huaneng Power International Inc increased 2.39 percent to 7.29 yuan. Datang International Power Generation Co, a unit of China's second-biggest electricity producer, rallied 8.01 percent to 7.28 yuan.
Banks were mixed today. Bank of Communications dipped 0.20 percent to 4.94 yuan. Bank of China lowered 0.34 percent to 2.93 yuan. Shanghai Pudong Development Bank advanced 2.64 percent to 14.01 yuan. Industrial Bank Co rose 1.47 percent to 15.23 yuan.
Ping An Insurance (Group) Co. China's second-biggest insurer, added 0.25 percent to 28.41 yuan. China Pacific Insurance (Group) Co Ltd rallied 5.25 percent to 12.64 yuan.
The benchmark Shanghai Composite Index, which tracks yuan-dominated A shares and hard-currency B shares, added 1.27 percent, or 23.87 points, to close at 1,902.05 points. Turnover was 45.8 billion yuan (US$6.71 billion), down from yesterday's 55.0 billion yuan. Gainers outnumbered losers 812 to 52 and 44 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.58 percent, or 3.30 points, to close at 576.39 points.
PetroChina, the biggest stock based on market capitalization, edged up 0.59 percent to close at 10.23 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.28 percent to 7.12 yuan.
Guiguan Electric, a unit of China's second-biggest electricity producer, said in a statement that it has received 30 million yuan from the State-owned Assets Supervision and Administration Commission of the State Council to support its reconstruction projects after it suffered from the Sichuan earthquake in May. Its shares added 1.97 percent to 6.72 yuan. Other electricity generators gained. Huaneng Power International Inc increased 2.39 percent to 7.29 yuan. Datang International Power Generation Co, a unit of China's second-biggest electricity producer, rallied 8.01 percent to 7.28 yuan.
Banks were mixed today. Bank of Communications dipped 0.20 percent to 4.94 yuan. Bank of China lowered 0.34 percent to 2.93 yuan. Shanghai Pudong Development Bank advanced 2.64 percent to 14.01 yuan. Industrial Bank Co rose 1.47 percent to 15.23 yuan.
Ping An Insurance (Group) Co. China's second-biggest insurer, added 0.25 percent to 28.41 yuan. China Pacific Insurance (Group) Co Ltd rallied 5.25 percent to 12.64 yuan.
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