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Shanghai shares climb to a 4-month high
By Ding Yining |
February 9, 2009, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index continued with last week's positive momentum today and climbed nearly 2 percent to a four-month high above 2,200 points.
China Cosco and other blue chips led the gain.
The benchmark Shanghai Composite Index advanced 1.99 percent, or 43.48 points, to close at 2,224.71 points. Turnover was 150.4 billion yuan (US$21.9 billion). A total of 841 stocks gained while 38 remained unchanged and 29 shares dropped.
The Shenzhen Composite Index, which tracks the smaller domestic market, surged 3.50 percent to close at 696.33 points.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, surged the daily limit of 10 percent to 10.74 yuan. The Baltic Dry Index, a measure of commodity shipping costs, jumped more than 50 percent in the past week, an indication of a rebound in shipping rates. Cosco Shipping Co Ltd, a subsidy of Cosco Holdings, hiked 6.83 percent to 10.16 yuan. China Shipping Development Co Ltd increased 4.17 percent to 12 yuan.
The non-ferrous metal sector was also strong. Aluminum Corporation of China Ltd surged the daily limit of 10 percent to 9.56 yuan. Chengde Xinxin Vanadium And Titanium Co Ltd and Jiangxi Copper Co Ltd also increased 10 percent. Chengde Xinxin closed at 7.22 yuan and Jiangxi Copper at 16.74 yuan.
China has announced a series of supporting measures for key industrial sectors such as petrochemicals, textiles and automobiles. More measures aimed at the food and home appliance sectors are expected to be announced as early as next month, according to a report by China Business News. Qingdao Haier Co Ltd, a home appliance maker based in Shandong Province, added 3.09 percent to 10.00 yuan. Hisense Electric Co Ltd soared 9.04 percent to 8.44 yuan.
China Vanke Co, the nation's largest real-estate developer said in a statement to the Shenzhen Stock Exchange that its January property sales increased 19 percent from the same period last year to 2.19 billion yuan. Its shares edged up 1.02 percent to 7.90 yuan. Poly Real Estate Group Co, China's second-largest publicly traded developer, added 2.22 percent to 18.44 yuan.
China Cosco and other blue chips led the gain.
The benchmark Shanghai Composite Index advanced 1.99 percent, or 43.48 points, to close at 2,224.71 points. Turnover was 150.4 billion yuan (US$21.9 billion). A total of 841 stocks gained while 38 remained unchanged and 29 shares dropped.
The Shenzhen Composite Index, which tracks the smaller domestic market, surged 3.50 percent to close at 696.33 points.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, surged the daily limit of 10 percent to 10.74 yuan. The Baltic Dry Index, a measure of commodity shipping costs, jumped more than 50 percent in the past week, an indication of a rebound in shipping rates. Cosco Shipping Co Ltd, a subsidy of Cosco Holdings, hiked 6.83 percent to 10.16 yuan. China Shipping Development Co Ltd increased 4.17 percent to 12 yuan.
The non-ferrous metal sector was also strong. Aluminum Corporation of China Ltd surged the daily limit of 10 percent to 9.56 yuan. Chengde Xinxin Vanadium And Titanium Co Ltd and Jiangxi Copper Co Ltd also increased 10 percent. Chengde Xinxin closed at 7.22 yuan and Jiangxi Copper at 16.74 yuan.
China has announced a series of supporting measures for key industrial sectors such as petrochemicals, textiles and automobiles. More measures aimed at the food and home appliance sectors are expected to be announced as early as next month, according to a report by China Business News. Qingdao Haier Co Ltd, a home appliance maker based in Shandong Province, added 3.09 percent to 10.00 yuan. Hisense Electric Co Ltd soared 9.04 percent to 8.44 yuan.
China Vanke Co, the nation's largest real-estate developer said in a statement to the Shenzhen Stock Exchange that its January property sales increased 19 percent from the same period last year to 2.19 billion yuan. Its shares edged up 1.02 percent to 7.90 yuan. Poly Real Estate Group Co, China's second-largest publicly traded developer, added 2.22 percent to 18.44 yuan.
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