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Shanghai shares rise led by tech firms
By Feng Jianmin |
April 9, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market edged up in the morning led by communications and technology shares, after the Ministry of Industry and Information Technology announced a plan to invest 400 billion yuan (US$58.7) in 3G network by the end of next year.
The benchmark Shanghai Composite Index closed 0.49 percent higher at 3,133.96 points this noon. Turnover was 66.7 billion yuan. Gainers outnumbered lossers with 613 to 241, and 67 unchanged.
The Shenzhen Composite Index edged up 0.85 percent at 1,242.8 points.
The target is to extend the number of 3G users to some 150 million, and base stations to more than 400,000, according to the announcement. Investment in broadband is also expected to be more than 150 billion yuan in the next three years.
China Mobile gained 1.61 percent to close at 79.05 yuan. China Unicom went up 0.81 percent to 6.26 yuan. Wuhan Yangtze Communications Industry Group Co Ltd, the largest optical fiber maker in China, gained 3.02 percent to 17.39 yuan.
Baoshan Iron and Steel Co was up 0.26 percent at 7.77 yuan.
Banks and securities firms picked up as stock index futures will start trading next Friday. Shanghai Pudong Development Bank led the bank industry by an increase of 1.20 percent, or 0.27 yuan, to 22.85 yuan. Bank of Communications edged up 0.61 percent to 8.28 yuan.
Haitong Securities Co was up 0.74 percent to close at 16.41 yuan. Citic Securities gained 0.89 percent to 28.20 yuan.
The benchmark Shanghai Composite Index closed 0.49 percent higher at 3,133.96 points this noon. Turnover was 66.7 billion yuan. Gainers outnumbered lossers with 613 to 241, and 67 unchanged.
The Shenzhen Composite Index edged up 0.85 percent at 1,242.8 points.
The target is to extend the number of 3G users to some 150 million, and base stations to more than 400,000, according to the announcement. Investment in broadband is also expected to be more than 150 billion yuan in the next three years.
China Mobile gained 1.61 percent to close at 79.05 yuan. China Unicom went up 0.81 percent to 6.26 yuan. Wuhan Yangtze Communications Industry Group Co Ltd, the largest optical fiber maker in China, gained 3.02 percent to 17.39 yuan.
Baoshan Iron and Steel Co was up 0.26 percent at 7.77 yuan.
Banks and securities firms picked up as stock index futures will start trading next Friday. Shanghai Pudong Development Bank led the bank industry by an increase of 1.20 percent, or 0.27 yuan, to 22.85 yuan. Bank of Communications edged up 0.61 percent to 8.28 yuan.
Haitong Securities Co was up 0.74 percent to close at 16.41 yuan. Citic Securities gained 0.89 percent to 28.20 yuan.
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