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Shanghai shares rise on Premier's policy pledge
By Feng Jianmin |
July 19, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks rose in the morning session after Premier Wen Jiabao pledged to boost domestic demand while maintaining stable exports.
The benchmark Shanghai Composite Index went up 0.87 percent, or 21 points, to close at 2445.36. Turnover shrank to 34 billion yuan (US$ 5 billion) from last Friday's 28.4 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 1 percent to 979.15 points.
Premier Wen Jiabao said during an inspection tour in Xi'an that a stable macro-economic policy should be maintained to support development of companies.
Coal miners led the gainers. Anhui Hengyuan Coal Industry and Electricity Power Co jumped by 10 percent to 24.67 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 2.4 percent to 22.22 yuan. Datong Coal Industry Co climbed 4.46 percent to 28.80 yuan.
Property developers followed the trend. Gemdale Real Estate Corp edged up 0.31 percent to 6.47 yuan. China Vanke added 0.39 percent to 7.65 yuan. Poly Real Estate (Group) Co rose 1.5 percent to 11.43 yuan. China Merchants Property Development Co grew by 3.73 percent to 17.80 yuan.
Brokerages surged shortly before noon. China Merchants Securities advanced 3.91 percent to 21.27 yuan. Citic Securities, the country's largest brokerage, was 2.88 percent higher to 11.78 yuan. Pacific Securities Co Ltd gained 2.82 percent to 11.32 yuan.
The benchmark Shanghai Composite Index went up 0.87 percent, or 21 points, to close at 2445.36. Turnover shrank to 34 billion yuan (US$ 5 billion) from last Friday's 28.4 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 1 percent to 979.15 points.
Premier Wen Jiabao said during an inspection tour in Xi'an that a stable macro-economic policy should be maintained to support development of companies.
Coal miners led the gainers. Anhui Hengyuan Coal Industry and Electricity Power Co jumped by 10 percent to 24.67 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 2.4 percent to 22.22 yuan. Datong Coal Industry Co climbed 4.46 percent to 28.80 yuan.
Property developers followed the trend. Gemdale Real Estate Corp edged up 0.31 percent to 6.47 yuan. China Vanke added 0.39 percent to 7.65 yuan. Poly Real Estate (Group) Co rose 1.5 percent to 11.43 yuan. China Merchants Property Development Co grew by 3.73 percent to 17.80 yuan.
Brokerages surged shortly before noon. China Merchants Securities advanced 3.91 percent to 21.27 yuan. Citic Securities, the country's largest brokerage, was 2.88 percent higher to 11.78 yuan. Pacific Securities Co Ltd gained 2.82 percent to 11.32 yuan.
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