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Shanghai shares rise on stronger shipping firms
By Ding Yining |
May 26, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market edged up in the morning session as rising transportation fees boosted earnings prospects of domestic shipping companies.
The benchmark Shanghai Composite Index was up 0.26 percent, or 6.94 points, to close at 2,629.57 points. Turnover fell to 41.2 billion yuan (US$6 billion) from yesterday's 57.1 billion yuan. Gainers outnumbered losers 476 to 357 and 90 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.12 percent to close at 1,041.39 points.
The Baltic Dry Index, which tracks dry bulk freights, advanced 6.2 percent to 4,187 points yesterday, the highest level in more than 7 months.
Cosco Holdings Co advanced 2.59 percent to 10.28 yuan. Cosco Shipping Co Ltd rallied 4.95 percent to 7.84 yuan. China Shipping Container Lines Co Ltd added 1.34 percent to 3.79 yuan.
Property shares showed mixed results. China Merchants Property Development Co Ltd dipped 0.36 percent to 16.46 yuan. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.41 percent to 7.43 yuan. Gemdale Corporation lost 1.58 percent to 6.87 yuan. Poly Real Estate Group was down 0.77 percent to 11.57 yuan.
China Railway Erju Co Ltd surged 4.17 percent to 9.25 yuan after saying it had won contracts totaling 30.2 billion yuan. SK Telecom Co said in a separate statement today that it will set up a joint venture with the Chinese company to engage in urban infrastructure projects. The Korean company will take a 60 percent stake and China Railway Erju will take the rest.
Financial shares were generally flat. Bank of Communications lost 0.90 percent to 6.64 yuan. Shanghai Pudong Development Bank dipped 0.05 percent to 19.13 yuan. Ping An Insurance (Group) Co edged up 0.07 percent to 45.28 yuan. China Merchants Bank was down 0.15 percent to 13.67 yuan.
Metal producers helped lift the index. Yunnan Copper rose 0.32 percent to 22.02 yuan. Zhongjin Gold Mining Co added 0.88 percent to 58.27 yuan. Aluminum Corporation of China Ltd was up 1.08 percent to 10.33 yuan.
Pharmaceutical shares retreated from earlier gains. Shanghai Neptunus Bioengineering Co lost 1.58 percent to 11.22 yuan after surging more than 7 percent yesterday. Guilin Layn Natural Ingredients Corp fell 2.22 percent to 15.44 yuan.
The benchmark Shanghai Composite Index was up 0.26 percent, or 6.94 points, to close at 2,629.57 points. Turnover fell to 41.2 billion yuan (US$6 billion) from yesterday's 57.1 billion yuan. Gainers outnumbered losers 476 to 357 and 90 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.12 percent to close at 1,041.39 points.
The Baltic Dry Index, which tracks dry bulk freights, advanced 6.2 percent to 4,187 points yesterday, the highest level in more than 7 months.
Cosco Holdings Co advanced 2.59 percent to 10.28 yuan. Cosco Shipping Co Ltd rallied 4.95 percent to 7.84 yuan. China Shipping Container Lines Co Ltd added 1.34 percent to 3.79 yuan.
Property shares showed mixed results. China Merchants Property Development Co Ltd dipped 0.36 percent to 16.46 yuan. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.41 percent to 7.43 yuan. Gemdale Corporation lost 1.58 percent to 6.87 yuan. Poly Real Estate Group was down 0.77 percent to 11.57 yuan.
China Railway Erju Co Ltd surged 4.17 percent to 9.25 yuan after saying it had won contracts totaling 30.2 billion yuan. SK Telecom Co said in a separate statement today that it will set up a joint venture with the Chinese company to engage in urban infrastructure projects. The Korean company will take a 60 percent stake and China Railway Erju will take the rest.
Financial shares were generally flat. Bank of Communications lost 0.90 percent to 6.64 yuan. Shanghai Pudong Development Bank dipped 0.05 percent to 19.13 yuan. Ping An Insurance (Group) Co edged up 0.07 percent to 45.28 yuan. China Merchants Bank was down 0.15 percent to 13.67 yuan.
Metal producers helped lift the index. Yunnan Copper rose 0.32 percent to 22.02 yuan. Zhongjin Gold Mining Co added 0.88 percent to 58.27 yuan. Aluminum Corporation of China Ltd was up 1.08 percent to 10.33 yuan.
Pharmaceutical shares retreated from earlier gains. Shanghai Neptunus Bioengineering Co lost 1.58 percent to 11.22 yuan after surging more than 7 percent yesterday. Guilin Layn Natural Ingredients Corp fell 2.22 percent to 15.44 yuan.
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