Shanghai stock index rises over 1% after break

By Ding Yining | February 3, 2009, Tuesday |

Print Edition

SHANGHAI'S key stock index rose more than 1 percent to close just above 2,000 points on the first trading day after the Lunar New Year in anticipation that more measures to stimulate the national economy are expected.

The Shanghai Composite Index added 1.06 percent, or 21.03 points, to close at 2,011.68 points yesterday. Turnover was 61.8 billion yuan (US$9.0 billion). Gainers outpaced losers 820 to 50 and 38 stocks were unchanged.

Premier Wen Jiabao said in an interview with the Financial Times in London on Sunday that China may implement more measures to boost its economy on top of the 4 trillion yuan package and noted it has to be done before an economic retreat.

"The domestic market had a good performance on the first trading day after the Chinese New Year holiday despite mixed results in surrounding markets, which showed it could maintain an upward trend, although fluctuations are inevitable," according to Kang Hongtao, an analyst at Guoyuan Securities.

Gold miners were among gainers as gold prices were raised on speculation that the government may buy the metal as an alternative investment. Both Zhongjin Gold Corp and Shandong Gold Mining Co Ltd surged to the daily limit of 10 percent. Zhongjin Gold Corp closed at 39.99 yuan and Shandong Gold Mining closed at 50.55 yuan. Zijin Mining Group Co Ltd jumped 9.94 percent to 5.53 yuan.

On Sunday, the central government pledged to give priority to developing rural and farming areas to ensure the supply of products and to guarantee farmers' income.

The news boosted agricultural firms, with Gansu Yasheng Industrial (Group) Co Ltd surging to the daily limit of 10 percent to 3.74 yuan. Xinjiang Talimu Agriculture Development Co Ltd climbed 3.68 percent to 8.73 yuan and Beijing Shunxin Agriculture Co Ltd rose 3.02 percent to 12.62 yuan.

China Merchants Bank Co dipped 0.07 percent to 13.50 yuan while China Construction Bank edged up 0.50 percent to 4.02 yuan and Bank of China added 0.33 percent to 3.07 yuan.

Finance

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Shanghai stock index rises over 1% after break

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