Related News

Home » Business » Finance

Shanghai stocks close higher

SHANGHAI'S key stock index closed higher today, with gains in the energy and financial sectors.

The Shanghai Composite Index increased 2.30 percent, or 45.01 points, to close at 1,999.44 points, with a turnover of 81.1 billion yuan (US$11.8 billion). Losers outnumbered gainers 425 to 415 while 68 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, closed marginally higher by 0.09 percent, or 0.56 points, to 601.25 points.

Oil producers and refiners were among the improvers amidst speculations that policies will be introduced to boost the energy industry. PetroChina, the biggest index component, added 2.42 percent to 10.57 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, increased 4.98 percent to 7.80 yuan.

Banks are among the improvers after Central Huijin Investment Co Ltd announced it has been increasing its stakes in state-owned banks including China Construction Bank and Bank of China. China Construction Bank, the second largest domestic bank, jumped 4.94 percent to 4.04 yuan. Bank of Communications surged 5.25 percent to 5.41 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, increased 3.37 percent to 3.68 yuan. Shanghai Pudong Development Bank added 2.18 percent to 15.96 yuan.

The central bank announced on Friday it will encourage banks to provide more loans to vehicle manufacturers to increase consumer demand. SAIC Motor Co, China's largest carmaker, edged up 0.17 percent to 6.01 yuan but Dongfeng Automobile Co dipped 0.32 percent to close at 3.15 yuan.

Shang Fulin, chairman of China Securities Regulatory Commission, said at a working conference that the initial public offering procedures will be improved but brokerages showed mixed results. Haitong Securities, the largest listed domestic brokerage, was down 2.84 percent to 10.60 yuan. Changjian Securities was down 1.33 percent to 10.40 yuan. The Pacific Securities Co Ltd was up 0.30 percent to 13.42 yuan.

Air China Ltd, the nation's largest international carrier, said it may post its first annual loss in at least eight years because of reduced demand for travel and bad bets on fuel prices. Its shares were up 0.23 percent to 4.42 yuan, however.

Datang International Power Generation Co, the nation's second-biggest electricity producer, said it generated 7.1 percent more power in 2008 compared with the previous year. The stock surged 4.44 percent to 7.05 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend