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Shanghai stocks rise led by developers and banks
By Ding Yining |
March 9, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market edged up in the morning session, lifted by property shares and the financial sector.
The benchmark Shanghai Composite Index was up 0.41 percent, or 12.51 points, to close at 3,065.74 points. Turnover was 53.8 billion yuan(US$7.8 billion). Losers outnumbered gainers 445 to 407, and 64 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.30 percent to close at 1,176.38 points.
Property developers were strong after JPMorgan Chase & Co said in a research report that property stocks will rise as much as 15 percent from the current level with no negative policies from the nation's legislature.
China Vanke Co, the biggest listed domestic real estate developer, advanced 2.77 percent to 9.65 yuan. Gemdale Corporation surged 6.06 percent to 13.66 yuan. Poly Real Estate Group jumped 5.30 percent to 20.46 yuan.
China Life Insurance Co Ltd jumped 3.20 percent to 28.07 yuan. Ping An Insurance Group Co advanced 2.06 percent to 47.11 yuan.
China Construction Bank edged up 0.36 percent to 5.63 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, rose 0.82 percent to 4.90 yuan.
Chongqing Changan Automobile Co said profit in 2009 more than quadrupled from that of 2008 to 1.08 billion yuan. The stock hiked 5.62 percent to 13.35 yuan.
SAIC Motor Corp said vehicle sales in the first two months rose 67 percent from a year ago. The stock rose 0.95 percent to 22.20 yuan.
China Southern Airlines Co said it plans to raise as much as 10.75 yuan through selling new shares in Shanghai and Hong Kong. The stock jumped 4.08 percent to 6.89 yuan.
The benchmark Shanghai Composite Index was up 0.41 percent, or 12.51 points, to close at 3,065.74 points. Turnover was 53.8 billion yuan(US$7.8 billion). Losers outnumbered gainers 445 to 407, and 64 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.30 percent to close at 1,176.38 points.
Property developers were strong after JPMorgan Chase & Co said in a research report that property stocks will rise as much as 15 percent from the current level with no negative policies from the nation's legislature.
China Vanke Co, the biggest listed domestic real estate developer, advanced 2.77 percent to 9.65 yuan. Gemdale Corporation surged 6.06 percent to 13.66 yuan. Poly Real Estate Group jumped 5.30 percent to 20.46 yuan.
China Life Insurance Co Ltd jumped 3.20 percent to 28.07 yuan. Ping An Insurance Group Co advanced 2.06 percent to 47.11 yuan.
China Construction Bank edged up 0.36 percent to 5.63 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, rose 0.82 percent to 4.90 yuan.
Chongqing Changan Automobile Co said profit in 2009 more than quadrupled from that of 2008 to 1.08 billion yuan. The stock hiked 5.62 percent to 13.35 yuan.
SAIC Motor Corp said vehicle sales in the first two months rose 67 percent from a year ago. The stock rose 0.95 percent to 22.20 yuan.
China Southern Airlines Co said it plans to raise as much as 10.75 yuan through selling new shares in Shanghai and Hong Kong. The stock jumped 4.08 percent to 6.89 yuan.
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