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Shanghai stocks rise on optimism
By Pan Xiaoyi |
March 27, 2009, Friday
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Online Edition
Online Edition
SHANGHAI'S key stock index rose today after the central bank governor said the economic slump in the world's third-largest economy has basically been brought under control.
The benchmark Shanghai Composite Index added 0.54 percent, or 12.73 points, to close at 2,374.44 points. Turnover rose to 162.37 billion yuan (US$23.88 billion) from 142.1 billion yuan. Gainers outnumbered losers 501 to 337 and 33 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.58 percent to close at 778.54 points.
Leading economic indicators were recovering, proving that the government had been acting rapidly and forcefully compared to those in other major economies, the People's Bank of China Governor Zhou Xiaochuan said.
Zhou's comments were echoed by Hong Kong billionaire Li Ka-shing, who said yesterday China's economy will be the fastest in the world to recover and advised investors to consider buying stocks and property.
Baoding Tianwei Baobian Electric Co surged by the 10 percent daily limit to 31.28 yuan after the government said it will give subsidies to fund solar projects. The government will this year offer a 20 yuan per watt subsidy for solar projects with generating capacity of at least 50 kilowatts, the Ministry of Finance said in a statement posted yesterday on its Website.
PetroChina Co, the nation's biggest oil company, added 0.51 percent to 11.73 yuan. The world's second-largest company by market value is seeking shareholder approval to sell as much as 100 billion in bonds to fund operations, investments and adjust debt structure.
China Shipping Container Lines Co gained 4.52 percent to 4.16 yuan. The country's second-largest carrier of sea-cargo boxes plans to return leased vessels to reduce capacity by 4 percent, Chairman Li Shaode said yesterday.
Henan Yuguang Gold & Lead Co, the world's biggest lead producer, said profit dropped 61 percent to 61.3 million yuan last year because of lower metal prices and production cuts. The stock dropped 3.06 percent to 14.59 yuan.
Shanghai Jinjiang International Hotels Development Co, China's largest hotel operator, said it plans to sell a 7 percent stake in a KFC restaurant venture it has with Yum! Brands Inc. The stock dipped 0.23 percent to 0.886 yuan.
Yunnan Aluminium Co, China's fifth-largest producer of the light metal, said it plans to raise as much as 1.2 billion yuan with the private placement of up to 200 million shares. The stock fell 1.25 percent to 7.9 yuan.
The benchmark Shanghai Composite Index added 0.54 percent, or 12.73 points, to close at 2,374.44 points. Turnover rose to 162.37 billion yuan (US$23.88 billion) from 142.1 billion yuan. Gainers outnumbered losers 501 to 337 and 33 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.58 percent to close at 778.54 points.
Leading economic indicators were recovering, proving that the government had been acting rapidly and forcefully compared to those in other major economies, the People's Bank of China Governor Zhou Xiaochuan said.
Zhou's comments were echoed by Hong Kong billionaire Li Ka-shing, who said yesterday China's economy will be the fastest in the world to recover and advised investors to consider buying stocks and property.
Baoding Tianwei Baobian Electric Co surged by the 10 percent daily limit to 31.28 yuan after the government said it will give subsidies to fund solar projects. The government will this year offer a 20 yuan per watt subsidy for solar projects with generating capacity of at least 50 kilowatts, the Ministry of Finance said in a statement posted yesterday on its Website.
PetroChina Co, the nation's biggest oil company, added 0.51 percent to 11.73 yuan. The world's second-largest company by market value is seeking shareholder approval to sell as much as 100 billion in bonds to fund operations, investments and adjust debt structure.
China Shipping Container Lines Co gained 4.52 percent to 4.16 yuan. The country's second-largest carrier of sea-cargo boxes plans to return leased vessels to reduce capacity by 4 percent, Chairman Li Shaode said yesterday.
Henan Yuguang Gold & Lead Co, the world's biggest lead producer, said profit dropped 61 percent to 61.3 million yuan last year because of lower metal prices and production cuts. The stock dropped 3.06 percent to 14.59 yuan.
Shanghai Jinjiang International Hotels Development Co, China's largest hotel operator, said it plans to sell a 7 percent stake in a KFC restaurant venture it has with Yum! Brands Inc. The stock dipped 0.23 percent to 0.886 yuan.
Yunnan Aluminium Co, China's fifth-largest producer of the light metal, said it plans to raise as much as 1.2 billion yuan with the private placement of up to 200 million shares. The stock fell 1.25 percent to 7.9 yuan.
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