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Shanghai's key stock index ends 3.29% up
By Ding Yining |
January 6, 2009, Tuesday
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Print Edition
Print Edition
SHANGHAI'S key stock index closed more than 3 percent higher yesterday on the first trading day of 2009 as anticipation grew that China's economic situation may recover once macro policies, announced at the end of last year, take effect.
The Shanghai Composite Index added 3.29 percent, or 59.91 points, to close at 1,880.72 points. Turnover totaled 46.1 billion yuan (US$6.74 billion). Gainers outnumbered losers 846 to 30 and 32 stocks were unchanged.
But a research note by Haitong Securities cautioned that the "index will remain weak for a period of time and fluctuate in the first month of 2009 since many listed companies will announce profit results for 2008 and this might cause the market to be unstable."
PetroChina, the biggest index component, rose 2.06 percent to 10.38 yuan. Ping An Insurance (Group) Co, China's second-largest insurer, surged 8.50 percent to close at 28.85 yuan. Shanghai Pudong Development Bank gained 3.55 percent to 13.72 yuan and Bank of Communications jumped 6.96 percent to 5.07 yuan.
Yunnan Tin Co, the world's largest producer of the metal, surged to the daily limit of 10 percent to close at 10.38 yuan. The company announced that it would store 6,000 tons of tin in response to the government's pledge to increase metal resources stocks.
China Southern Airlines Co also rose 2.82 percent to 3.28 yuan after it said it made US$6.3 million from fuel hedging last year.
Shares of SAIC Motor Co, China's largest auto maker, rose 3.92 percent to 5.57 yuan after it said it provided 25.9 billion won (US$19.6 million) to its Ssangyong Motor Co unit in South Korea.
The market welcomed the announcement that 3G, or third generation, licenses will be issued to telecommunications companies.
China United Telecommunications Corp added 1.59 percent to 5.11 yuan.
ZTE Corp, China's No. 2 phone-equipment maker, gained 2.54 percent to close at 27.89 yuan.
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