Stock index climbs the most in a week
By Staff Reporter |
April 10, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stocks rose the most in a week yesterday, led by heavyweights on expectations of a stable launch of stock index futures and communication technology firms which received a lift with news of a 400 billion yuan (US$59 billion) investment in 3G networks.
The benchmark Shanghai Composite Index increased 0.85 percent to 3,145.35 points. The gauge declined 0.4 percent this week.
"Stock index futures will have a stable start, and trading will be smooth," Shang Fulin, chairman of China Securities Regulatory Commission, said at the launch ceremony on Thursday.
Bank and brokerages rebounded. Shanghai Pudong Development Bank increased 1.59 percent to 22.94 yuan, and the Bank of Communications gained 0.36 percent to 8.26 yuan. Haitong Securities Co added 0.49 percent to close at 16.37 yuan.
Telecommunications and technology shares benefitted after the Ministry of Industry and Information Technology announced a plan to invest 400 billion yuan in 3G networks by the end of next year.
"Optical communication firms will be the largest winner," said Li Zhizhong, analyst at Ping'an Securities Co.
ZTE, China's second-biggest phone-equipment maker, increased 2.92 percent to 42.30 yuan. The company said full-year earnings jumped 48 percent in 2009 as it won more orders to build networks in the world's largest telecom market.
China Unicom edged up 0.81 percent to 6.26 yuan. Fiberhome Telecommunication Technology Co soared 7.49 percent to close at 31.45 yuan.
Tsingtao Brewery Co, the Chinese brewer founded by German settlers more than a century ago, increased 1.8 percent to 35.08 yuan after saying 2009 profit rose 79 percent from a year earlier to 1.25 billion yuan on more demand and deeper cost cuts.
The benchmark Shanghai Composite Index increased 0.85 percent to 3,145.35 points. The gauge declined 0.4 percent this week.
"Stock index futures will have a stable start, and trading will be smooth," Shang Fulin, chairman of China Securities Regulatory Commission, said at the launch ceremony on Thursday.
Bank and brokerages rebounded. Shanghai Pudong Development Bank increased 1.59 percent to 22.94 yuan, and the Bank of Communications gained 0.36 percent to 8.26 yuan. Haitong Securities Co added 0.49 percent to close at 16.37 yuan.
Telecommunications and technology shares benefitted after the Ministry of Industry and Information Technology announced a plan to invest 400 billion yuan in 3G networks by the end of next year.
"Optical communication firms will be the largest winner," said Li Zhizhong, analyst at Ping'an Securities Co.
ZTE, China's second-biggest phone-equipment maker, increased 2.92 percent to 42.30 yuan. The company said full-year earnings jumped 48 percent in 2009 as it won more orders to build networks in the world's largest telecom market.
China Unicom edged up 0.81 percent to 6.26 yuan. Fiberhome Telecommunication Technology Co soared 7.49 percent to close at 31.45 yuan.
Tsingtao Brewery Co, the Chinese brewer founded by German settlers more than a century ago, increased 1.8 percent to 35.08 yuan after saying 2009 profit rose 79 percent from a year earlier to 1.25 billion yuan on more demand and deeper cost cuts.
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