Stocks spring to a high finish in 2 weeks
By Ding Yining |
December 31, 2009, Thursday
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Print Edition
Print Edition
SHANGHAI'S stock market climbed more than 1 percent to a two-week closing high yesterday, fueled by brokerages and futures-related companies on expectations that the securities regulator has given the go-ahead for stock index futures to be launched.
The benchmark Shanghai Composite Index rose 1.58 percent, or 50.84 points, to close at 3,262.6. Turnover increased to 157.8 billion yuan (US$23 billion) from Tuesday's 117 billion yuan.
"Upbeat expectations (over stock index futures) and improved corporate earnings have attracted more investors to the market as they expect the index will rally in the first quarter next year," Shenyin & Wanguo Securities wrote in a research note.
Brokerages climbed. Haitong Securities rose 1.81 percent to 19.14 yuan, Everbright Securities gained 3.07 percent to 25.15 yuan and Guoyuan Securities jumped 3.21 percent to 21.21 yuan.
China CIFCO Investment Co jumped the daily limit of 10 percent to 40 yuan. Zhejiang Zhongda Group Co also rallied 10 percent to 26.14 yuan.
Banks also rose on expectations that new loans in December will total 300 billion yuan, higher than previous estimates. China Merchants Bank surged 4.95 percent to 18.02 yuan and Shanghai Pudong Development Bank advanced 3.34 percent to 21.63 yuan. China Construction Bank added 2.87 percent to close at 6.09 yuan while the Bank of Communications rallied 6.62 percent to 9.18 yuan.
Property stocks also gained. China Vanke Co, the biggest listed domestic real estate developer, rose 2.87 percent to 10.75 yuan and Gemdale Corp increased 3.16 percent to end at 13.70 yuan.
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