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November 18, 2009

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Home » Business » Finance

Taiwan deal pushes up shares on key index

SHANGHAI shares ended slightly higher yesterday, led by lenders after an agreement between China's mainland and Taiwan to boost financial cooperation.

The benchmark Shanghai Composite Index edged up 0.24 percent to 3,282.89. Gainers outnumbered losers by 489 to 369.

Turnover dropped to 194.8 billion yuan (US$28.5 billion) from 228 billion yuan on Monday.

The Chinese mainland and Taiwan signed a memorandum of understanding on Monday to allow banks, brokers and insurers to conduct business in each other's market.

China Construction Bank gained 1.8 percent to 6.25 yuan. China CITIC Bank Corp was up 3.1 percent to 6.9 yuan. The Bank of Communications edged up 0.66 percent to 9.18 yuan.

"The market will remain in correction as turnover waned and index may face pressure around 3,000 points in the next few days," Donghai Securities wrote in a research note.

Some consumer shares fell. Qingdao Haier Co retreated 2.1 percent to 21.61 yuan. Shanghai Bailian Group eased 2 percent to 16.27 yuan.

Brokerages were also weak after China Merchants Securities's weak debut in the Shanghai market.


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