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Telecom sector leads key index to rise
By Pan Xiaoyi |
April 16, 2009, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose for the fifth day yesterday to its highest since August, led by the telecommunications sector as investors anticipate the full scale launch of third generation technology next month.
The Shanghai Composite Index gained 0.35 percent to close at 2,536.06 points, the highest since August 8 when the index ended at 2,605.72. Turnover climbed to 173.4 billion yuan (US$25.5 billion) from 161.9 billion yuan on the previous trading day.
Shares opened lower on a media warning of possible risks from overactive trading in blue chips without solid fundamentals. But nonferrous metal producers and telecommunication firms rallied and pushed up the index in the afternoon.
"The local benchmark index was weak overall with mixed performance among sectors," said Wu Kongyin, an analyst at United Securities Co. "Sluggish heavyweights limited the rise. The fluctuations recently are beneficial to cushion the impact of profit taking."
China Unicom planned to roll out its full 3G services by the end of this month. China Telecom and China Mobile are expected to follow suit.
Shares of firms in the 3G-related sector gained by the 10-percent daily cap, including Eastern Communication Co to 5.38 yuan, Ningbo Bird Co to 4.51 yuan and Bright Oceans Inter-Telecom Corp to 14.81 yuan.
Chengde Xinxin Vanadium and Titanium Co also soared by the 10-percent daily limit to 8.71 yuan while Yunnan Chihong Zinc and Germanium Co rose 6.42 percent to 19.88 yuan.
Shipbuilders sank after new orders at Chinese shipyards fell 94 percent in the first three months. China State Shipbuilding Co, the country's biggest shipbuilder, shed 2.13 percent to 67.02 yuan. Guangzhou Shipyard International Co slipped 0.77 percent to 22.04 yuan.
The Shanghai Composite Index gained 0.35 percent to close at 2,536.06 points, the highest since August 8 when the index ended at 2,605.72. Turnover climbed to 173.4 billion yuan (US$25.5 billion) from 161.9 billion yuan on the previous trading day.
Shares opened lower on a media warning of possible risks from overactive trading in blue chips without solid fundamentals. But nonferrous metal producers and telecommunication firms rallied and pushed up the index in the afternoon.
"The local benchmark index was weak overall with mixed performance among sectors," said Wu Kongyin, an analyst at United Securities Co. "Sluggish heavyweights limited the rise. The fluctuations recently are beneficial to cushion the impact of profit taking."
China Unicom planned to roll out its full 3G services by the end of this month. China Telecom and China Mobile are expected to follow suit.
Shares of firms in the 3G-related sector gained by the 10-percent daily cap, including Eastern Communication Co to 5.38 yuan, Ningbo Bird Co to 4.51 yuan and Bright Oceans Inter-Telecom Corp to 14.81 yuan.
Chengde Xinxin Vanadium and Titanium Co also soared by the 10-percent daily limit to 8.71 yuan while Yunnan Chihong Zinc and Germanium Co rose 6.42 percent to 19.88 yuan.
Shipbuilders sank after new orders at Chinese shipyards fell 94 percent in the first three months. China State Shipbuilding Co, the country's biggest shipbuilder, shed 2.13 percent to 67.02 yuan. Guangzhou Shipyard International Co slipped 0.77 percent to 22.04 yuan.
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