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Upbeat feelings keep morning market buoyant

SHANGHAI'S key stock index rose nearly 1 percent in the morning session amid upbeat market sentiment.

The benchmark Shanghai Composite Index added 0.9 percent, or 27.06 points, to close at 3,035.21 points. Losers outnumbered gainers 446 to 371 while 54 remained unchanged yesterday. Turnover reached 100.66 billion yuan (US$14.8 billion) at midday.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.23 percent to close at 978.74 points.

Heavyweights and blue chips led the gains. PetroChina, the biggest component index and China's top oil producer, gained 2.06 percent to 14.88 yuan. Sinopec, Asia's largest oil refiner, surged 3.06 percent to 11.11 yuan.

China Pacific Insurance (Group) Co advanced 4.47 percent to 24.56 yuan. Ping An Insurance (Group) Co increased 4.65 percent to 54.7 yuan. China Life Insurance Co expanded 2.35 percent to 29.2 yuan.

Lenders showed mixed performances. Shanghai Pudong Development Bank Co edged up 0.58 percent to 24.28 yuan. China Merchants Bank Co dipped 0.56 percent to 22.9 yuan. Bank of China eased 0.43 percent to 4.61 yuan. Bank of Communications Co was up 1.89 percent to 9.71 yuan.


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