Related News

Home » Business » Finance

Vice Premier remarks lift market slightly

SHANGHAI'S market closed higher in the morning session as consumer sector surged after vice premier affirmed efforts to boost consumption.

The benchmark Shanghai Composite Index added 0.66 percent, or 19.86 points, to close at 3,014 points. Turnover lowered to 41.3 billion yuan (US$6.9 billion ) from yesterday's 50.1 billion yuan. Gainers outnumbered losers 752 to 102, and 60 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.29 percent to close at 1,115.58 points.

"China will pursue a proactive fiscal policy and moderately loose monetary policy," said Vice Premier Li Keqiang said at a speech at the World Economic Forum yesterday.

He added that the government's goal is to strike a balance among promotion of steady and fast growth and proper management of inflation risks and also discussed efforts to help farmers boost their spending power through tax cuts and subsidies.

Shanghai Join Buy Co Ltd surged 6.43 percent to 11.25 yuan. Shanghai Friendship Group Corp advanced 2.70 percent to 19.40 yuan. Shanghai Bailian Group Co added 2.12 percent to 18.29 yuan. TCL Corp jumped 3.58 percent to 5.49 yuan.

Banks showed mixed results over tighter mortgage loan policy concern after banking regulators reiterated calls for reasonable control of lending growth. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.21 percent to 4.87 yuan. Bank of China dipped 0.24 percent to 4.10 yuan. Shanghai Pudong Development Bank rose 0.76 percent to 19.85 yuan. China Construction Bank was up 0.36 percent to 5.65 yuan.

Property shares slightly rebounded from previous loss. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.64 percent to 9.47 yuan. Poly Real Estate Group added 1.15 percent to 19.41 yuan.

Brokerages also pushed up the index. Everbright Securities added 1.73 percent to 26.51 yuan. Sinolink Securities was up 0.77 percent to 20.87 yuan. Haitong Securities advanced 2.68 percent to 17.26 yuan.

The consumer sector buckled the downward trend. Shanghai New World Co advanced 2.74 percent to 16.11 yuan. Shanghai Bailian Group Co surged 4.23 percent to 18 yuan. Shanghai Friendship Group Co rose 1.72 percent to 18.94 yuan.

Huaneng Power International Inc, the biggest listed electricity producer, said in a preliminary statement to Shanghai Stock Exchange that it may return to profit in 2009. The stock rose 1.78 percent to 7.42 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend