Home / Business / Finance Tools: Save | Print | E-mail | Most Read
Shanghai index up at noon as banks rally
Adjust font size:

Strong performances among banks powered Shanghai's key stock index higher in the morning session today on expectations a stronger yuan will spur demand for assets in the currency.

 

The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, added 0.26 percent, or 14.16 points, to 5,470.70 at 11:30am today.

 

Losers in the Shanghai market outnumbered gainers 561 to 224 and 64 were unchanged.

 

But the Shenzhen Composite Index, which covers the smaller mainland stock market, was down 0.46 percent, or 7.2 points, to 1,549.07.

 

Minsheng Banking, the nation's only privately-controlled listed lender, rose 3.68 percent, or 0.57 yuan (7 US cents), to 16.08 yuan. China Merchants Bank Co, the nation's biggest dual-currency credit-card issuer, climbed 4.14 percent, or 1.70 yuan, to 42.80 yuan.

 

Bank of Beijing Co, China's biggest city bank, increased 0.96 percent, or 0.21 yuan, to finish the morning session at 22.17 yuan. The lender said net income last year probably rose more than 50 percent from a year earlier. Net income was 2.1 billion yuan in 2006.

 

China Vanke, the nation's biggest listed property developer, gained 2.16 percent, or 0.66 yuan, to 31.21 yuan.

 

The yuan rose as much as 0.12 percent to 7.2630 against the US dollar in Shanghai today, the strongest since it ended a link with the US currency in July 2005.

 

Airlines also recovered this morning from two turbulent trading days.

 

Air China, the world's biggest airline by market value, jumped 2.89 percent, or 0.81 yuan, to close the session at 28.83 yuan. China Eastern, the country's third largest by fleet size, also gained 3.21 percent, or 0.63 yuan, to 20.63 yuan.

 

Airlines have performed poorly since shareholders of China Eastern vetoed a proposal offered by Singapore Airlines Ltd on Tuesday.

 

Shareholders of Shanghai-based China Eastern Airlines vetoed Singapore Airlines Ltd's bid for a 24 percent stake in the carrier for HK$7.16 billion (US$918 million) on Tuesday. The rejection clears the way for Air China Ltd's parent to make a higher offer.

 

China National Aviation, Air China Ltd's parent, holder of about 10 percent of China Eastern, said on January 6 that it would make a counter-bid of at least HK$5 per share if the Singapore deal is rejected. China Eastern planned to sell new shares to its parent and the Singaporean investors at HK$3.80 apiece.

 

Elsewhere, gold producers rose slightly this morning.

 

Zhongjin Gold Corp, China's largest publicly traded gold miner by market value, edged up 0.23 percent, or 0.31 yuan, to 133.10 yuan. Shandong Gold Mining Co, the second-largest, inched up 0.46 percent, or 1 yuan, to 218 yuan.

 

Gold futures rose 1.3 percent to US$893.60 an ounce in New York yesterday. The price earlier reached US$897.30, the highest ever for an active contract.

 

(Shanghai Daily January 11, 2008)

Tools: Save | Print | E-mail | Most Read

Comment
Username Password Anonymous
China Archives
Related >>
- Shares regain ground after weak opening
- Car makers drive shares higher at midday
- Chinese share prices slightly up
Most Viewed >>
- Gold futures jumps to daily limit upon debut
- Chinese economy in 2007
- Survey: B2B transaction volume up 25.5% in 2007
- Policy bank eyes rail project stake
- China Eastern not to ally with Air China

Nov. 1-2 Tianjin World Shipping (China) Summit
Nov. 7-9 Guangzhou Recycling Metals International Forum
Nov. 27-28 Beijing China-EU Summit
Dec. 12-13 Beijing China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?