Stocks News
- Shanghai stocks climb to 5,400 mark
Date: 7-Sep-2007 Sources: (Xinhua Online)
BEIJING, Sept. 6 -- Bank stocks reported widespread growth this morning after days of declines, driving Shanghai stocks to the 5,400 mark.
The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, jumped 1.7 percent, or 90.43 points, to 5,401.15 at 11:30 a.m.
The Shenzhen Composite Index, which covers the smaller mainland stock market, added one percent or 14.75 points, to 1, 490.84.
Shang Fulin, chairman of the China Securities Regulatory Commission, said today that the government has almost finished preparations for stock index futures.
'We will launch the service when it is mature and in place,' Shang said in a speech at the World Economic Forum in Dalian City.
Huaxia Bank, which is partly owned by Deutsche Bank AG, jumped the daily limit of 10 percent to 21.21 yuan (2.81U.S. dollars) per share.
Bank of Communications rose 3.64 percent to 13.66 yuan and China Merchants Bank rose 2.15 percent to 37.49 yuan.
Steel companies also performed strong in the morning.
Baoshan Iron & Steel Co, China's biggest steelmaker, rose 3.35 percent to 19.76 yuan after saying it has approved a proposal by parent company Baosteel Group Corp to set up a joint venture with Handan Iron & Steel Group to build a 19 billion yuan plant in the nation's north.
Xinjiang Bayi Iron & Steel Group rose 10 percent 15.40 yuan and Wuhan Iron & Steel Co rose 5.27 percent to 19.16 yuan.
China Eastern Airlines continued its strong growth by jumping 10 percent to 14.06 yuan.
China Vanke Co, the country's biggest listed developer, dropped 0.54 percent to 32.90 yuan although the company said its property sales grew 72 percent in August to 6.28 billion yuan on rising housing prices.
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