China A-shares close higher on fund inflows; key index at fresh high - UPDATE |
|
|
|
Published
:
Thu, 22 Mar 2007 08:56
|
SHANGHAI (XFN-ASIA) - A-shares in Shanghai and Shenzhen closed higher on Wall Street's overnight surge and strong fund inflows, with steelmakers and energy issues gaining ground, dealers said.The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed up 13.85 points, or 0.45 pct, at 3,071.23, a fresh all time closing high, after moving between 3,059.38 and 3,099.82.Turnover rose to 112.65 bln yuan from 89.31 bln in the previous session.'The market was boosted by strong capital inflows reflected in increased turnover, with strong gains in overseas markets really giving investors here a shot in the arm, though there was some profit-taking in late afternoon,' said Zhang Yi, an analyst at Yibang Investment.Analysts said the upward momentum is likely to continue in the near term on the back of the rising yuan.'The upward trend is likely to be maintained in the short run on the back of the strong yuan and sales of stock investment fund products which will reach at least 50 bln yuan for March,' said Cao Yan, an analyst at Soochow Securities.The yuan finished yesterday at a record 7.7340 to the dollar on the over-the-counter (OTC) market, compared to the previous close of 7.7375.Energy listings and steelmakers were snapped up amid rotational buying interest, dealers said.Hebei Jinniu Energy Resources Co Ltd (SZA 000937) was up 0.28 yuan or 3.17 pct at 9.11. Shanxi Antai Group Co Ltd (SHA 600408) was up 0.29 yuan or 3.77 pct at 7.98.Zhengzhou Coal Industry & Electric Power Co Ltd (SHA 600121) was up 0.27 yuan or 4.31 pct at 6.53.Hunan Valin Steel Tube & Wire Co Ltd (SZA 000932) was up its 10 pct daily limit at 7.83 yuan.Shanxi Taigang Stainless Steel Co Ltd (SZA 000825) was up 0.78 yuan or 4.80 pct at 17.02. Inner Mongolia Baotou Steel Union Co Ltd (SHA 600010) was up 0.26 yuan or 4.92 pct at 5.54.Shenzhen Development Bank (SZA 000001) was up 0.06 yuan or 0.30 pct at 19.95 after its 2006 net profit surged 319 pct to 1.3 bln yuan.Ping An Insurance Co (SHA 601318; HK 2318) was up 0.26 yuan or 0.58 pct at 45.36. The official China Securities Journal reported that the insurer may purchase a 35 pct stake in Jutian Fund Management Co Ltd, which would make it the country's first insurer to control a fund management company.Industrial Bank Co Ltd (SHA 601166) was up 0.04 yuan or 0.16 pct at 24.82 after announcing plans to issue 19 bln yuan worth of debt from Mar 27 through Mar 29.Property developers were under pressure on profit-taking with Goldfield Industries Inc (SHA 600383) down 0.88 yuan or 4.95 pct at 16.88.Finance Street Holding Co Ltd (SZA 000402) was down 0.29 yuan or 1.87 pct at 15.21.China Vanke Co Ltd (SZA 000002; SZB 200002) was down 0.47 yuan or 2.76 pct at 16.55. It said it has bought shares in several companies held by a unit of Hangzhou Iron and Steel Group for 1.01 bln yuan.Chongqing Brewery Co Ltd (SHA 600132) was down 3.24 yuan or 6.96 pct at 43.28 after announcing its net profit in 2006 nearly doubled.Beiqi Foton Motor Co Ltd (SHA 600166) was down 0.01 yuan or 0.14 pct at 6.89 after reporting 2006 net profit of 47.62 mln yuan, reversing a year-earlier loss of 296.78 mln.The Shanghai A-share Index was up 14.61 points or 0.45 pct at 3,227.02 on turnover of 112.14 bln yuan and the Shenzhen A-share Index rose 3.08 points or 0.37 pct to 844.05, also a new record, on turnover of 58.60 bln yuan.The FTSE/Xinhua China A 50 Index was up 63.71 points at 10,884.13. The FTSE/Xinhua China A 200 Index was up 23.91 points to 7,809.76 and the FTSE/Xinhua China A 600 Index was up 20.08 points at 6,879.04.(1 usd = 7.75 yuan)lake.xu@xinhuafinance.com
|
|
|
|
|
|
Print this Story
China A-shares close higher on fund inflows; key index at fresh high 