Stocks ended 0.35 percent higher on Wednesday, keeping an upward streak for the fifth consecutive trading session buoyed by investors' rising confidence and enthusiasm in future economic trends in China.
The benchmark Shanghai Composite Index finished the day at 2,536.06 points, up 8.88 points or 0.35 percent, from the previous close. It was the highest closing during the past eight months. The Shenzhen Component Index went up 0.48 percent, or 46.4 points, to close at 9,724.58.
China's central government is scheduled to announce major economic data for the first three months, which is certain to influence market performance today and tomorrow. Most analysts estimate the country’s GDP growth will hover around 6.5 percent for the first quarter. CPI, or consumer price index, a major gauge of inflation, is expected still running in the negative ground, because of anemic demand.
Combined turnover expanded to 268.93 billion yuan (39.35 billion dollars) Wednesday from 252.32 billion yuan on the previous trading day.
The Shanghai Composite Index opened 0.5 percent lower at 2514.59 points, echoing the overnight Wall Street losses. Dealers said investors were confident as some economic recovery signs had emerged.
The Shanghai Composite Index has gained more than 37 percent from the beginning of this year.
Coal shares rose across the board on expectation of coal price rise. Datong Coal Industry Co., Ltd. surged 6.19 percent to 26.94 yuan, while Yanzhou Coal Mining Co., Ltd. jumped 4.8 percent to 16.59 yuan.
China Southern Airlines, the country's leading carrier, lost 1.75 percent to 6.17 yuan as it announced Wednesday that it lost 4.83 billion yuan in 2008 on high fuel costs, sluggish traffic business and several natural disasters. The figure was worse than market expectation, dealers said.
By people's Daily online – Xinhua
|
Comment
Tell A Friend
Print Format
Save Article