Market edges up after Monday's slump | Shanghai Daily

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September 2, 2009

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Market edges up after Monday's slump

SHANGHAI'S key stock index closed higher yesterday after Monday's slump as financial shares lifted the market among improving news on the manufacturing sector.

The benchmark Shanghai Composite Index closed up 0.6 percent, or 15.98 points, at 2,683.72. Turnover was 101.7 billion yuan (US$14.9 billion).

China's Purchasing Manager's Index for August was 54 percent, up 0.7 percentage points from the previous month, the National Bureau of Statistics said yesterday morning. The measure for manufacturing activities has been kept above 50, the threshold indicating an expansion, for six months.

"The rebound will not be very strong and we suggest investors wait until the market is more stable," United Securities wrote in a research note.

Banks rebounded after Monday's loss. The Industrial and Commercial Bank of China, the nation's biggest lender, increased 2.01 percent to 4.56 yuan. Shanghai Pudong Development Bank rose 3.92 percent to 18.54 yuan. The Bank of Communications rose 3.03 percent to 8.16 yuan.

Property developers hiked after Monday's slump. China Vanke Co, the biggest listed domestic developer, jumped 5.21 percent to 9.89 yuan. Gemdale Corp increased 4.54 percent to 12.43 yuan.

PetroChina edged up 0.47 percent to 12.86 yuan after saying it would buy 60 percent stakes in Athabasca Oil Sands Corp's projects in Canada for US$1.73 billion.

Metal producers were among yesterday's losers. Jiangxi Copper Co dropped 4.27 percent to 31.85 yuan. Shandong Gold Mining Co lost 3.02 percent to 46.51 yuan.




 

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