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.
(Source: Shanghai Daily)
