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eScoop
| Wall Street Rises No Effect On Local Bourses |
| on 25-Feb-2009 18:13 |
Wall Street rallied with reassurances from U.S Fed Reserve Chairman Bernanke, that banks will not be nationalised and projections that the economy would bottom in 2010. The S&P Banking Index increased over 15%. Expected flow-on effect did not eventuate with local markets falling in the morning. A recovery in the afternoon led the benchmark Shanghai Composite Index to close at 2,206.57, marginally up 0.27% or 5.92 points while the Shenzhen Composite Index closed at 8,241.66 down 1.92% or 161.36 points. Combined turnover down to RMB 209.05 bln from RMB 250.4 bln the previous trading day. Best movers amongst banks in China were China Merchants Bank (600036) up 8.12% to RMB 14.92, Bank of Nanjing (601009) up 4.50% to RMB 11.84 and Shanghai Pudong Development Bank (600000) up 4.02% to RMB 17.09. CITIC Securities (600030) up 0.85% to RMB 22.57 and Haitong Securities (600837) down 1.70% to RMB 12.12. Real Estate continued downwards with heavyweights China Vanke (000002) down 3.32% to RMB 7.57, Poly Real Estate Group (600048) down 4.28% to RMB 19.03, Gemdale Corporation (600383) down 4.90% to RMB 8.35 but Beijing Vantone managed to bounce up 6.78% to RMB 19.22. Most sectors were mixed, resulting from lack of market direction. Gold stocks fell with Zhongjin Gold (600489) down 4.88% to RMB 55.11 and Shangdong Gold Mining (600547) down 5.34% to RMB 73.59. Aluminum Corporation of China (Chalco) (601600) up 3.80% to RMB 10.39, Jiangxi Copper (600362) up 3.17% to RMB 18.24 but Minmetals Development (6000058) fell 4.55% to RMB 20.36 following an hour trading halt in the morning with price sensitive announcement. MY01/VW/YS |
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