Bargain hunters boost market
20/7/2005 10:26
Fu Chenghao/Shanghai Daily news
Bargain hunters took
advantage of two consecutive days of market downturn yesterday with a buying
spree that pushed up local shares. Shanghai Zhenhua Port Machinery Co paced
the rise after the company received an order for cranes valued at 175 million
euros (US$210 million). The Shanghai Composite Index, which tracks
yuan-denominated A shares and foreign-currency B shares, gained 0.22 percent to
1,014.35. The index had lost a combined 27.51 points over the two previous
sessions. The A-share Index added 0.20 percent to close at 1,066.92 while the
B-share Index climbed 2.45 percent to 52.70. Last month, China picked a
second batch of 42 companies to sell state shares, a move the government is
using to trim its US$230 billion of holdings to improve corporate governance and
revive market confidence. Jilin Aodong Medicine Industry Groups Co is the
first among the 42 to put its proposal to a vote at a shareholders' meeting on
Monday. Shanghai Zhenhua, the world's biggest maker of container cranes,
jumped 5.35 percent to 6.30 yuan. The company will deliver the cranes to
Euromax Terminal CV, a joint venture between Europe Container Terminals and
shipping line P&O Nedlloyd NV, starting in 2006, the company said. China
Unicom Ltd added 1.13 percent to close at 2.68 yuan.
|