Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200811/20081117/article_380956.htm
Shanghai index inches up at midday
Created: 2008-11-17 12:22:24
Author:Lydia Chen
SHANGHAI’S key stock index closed slightly higher in the morning session. Airlines rallied after a newspaper report said China Southern Airlines and China Eastern Airlines would receive financial aid from the government.
The benchmark Shanghai Composite Index added 0.43 percent, or 8.47 points, to 1,994.91 points at 11:30am.
Gainers outnumbered losers 547 to 236 and 26 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.06 percent, or 5.79 points, to 551.13 points.
China Southern, the country’s largest carrier by fleet size, rose 9.88 percent to 3.67 yuan (54 US cents). China Eastern, the nation's third-biggest carrier by fleet size, jumped the 10 percent daily limit to 3.85 yuan. Air China, the largest by market value, climbed 9.93 percent to 4.65 yuan while Shanghai Airlines advanced 10 percent to 4.29 yuan
The government will inject 3 billion yuan each into China Eastern and China Southern this year, which will then be given to the listed units, the Shanghai-based Oriental Morning Post said today. China's money-losing airlines have asked the government for help to offset slowing demand and higher fuel prices.
The airlines “have been seeking capital injections from the government, but no result can be confirmed at the moment,'' Luo Zhuping, Shanghai-based China Eastern's board secretary, told Bloomberg News today.
On the losing side, real estate developers performed weak in the morning after the government said home sales in the country dropped in the first 10 months of the year, adding to evidence of a slowdown in the property market.
China Vanke Co, the nation's largest property developer by market value, lost 3.76 percent to 6.66 yuan. Poly Real Estate Group Co, the second-largest developer, shed 3.87 percent to 15.40 yuan.
Housing sales, by floor space, fell 16.5 percent through October to 450 million square meters from a year earlier, the National Bureau of Statistics said in a statement on its Website yesterday. The value of housing sales dropped 17.4 percent to 1.76 trillion yuan.
The benchmark Shanghai Composite Index added 0.43 percent, or 8.47 points, to 1,994.91 points at 11:30am.
Gainers outnumbered losers 547 to 236 and 26 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.06 percent, or 5.79 points, to 551.13 points.
China Southern, the country’s largest carrier by fleet size, rose 9.88 percent to 3.67 yuan (54 US cents). China Eastern, the nation's third-biggest carrier by fleet size, jumped the 10 percent daily limit to 3.85 yuan. Air China, the largest by market value, climbed 9.93 percent to 4.65 yuan while Shanghai Airlines advanced 10 percent to 4.29 yuan
The government will inject 3 billion yuan each into China Eastern and China Southern this year, which will then be given to the listed units, the Shanghai-based Oriental Morning Post said today. China's money-losing airlines have asked the government for help to offset slowing demand and higher fuel prices.
The airlines “have been seeking capital injections from the government, but no result can be confirmed at the moment,'' Luo Zhuping, Shanghai-based China Eastern's board secretary, told Bloomberg News today.
On the losing side, real estate developers performed weak in the morning after the government said home sales in the country dropped in the first 10 months of the year, adding to evidence of a slowdown in the property market.
China Vanke Co, the nation's largest property developer by market value, lost 3.76 percent to 6.66 yuan. Poly Real Estate Group Co, the second-largest developer, shed 3.87 percent to 15.40 yuan.
Housing sales, by floor space, fell 16.5 percent through October to 450 million square meters from a year earlier, the National Bureau of Statistics said in a statement on its Website yesterday. The value of housing sales dropped 17.4 percent to 1.76 trillion yuan.
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