Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200812/20081219/article_385130.htm
Shanghai shares rise, end week with 3.29% gain
Created: 2008-12-19 16:12:22
Author:Pan Xiaoyi
SHANGHAI'S key stock index rose slightly today after China cut fuel prices for the first time in almost two years after international oil prices dropped.
The Shanghai Composite Index added 0.14 percent, or 2.77 points, to 2,018.46 points, after reaching an intraday high of 2,038.66 points at 3pm.
Gainers outnumbered losers 508 to 306 while 56 remained unchanged. Turnover in the local market rose to 72.9 billion yuan (US$10.7 billion), compared with 52.8 billion on the previous trading day.
The benchmark index increased 3.29 percent this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.91 percent, or 5.63 points, to 622.9 points today.
Starting today, China lowered the ex-factory price of gasoline 14 percent to 5,580 yuan ($816) a metric ton, slashed diesel prices 18 percent to 4,970 yuan and cut jet fuel prices 32 percent to 5,050 yuan.
Airlines led the gains as jet fuel accounted for about 40 percent of Chinese airlines' costs in 2007, according to their annual reports. Lower domestic jet-fuel prices may help the nation's carriers, which have posted combined losses of 4.2 billion yuan in the first 10 months as they struggle with slower demand caused by the nation's cooling economy.
China Southern rose 2.77 percent to 3.71 yuan. China Southern buys about 80 percent of its fuel domestically and the price cut is estimated to help it save 58 billion yuan a year.
China Eastern advanced as much as 4.94 percent to 4.46 yuan and Air China, the nation's largest overseas carrier, gained 1.09 percent to end the day at 4.62 yuan.
China Southern's domestic traffic accounted for 85 percent of its total in the first 11 months, compared with China Eastern's 66 percent and Air China's 56 percent.
Crude oil fell below US$36 a barrel for the first time since June 2004 on the New York Mercantile Exchange yesterday.
PetroChina, the country's largest oil producer, fell 0.27 percent to 11.08 yuan. Its parent China National Petroleum Corp is reportedly going to lower capital spending by more than 10 percent next year due to the worldwide economic slowdown.
Sinopec, the country's biggest oil refiner, added 0.13 percent to 7.94 yuan.
Ping An Insurance (Group) Co, the nation's second-largest insurer, edged up 2.64 percent to 30.34 yuan. It said its life insurance unit booked 92.09 billion yuan in premium income in the first 11 months of this year, 28 percent more than a year earlier.
China Cosco Holdings Co jumped 2.26 percent to close at 9.05 yuan. The company said it may invest in port facilities, including terminals, in Taiwan's Kaohsiung City.
The Shanghai Composite Index added 0.14 percent, or 2.77 points, to 2,018.46 points, after reaching an intraday high of 2,038.66 points at 3pm.
Gainers outnumbered losers 508 to 306 while 56 remained unchanged. Turnover in the local market rose to 72.9 billion yuan (US$10.7 billion), compared with 52.8 billion on the previous trading day.
The benchmark index increased 3.29 percent this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.91 percent, or 5.63 points, to 622.9 points today.
Starting today, China lowered the ex-factory price of gasoline 14 percent to 5,580 yuan ($816) a metric ton, slashed diesel prices 18 percent to 4,970 yuan and cut jet fuel prices 32 percent to 5,050 yuan.
Airlines led the gains as jet fuel accounted for about 40 percent of Chinese airlines' costs in 2007, according to their annual reports. Lower domestic jet-fuel prices may help the nation's carriers, which have posted combined losses of 4.2 billion yuan in the first 10 months as they struggle with slower demand caused by the nation's cooling economy.
China Southern rose 2.77 percent to 3.71 yuan. China Southern buys about 80 percent of its fuel domestically and the price cut is estimated to help it save 58 billion yuan a year.
China Eastern advanced as much as 4.94 percent to 4.46 yuan and Air China, the nation's largest overseas carrier, gained 1.09 percent to end the day at 4.62 yuan.
China Southern's domestic traffic accounted for 85 percent of its total in the first 11 months, compared with China Eastern's 66 percent and Air China's 56 percent.
Crude oil fell below US$36 a barrel for the first time since June 2004 on the New York Mercantile Exchange yesterday.
PetroChina, the country's largest oil producer, fell 0.27 percent to 11.08 yuan. Its parent China National Petroleum Corp is reportedly going to lower capital spending by more than 10 percent next year due to the worldwide economic slowdown.
Sinopec, the country's biggest oil refiner, added 0.13 percent to 7.94 yuan.
Ping An Insurance (Group) Co, the nation's second-largest insurer, edged up 2.64 percent to 30.34 yuan. It said its life insurance unit booked 92.09 billion yuan in premium income in the first 11 months of this year, 28 percent more than a year earlier.
China Cosco Holdings Co jumped 2.26 percent to close at 9.05 yuan. The company said it may invest in port facilities, including terminals, in Taiwan's Kaohsiung City.
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