Shanghai Rebounds

123jump.com Staff
25 Jun, 2008
New York City

In Hong Kong trading Hang Seng Index gained 0.8% to 22,635.16, and the China Enterprises Index of Hong Kong listed mainland shares, or H shares, advanced 1.5% at 12,196.25. In Shanghai trading CSI 300 Index gained 4.12% or 117.62 at 2,969.54.

[R]6:00AM New York, 6:00PM Hong Kong - China’s prices of production material rise 0.5%.[/R]

Market sentiment

In Hong Kong trading Hang Seng Index gained 0.8% or 179.14 at 22,635.16, and the China Enterprises Index of Hong Kong listed mainland shares, or H shares, advanced 1.48% or 177.74 at 12,196.25. In Shanghai trading CSI 300 Index gained 4.12% or 117.62 at 2,969.54.

Daily turnover on main-board was HK$37.9 billion compared with HK$59.17 billion yesterday.

Production material prices fall 0.5%

Xinhua News Agency reported today that the Ministry of Commerce said yesterday the prices of production materials in China advanced 0.5% last week from a week earlier.

A survey of 36 medium and large cities between June 16 and 22 revealed that of 112 products, 37 experienced price increases, 18 declined and 57 were unchanged.

The report noted that prices of energy, minerals, rubber, non-ferrous metals, construction and farm production materials increased, ferrous metal prices fell, while the prices of chemicals were unchanged.

The MOC survey also showed that prices of farm produce edged down 0.1%. Of the 58 products surveyed, 24 saw price declines, 25 experienced gains and nine were unchanged.

Prices of vegetables plunged 1.6% on a surge in supply and wholesale prices of pork, the staple meat in China slumped 0.1%. Prices of mutton and beef rose 0.3% and 0.2% in that order. However, grain prices remained unchanged.

Individual bank accounts increase 9.6%

The People’s Bank of China in a report said yesterday that the number of individual bank accounts in China increased 9.6% to 2.2 billion from a year earlier in the first quarter of 2008.

Each Chinese citizen had 1.69 bank accounts, while the number of number of individual bank account per capita was more than the national average at 7.03 in Beijing, 3.45 in Tianjin, 5.71 in Shanghai and 6.02 in Shenzhen.

Guangdong, Zhejiang, Jiangsu, Shandong and Fujian provinces and Beijing accounted for more than 41% of the nation''s total.

China insurers pay Rmb339 million

China Insurance and Regulatory Commission said yesterday that Chinese insurers paid Rmb339 million to areas affected by the quake as of June 21.

Rmb193 was paid to life insurance and Rmb146 million was in property insurance.

Gainers & Losers

Hong Kong stock indexes rose in a day when the market was opened for trading only in the afternoon session due to an approaching Typhoon.

Hong Kong Exchanges & Clearing fell 2% on news that turnover will taper out in the following months.

CNOOC rose 3.4% as crude oil prices rose above $137 a barrel yesterday.

Foxconn increased 3.7% on bargain hunting

Financial stocks rose as investors took advantage of the current valuations that have been precipitated by declines in the previous sessions. ICBC gained 1.7% and Bank of Communications increased 2.1%.

Telecommunication stocks also gained as well. China Unicom rose 2.5% percent and China jumped 3.1%.

Shaw Brothers rose 12.1% on news Country Garden chairman Yeung Kwok-Keung is close to buying the company.

Property companies fell as lenders hiked mortgage lending in the wake of high interbank rates. Sun Hung Kai Properties slid 0.97% and Sino Land dropped 2.1%.