Sichuan Express Soars in Shanghai IPO

123jump.com Staff
27 Jul, 2009
New York City

Shanghai stocks surged as investors chased stocks. Sichuan Express nearly tripled on its first day of trading in Shanghai. China Everbright soared 11% after it securities unit was approved for listing in Shanghai. Investors chase stocks in Shanghai as banks increase lending.

[R]7:30 PM Hong Kong, 7:30 AM New York – Shanghai stocks surged as investors chased stocks. Sichuan Express nearly tripled on its first day of trading in Shanghai. China Everbright soared 11% after it securities unit was approved for listing in Shanghai.[/R]

Stocks in Hong Kong closed higher on the expectations of global recovery and in Shanghai surged after investors chased stocks and recently listed companies. Sichuan Express surged on its first day of trading.

Hang Seng index in Hong Kong increased 268.83 or 1.35% to 20,251.62 and CSI 300 index in China higher 76.07 or 2.07% to 3,743.63.

Gainers & Losers

Sichuan Express Company increased 5.6% to HK$3.60 after began trading A-share on Shanghai exchange. The A-shares were listed at 3.60 yuan and began trading at 7.60 yuan and surged to 10.90 yuan.

China Mobile Ltd increased 4.2% to HK$80.35 after Hong Kong based Apple Daily reported that the mobile operator may be permitted to raise capital in mainland China.

China Everbright Ltd soared 11% to HK$25.10 after its affiliate Everbright Securities was approved for initial public offering in Shanghai.

Bossini International Holdings Ltd surged 11% to HK$0.35 after the company stock was halted for trading ahead of takeover or a change of control disclosure.

Li Ning Company added 5.1% to HK$24.85.

China Shipping Container Lines Company soared 15% to HK$2.91 after Daiwa Securities lifted its rating on the company. Separately, three leading Japanese shipping companies lowered their earnings outlook for the year and two of them declared losses in the quarter to June.

Poly Real Estate Group decreased 1% to 29.40 yuan and China Vanke dropped 0.4% to 11.70 yuan.

PetroChina Company Limited decreased 1.2% to HK$9.30 and Sinopec Shanghai Petrochemical Company declined 1.2% to HK$3.33.


Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 144.11 or 1.45% to 10,088.66, Hang Seng index in Hong Kong increased 268.83 or 1.35% to 20,251.62 and CSI 300 index in China higher 76.07 or 2.07% to 3,743.63. ASX 200 index in Australia increased 49.80 or 1.22% to 4,139.60. The FTSE Bursa KL Composite index in Malaysia closed higher 0.55 or 0.05% to 1,156.43.

The Kospi Index in South Korea increased 21.46 or 1.43% to close at 1,524.05. SET index in Thailand closed higher 3.59 or 0.58% to 617.83 and JSE Index in Indonesia increased 23.45 or 1.07% to 2,209.10. The Sensex index in India decreased 3.92 or 0.03% to 15,375.04.