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Stock index rises 1.42%, led by power shares

(Xinhua)
Updated: 2009-01-09 16:09

Chinese shares were slightly higher Friday, with the power sector leading the market on expectations for further government bailouts.

The benchmark Shanghai Composite Index gained 26.68 points, or 1.42 percent, to 1,904.86. The Shenzhen Component Index rose 102.9 points, or 1.56 percent, to 6,719.88.

Combined turnover was 81.646 billion yuan ($11.94 billion), down from 87.63 billion yuan the previous trading day.

Gains outnumbered losses by 812 to 52 in Shanghai and 717 to 28 in Shenzhen.

Guiguan Power, part of the Datang Group, which is one of the top five electricity firms, said Thursday it had received 30 million yuan from the government to support its post-quake reconstruction.

"Datang Group was only the first to get government financial support. The other four leading power groups, and even the two major power grid operators, will likely benefit from government bail-outs," said Han Xiaoping, senior analyst with China Energy Web.

Jiulong Power soared 9.91 percent to 3.55 yuan, Datang Electricity Generating gained 8.01 percent to 7.28 yuan and Eastern Thermal Power rose 7.62 percent to 3.39 yuan.

Jingneng Thermal Power rose 7.47 percent to 6.04 yuan, Shanghai Power was up 5.59 percent to 3.21 yuan, Huayin Power rose 5.02 percent to 3.14 yuan and Guiguan Power was up 1.97 percent to 6.72 yuan.

Spurred by government efforts to increase holdings in major lenders, bank shares gained 1.79 percent on average.

The Industrial and Commercial Bank of China rose 1.13 percent to 3.58 yuan, Bank of China went up 1.36 percent to 2.98 yuan, China Construction Bank was up about 1 percent to 3.76 yuan and Bank of Communications gained 2 percent to 5.05 yuan.

Reflecting expectations of further interest rate cuts, real estate shares gained 1.83 percent on average.

Poly Estate rose 0.6 percent to 16.30 yuan, Merchants Estate was up 0.3 percent to 14.19 yuan, Pudong Jinqiao rose 7.4 percent to 9.56 yuan, Yintai Holdings was up 3.47 percent 5.07 yuan and Haitai Development gained 3.2 percent to 5.50 yuan.