Top Biz News
Equities rebound, led by technology firms
(China Daily/Agencies)
Updated: 2010-01-15 08:08
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The mainland benchmark stock index rose from its biggest slump in seven weeks as airlines advanced after returning to profit and technology companies climbed on a government pledge to open up the industry.
Air China Ltd, the nation's largest international carrier, jumped 7.2 percent to 10.62 yuan. Shanghai East-China Computer Co surged by the daily 10 percent limit to 17.52 yuan after the government said it will remove regulatory barriers preventing Internet, telecommunications and broadcasters from providing each other's services. Jiangxi Copper Co, China's biggest producer of the metal, gained 1.2 percent to 38.47 yuan on higher commodity prices.
The Shanghai Composite Index rose 42.89, or 1.35 percent, to close at 3215.55. The gauge lost 3.1 percent on Wednesday after the central bank unexpectedly raised the proportion of deposits that banks must set aside as reserves.
The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 1.4 percent to 3469.05.
"Investments in industries related to high technologies are what the government encourages and will become an important driver for the economy," said Zhang Ling, who helps oversee about $7.21 billion at ICBC Credit Suisse Asset Management Co. "The market is likely to remain volatile on concerns about further tightening."
Hang Seng falls
Most Hong Kong stocks fell, led by developers, as China's property prices rose at the fastest pace in 18 months in December, heightening concerns the government will rein in speculation.
Shares gained earlier on increasing signs of global economic recovery. COSCO Pacific Ltd, Asia's third-biggest container-terminal operator, advanced 3.9 percent.
The Hang Seng Index slid 0.15 percent to close at 21716.95, after gaining as much as 1.1 percent. The Hang Seng China Enterprises Index fell 1 percent to 12363.37.
