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Market:Shanghai Hong Kong
Sector:Financial Services
EPIC:CHINA
China News Summary
A daily summary of the major financial news stories in China, supplied by our Bureau in Beijing. To read more breaking news from Asia, visit http://www.proactiveinvestors.com.hk

Chinese markets finish with gains, lead by natural gas and coal producers

Monday, May 18, 2009
Chinese markets finish with gains, lead by natural gas and coal producers

After initial morning falls, Chinese markets closed higher, led by coal and natural gas shares, on speculation of rises in energy prices.

The Shanghai Comprehensive Index climbed 0.28 percent to 2652.78,. The SME Comprehensive Index advanced 0.35 percent to 4190.85. 

The Hang Seng Index rose 1.38 percent to 17022.91. The Hang Seng Growth Enterprises Index advanced 4.71 percent to 506.92. The Hang Seng China Enterprise Index added 1.93 percent to 9792.24. 

Taiwan's TAIEX Index climbed 1.37 percent to 6577.81.  

China Yangtze Power (SH:600900) advanced 4.11 percent following a year-long trading suspension that ended today. The company will pay its parent 107.5 RMB billion ($15.7 billion) to buy the generation units of the controversial Three Gorges Dam, the world's largest hydro-power project.
 

Northern United Publishing and Media (Group) Co. (SH:601999), China's only listed publishing house, surged 8.4 percent.

Gao Shusheng, an officer with the propaganda department of the CPC Central Committee, said that a stimulus plan for cultural industry has been submitted to the state council.


Beijing Media Corporation Ltd. (HK:1000) added 4.17 percent. Guangdong China Sunshine Media Co.(SZ:02181) rose 6.2 percent.  

Coal shares advanced 6.3 percent on average.

Shenhua Energy (SH:601088;HK:1088), the nation's biggest coal producer, rose 3.16 percent on Shanghai trading and 3.23 percent on Hong Kong trading. The company said power stations may pay higher prices for its coal.

China Coal Energy Company Limited (HK:1898), rose 4.11 percent. Datong Coal Industry Co.(SH:601001) gained 9.8 percent. Huolinhe Operncut Coal Industry (SZ:002128) surged to the 10 percent daily trading limit.

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