Thursday May 15, 03:15 AM
China shares higher in early trade led by brokerages, property developers
BEIJING (XFN-ASIA) - China shares were higher in early trade on follow-through interest, with securities firms and property developers leading the gains, dealers said.
At 9:50 am, the benchmark Shanghai Composite Index was up 35.50 points or 0.97 pct at 3,692.93.
Haitong Securities (SHA 600837) rose 2.79 pct to 53.40 yuan and CITIC Securities (SHA 600030) gained 2.54 pct to 37.50. Pacific Securities (SHA 601099) was up 4.94 pct at 29.95 yuan.
China Merchants Property Development (SZA 000024; SZB 200024) jumped 4.82 pct to 21.53 yuan, while Poly Real Estate (SHA 600048) added 4.60 pct to 21.60 yuan. China Vanke (SZA 000002; SZB 200002) advanced 3.17 pct to 22.79.
Zinc producers continued rising on worries of a post-earthquake shortage. Sichuan province produces about 5 pct of China's zinc.
Huludao Zinc Industry (SZA 000751) and Hunan Zhuye Torch Metals (SHA 600961) both rose by another 10 pct to 9.20 yuan and 15.27 yuan, respectively.
Sichuan-based China Railway Erju (SHA 600528), a unit of China Railway Group (HK 390), added 9.61 pct to 16.31 yuan after saying the earthquake had no impact on its operations.
(1 usd = 7.0 yuan)
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