logo-loader

Chinese industrial production falls in April, but markets still rise

Last updated: 08:52 13 May 2009 EDT, First published: 07:52 13 May 2009 EDT

no_picture_pai

Chinese markets were up despite figures showing a drop in growth rate of industrial production to 7.3 percent from 8.3 percent in March.


The Shanghai Comprehensive Index advanced 1.74 percent to 2663.77. The SME Comprehensive Index added 1.46 percent to 4137.04.


Hong Kong stocks retreated, led by bank shares. The Hang Seng Index dropped 0.55 percent to 17059.62. The Hang Seng Growth Enterprises Index slid 0.04 percent to 468.56. The Hang Seng China Enterprise Index added 0.17 percent to 9738.62


Taiwan's TAIEX Index advanced 0.82 percent to 6485.14.

Guilin Layn Natural Ingredients Corp. (SZ:002166), surged to its seventh 10 percent ceiling in eight trading days after China's second swine flu patient was found in East China's Shandong Province.

Blue Chips up


PetroChina (SH:601857;HK:0857), the world’s second-biggest company by value, gained 6.07 percent on Shanghai trading, the biggest gain since last Novemeber, and 3.58 percent on Hong Kong trading. The company yesterday received approval from shareholders to sell as much as RMB100bn of bonds and will use the funds for exploration, pipeline and overseas projects.


Sinopec (SH:600028;HK:0386) Asia's biggest oil refiner, added 3.1 percent on Shanghai and 1.95 percent on Hong Kong. The two companies accounted for about 60 percent of the Shanghai Composite's advance today.


Coal producers also gained. China Shenhua Energy Co. (SH:601088;HK:1088), the nation's largest, gained 2.73 percent on Shanghai and 4.12 percent on Hong Kong.

China Coal Energy Co.(SH:601898), the No. 2, climbed 7.14 percent.


The Hang Seng Finance Index lost 2.12 percent.

HSBC (HK: 0002), Europe's largest bank, dropped 3.27 percent.

China Construction Bank Corp. (SH:601939;HK:0939), the nation's second largest lender, slid 0.64 percent on Shanghai and 3.82 percent on Hong Kong.


Steel-makers drop as Beijing describes glut as "emergency"


Baoshan Iron (SH:600019), China's biggest steelmaker, dropped 1.22 percent. The government asked steel makers to take "emergency" measures to cut production after steel production exceeded consumption by 1 million tonnes in April.

Wuhan Iron & Steel Co. (SH:600005), China’s fifth-largest steelmaker by value, slid 0.94 percent.


Food exports up 8.9 percent in April


Food processors advanced after the customs agency said food exports increased 8.9 percent year-on-year in April. Gansu Ronghua Industry Group Co. (SH:600311), a starch provider, surged 8.16 percent.


Pig farming shares rose on news that the government will purchase pork to stabilize weak prices. Beijing Shunxin Agriculture Co. (SZ:000860), a pig farmer, rose 3.76 percent.

Ningbo Tech-bank Co.(SZ:002124), a forage provider, surged 8.75 percent.


Seed shares also advanced. Gansu Dunhuang Seeds Co. (SH:600354) added 3.99 percent. Shandong Denghai Seeds Co. (SZ:002041) climbed 2.6 percent.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

20 minutes ago