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Stocks edge up 0.14% after fuel price cuts

(Xinhua)
Updated: 2008-12-19 17:16

Chinese equities advanced by a modest 0.14 percent on the last trading day this week, as investor confidence remained weak despite a slew of government moves to prevent a deepened slowdown of the economy.

Related readings:  China cuts fuel surcharges on domestic flights  China cuts gasoline, diesel prices  China shares up slightly, led by airlines after fuel price cuts  Asian markets gain ahead of Japan rate decision

The benchmark Shanghai Composite Index finished the day at 2,018.46 points, up 2.77 points, retreating from a high of 2,038.66. The smaller Shenzhen Component Index added 26.36 points, or 0.36 percent, to 7,412.47.

The combined turnover in Shanghai and Shenzhen was expanded to 110.32 billion yuan ($16.11 billion), up from 99.49 billion yuan registered on the previous day.

Gainers outnumbered losers on both markets, by 508 to 306 in Shanghai and 518 and 201 in Shenzhen.

Dealers said sell-offs of heavy-weighted shares shortly before the closing erased some earlier gains, which were led by airliners following the government's earlier-than-expected plan to cut domestic fuel prices late Thursday night.

Bankers and real estate developers led the loss. Industrial and Commercial Bank of China declined 1.04 percent to 3.82 yuan, and Bank of China lost 0.94 percent to 3.17 yuan. China Vanke retreated 1.15 percent to 7.72 yuan.

Airliners gained across the board after the government slashed domestic jet fuel prices by more than 30 percent to help the ailing sector.

China Southern Airlines rose 2.77 percent to 3.71 yuan. China Eastern Airlines advanced as much as 4.94 percent to 4.46 yuan. Air China, the national flag carrier, added 1.09 percent to 4.62 yuan.

The country's two oil producers acted differently at closing in reaction to lowered retailing fuel prices, a 14-percent cut for gasoline and an 18-percent slash for diesel. PetroChina, the country's largest oil producer, lost 0.27 percent to 11.08 yuan. Sinopec, Asia's largest refiner gained 0.13 percent to 7.94 yuan.

However, both stocks rose during the day after opening lower on news of price cuts, which analysts said would eat into their sales profit, as profit margin for oil producers remained in good prospect with global crude prices tumbling below $40 per barrel.

China's modest gains also came after an overnight slump on Wall Street following a weekly jobless claim that neared a 26-year high. Hong Kong stocks close 2.39 percent lower, and shares in Japan fell 0.9 percent despite a rate cut from the central bank to boost the economy.

Chinese equities gained 3.22 percent this week under the joint influence of unfavorable economic data, which strengthened fears over a slowdown, and government moves to stimulate the economy, including policy support announced last weekend to increase currency and loan supply next year, Wednesday's tax slashing on house transactions to boost property trade, and the latest fuel price cuts.