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Finance Street leads Chinese mainland stocks gains

(Shanghai Daily)
Updated: 2007-02-12 14:47

Other property stocks also advanced. China Vanke Co, the mainland's biggest property developer, rose 0.91 yuan, or 6.1 percent, to 15.95 yuan. Poly Real Estate Group Co, China's largest state-owned developer, surged 3.10 yuan, or 7.6 percent, to 44.09 yuan. Gemdale Corp, a Chinese developer partnered with ING Groep NV, climbed 1.09 yuan, or 7.8 percent, to 15.10 yuan.

Among shares getting a boost from the decline in oil prices, China Petroleum, also known asSinopec, gained 0.32 yuan, or 3.8 percent to 8.69 yuan. Sinopec Shanghai Petrochemical Co, China's largest ethylene producer, added 0.06 yuan, or 0.9 percent, to 6.83 yuan.

Crude oil for March delivery fell as much as 74 cents, or 1.2 percent, to US$59.15 a barrel in after-hours electronic trading on the New York Mercantile Exchange. The rally to the year's highest close of US$59.89 a barrel may have hurt profits at China's refiners, which need government permission to raise product prices when crude costs climb.

QinghaiSalt Lake Potash Co, a manufacturer of chloride products, rose 1.75 yuan, or 6.4 percent, to 29.11 yuan. The company said net income for 2006 rose 57 percent from a year earlier to 811.9 million yuan on higher product prices. Sales grew 63 percent, it said.