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Equities edge up led by power, travel scrips

(Chinadaily/Agencies)
Updated: 2009-11-10 11:53

Mainland stocks rose for a seventh day, sending the Shanghai Composite Index to its longest winning streak in two months. Datang International Power Generation Co gained on speculation the government will raise electricity prices.

Datang jumped 6.2 percent after CLSA Asia-Pacific Markets predicted China may raise retail electricity prices.

"We're still positive on China and prefer the domestic consumption theme because exports are still in limbo," said Roger Groebli, Singapore-based head of financial market analysis at LGT Capital Management, which oversees about $75 billion in assets.

The Shanghai Composite Index, which tracks the bigger of mainland stock exchanges, added 11.55, or 0.4 percent, to 3,175.59 at close, rounding off a seven-day, 7.3-percent rally. The advance is the longest since a similar stretch of gains ended on Sept 9. The CSI 300 Index climbed 0.4 percent to 3,495.79.

The Shanghai Composite is likely to extend its rally before testing a key resistance level, according to DMG & Partners Securities Pte. The next test will be 3,406, the 161.8-percent Fibonacci extension of an earlier wave of gains, he added.

Related readings:  Hong Kong stocks close 1.73% higher  Stocks up on upbeat earnings  Hong Kong stocks close 1.76% lower Tuesday

Huaneng Power International Inc rose 2.6 percent to 8.35 yuan, its highest close since Aug 13.

China Yangtze Power Co advanced 2.1 percent to 13.75 yuan.

China International Travel Service Corp climbed by the 10-percent daily limit to 18.93 yuan after the China Securities Journal said the government may soon approve a plan to make the southern province of Hainan an international tourism destination.

Hang Seng up

Hong Kong equities rose, lifting the benchmark index to a two-week high.

"The market has turned more stable in the second half, and as a result there are more share sales in the pipeline," said Marco Mak, head of research at Tai Fook Securities Ltd.

The Hang Seng Index climbed 1.7 percent to 22,207.55, its highest close since Oct 23. The Hang Seng China Enterprises Index advanced 2.3 percent to 13,318.48.