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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China shares mixed on pledge to spur economy AP - Tuesday, January 13 SHANGHAI, China - Chinese shares were mixed Monday after the premier promised more efforts to boost economic growth, while Disney Corp.'s plans for a Shanghai theme park lifted shares in developers there. The benchmark Shanghai Composite Index declined 0.2 percent, or 4.51 points, to close at 1900.35, while the Shenzhen Composite Index for China's smaller second market added 0.5 percent to 588.72. Investors were encouraged after Premier Wen Jiabao promised more spending on science and technology and said Beijing will announce new measures to boost economic growth ahead of the March annual meeting of China's legislature. "The government actions would be stronger than expected, so there are short-term opportunities" in the stocks of individual companies, said Tang Xiaosheng, a strategist for Guosen Securities in Shanghai. But he cautioned the overall market is likely to decline. "As U.S. unemployment rises, losses on Wall Street and regional markets might affect the Chinese market after Lunar New Year holidays" at the end of January, Tang said. Shanghai property shares rose after Disney said Friday it will submit a plan to build a theme park there in partnership with the city government. Wai Gaoqiao Free Trade Zone Development Ltd. and Jinshan Development & Construction Co. both surged by the daily limit of 10 percent. Wai Gaoqiao rose to 10.52 yuan, while Jinshan hit 6.2 yuan. Shanghai New World Co. advanced 7.2 percent to 8 yuan. Airlines fell after China Eastern Airlines Ltd., one of three major state-owned carriers, reported it lost 6.2 billion yuan ($906 million) on fuel price hedging in 2008. China Eastern declined by 0.9 percent to 4.44 yuan, while Air China Ltd., dropped 0.4 percent to 4.43 yuan. Refiners fell despite a decline in crude prices to below $40 per barrel, which should boost their profit margins by reducing their raw material costs. PetroChina Ltd., Asia's biggest oil and gas producer, lost 1.3 percent loss to close at 10.1 yuan. China Petroleum & Chemical Corp., also known as Sinopec, Asia's biggest oil refiner by volume, shrank 0.7 percent to 10.09 yuan. In currency markets, China's yuan weakened to 6.8370 to the U.S. dollar in over-the-counter trading around 0800 GMT, down from Saturday's close of 6.83024. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy CORRECTED - WRAPUP 1-Slowing China auto sales overshadow Detroit showReuters - 59 minutes ago World stocks down as markets fret over US earningsAP - 1 hour 6 minutes ago World markets fall after US unemployment risesAP - 2 hours 8 minutes ago Slovakia fears blackout after power plant fireReuters - 2 hours 16 minutes ago Related Articles: Business UBS shares drop on reports of looming 4Q lossAP - 26 minutes ago Hong Kong shares drop after dismal US jobs dataAP - 29 minutes ago China Southern Air appoints Si Xian Min new chairReuters - 33 minutes ago WRAPUP 4-Ukraine signs gas deal to resume Russian suppliesReuters - 34 minutes ago RPT-CES-Netbooks take center stage at trade showReuters - 35 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Britain's Prince Harry apologises for racist language Israeli troops push deeper into Gaza's main city Is Tintin gay? Cartoon birthday boy dogged by rumours Swiss bank set to announce record loss: report Kate Winslet wins Golden Globe supporting actress View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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