Biz Scene: MARKET
Index hits record high
China's main stock index rose 1.19 percent to set a record high yesterday, as many blue chips remained in demand.
The Shanghai Composite Index closed at 3,291.30 points. Gainers outnumbered losers by 586 to 182.
Turnover in Shanghai A shares was heavy at 107.14 billion yuan yesterday, against 93.3 billion yuan on Monday.
Many analysts warned that after the sharp gains of the past few days, the market might lose steam in the short term. The index has risen about 14 percent since early March.
High spirits at Moutai
Kweichow Moutai Co posted a 32-percent gain in fourth-quarter profit on rising incomes that enabled people to drink more high-end liquor.
Net income rose to 553 million yuan from 417.5 million yuan a year earlier. Sales increased to 1.65 billion yuan from 1.35 billion yuan. The Guizhou Province-based company also forecast that 2007 sales would rise 15 percent.
Property purchase
Neo-China Group (Holdings) Ltd, a Hong Kong-based builder, said it would buy a mixed-use real estate project in Shanghai from its chairman for HK$505 million.
The company will pay for the project with 468 million new shares, equal to 6.4 percent of its enlarged share capital, at HK$1.08 each, Neo-China said in a statement yesterday.
The purchase is the second from Chairman Li Songxiao that Neo-China has announced this year. In January, the developer bought three mainland property projects from Li for 406 million yuan
(China Daily 04/04/2007 page15)
