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Shanghai index rises, 02/13

(China Daily)
Updated: 2007-02-14 10:43

China's stocks rose for a second day, with the benchmark heading for a two-week high.

The Shanghai Composite Index rose 0.88 percent to 2,831.87. China Vanke, the nation's biggest property developer, advanced 0.33 yuan, or 2.07 percent, to 16.24 yuan.

Poly Real Estate advanced 3.41 yuan, or 7.57 percent, to 48.48 yuan. The company said net income jumped to 658.8 million yuan last year from 407 million yuan in 2005, as it sold more houses and property prices rose.

Shanda beats forecast

Shanda Interactive Entertainment Ltd posted fourth-quarter profit that beat analyst estimates after the company boosted sales of virtual weapons used in online games.

Net income, including a one-time gain of 66.8 million yuan from the disposal of shares, was 240.3 million yuan compared with a net loss of 538.9 million yuan a year earlier, the Shanghai-based company said yesterday in a statement.

Earnings up

China Yangtze Power Co, operator of the world's biggest hydropower project, said 2006 profit rose 8.3 percent to 3.62 billion yuan.

Sales fell 4.7 percent to 6.92 billion yuan, the company said in a preliminary earnings statement filed to the Shanghai Stock Exchange yesterday. It didn't give a reason for the sales drop.

Earnings per share rose to 0.44 yuan last year from 0.41 yuan a year earlier, the company said.