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China shares up slightly, led by airlines after fuel price cuts

(Xinhua)
Updated: 2008-12-19 13:05

Chinese equities ended up 0.05 percent on Friday morning, led by airliner shares after the government announced to cut domestic fuel prices.

The benchmark Shanghai Composite Index edged up 0.05 percent to 2016.75. Shenzhen Component Index on the smaller Shenzhen Stock Exchange was up 0.18 percent to 7426.04.

Combined turnover was 54.7 billion yuan ($7.99 billion). Gainers outran losers by 558 to 252 in Shanghai and 549 to 168 in Shenzhen.

Shares of airlines gained across the board in the morning session after the government slashed the jet fuel price by more than 30 percent to help the ailing sector.

China Southern Airlines added 3.88 percent to 3.75 yuan. China Eastern Airlines advanced 5.88 percent to 4.5 yuan. Air China was up 1.53 percent to 4.64 yuan.

The National Development and Reform Commission lowered the benchmark prices for gasoline to 5,580 yuan per ton, down 14 percent, while those for diesel was adjusted to 4,970 yuan per ton, down more than 18 percent, starting midnight Thursday.