SHANGHAI stocks gained this morning as the pro-bailout New Democracy party won the Greek national election yesterday, increasing the nation's chance of remaining in the eurozone.
The benchmark Shanghai Composite Index rose 0.7 percent, or 16.01 points to 2,322.86 points. Turnover stood at 34.7 billion yuan (US$5.5 billion) in the morning session.
Greece's New Democracy party, the conservative party that supports the bailout pledges, was declared the winner yesterday with 30 percent of the vote counted and 300 seats in parliament. It eased concern the nation may be forced to leave the single currency union that would result in financial turmoil.
"Today the Greek people expressed their will to stay anchored within the European Union, remain an integral part of the eurozone, honor their country's commitments and foster growth," said Antonis Samaras, New Democracy's leader, on BBC yesterday.
Media and entertainment companies in Shanghai trading led the market gains. Bestv New Media Co rose 3 percent to 15.27 yuan. Jiangsu Phoenix Publishing & Media Co added 1.9 percent to 8.70 yuan.
Cement producers also rose. Anhui Conch Cement Co, the biggest Chinese cement producer, climbed 1.9 percent to 16.28 yuan. Zhejiang Jianfeng Group Co surged 3.9 percent to 13.07 yuan.
Lenders traded mixed in the morning. Industrial and Commercial Bank of China Ltd, the nation's largest lender, edged down 0.8 percent to 3.95 yuan. China Construction Bank Corporation added 0.2 percent to 4.49 yuan.