Autos drive up Shanghai index
SHANGHAI'S stock market yesterday extended gains for a fourth day, powered by auto makers, metal producers and energy shares amid thin trading.
The Shanghai Composite Index climbed 0.7 percent to 3,030.02, the highest close since November 11.
The benchmark gained 2.1 percent this week.
SAIC Motor Corp, China's biggest auto maker, paced gains in the auto sector with a hike of 8.2 percent to 19.90 yuan.
Ruan Jun, an analyst of China Merchants Securities, urged investors to pay more attention to new-energy vehicles, a key industry the country is going to focus on in the next five years.
"This new-energy area is the only chance for China to catch up or even surpass Western countries in the future, which means companies involved will see dramatic developments," he said.
Resources shares, including metals and energy companies, rallied after oil rose above US$111 a barrel in New York and surpassed US$124 a barrel in London for the first time since September 2008.
Price of copper followed the trend to rise to a one-month high in London while gold jumped to an all-time high both in Singapore and New York.
Jiangxi Copper advanced 3.2 percent to 41.01 yuan. Sinopec Shanghai Petrochemical Co surged 5 percent to 9.54 yuan.
The Shanghai Composite Index climbed 0.7 percent to 3,030.02, the highest close since November 11.
The benchmark gained 2.1 percent this week.
SAIC Motor Corp, China's biggest auto maker, paced gains in the auto sector with a hike of 8.2 percent to 19.90 yuan.
Ruan Jun, an analyst of China Merchants Securities, urged investors to pay more attention to new-energy vehicles, a key industry the country is going to focus on in the next five years.
"This new-energy area is the only chance for China to catch up or even surpass Western countries in the future, which means companies involved will see dramatic developments," he said.
Resources shares, including metals and energy companies, rallied after oil rose above US$111 a barrel in New York and surpassed US$124 a barrel in London for the first time since September 2008.
Price of copper followed the trend to rise to a one-month high in London while gold jumped to an all-time high both in Singapore and New York.
Jiangxi Copper advanced 3.2 percent to 41.01 yuan. Sinopec Shanghai Petrochemical Co surged 5 percent to 9.54 yuan.
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