Autos drive up Shanghai index
By Lydia Chen |
April 9, 2011, Saturday
|
Print Edition
Print Edition
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
