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Auto and gold shares help key index rise
By Pan Xiaoyi |
March 24, 2009, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose for a sixth day yesterday in the longest winning stretch in more than 17 months, led predominantly by auto makers and gold producers.
The Shanghai Composite Index added 1.95 percent to close at 2,325.48 points.
"Officials from the Ministry of Finance said a new stimulus package is in the pipeline, which further boosted market sentiment," said Wu Ling, an analyst from S&E Securities Brokerage Co.
"The resources sector, which performed strongly recently, became the focus of investors but whether the sector could sustain its rally is uncertain and investors are not advised to push up (the prices) unreasonably."
Zhongjin Gold Corp and Shandong Gold Mining Co jumped by the 10-percent daily limit to 63.12 yuan and 81.87 yuan respectively.
Zijin Mining Group Co, China's largest gold producer, climbed 9.97 percent to 10.92 yuan after profit rose 20 percent.
Steel makers and auto makers also gained, with Baoshan Iron and Steel up 1.23 percent to 5.78 yuan while Angang Steel Co added 2.66 percent to 8.49 yuan and Wuhan Steel rose 1.65 percent to 6.77 yuan.
SAIC Motor gained 5.35 percent to 10.05 yuan. Beiqi Foton, the biggest commercial-vehicle maker, rose by the 10-percent daily cap to 10.13 yuan.
PetroChina Co added 0.78 percent to 11.66 yuan after saying it has issued 15 billion yuan of three-year notes.
The Shanghai Composite Index added 1.95 percent to close at 2,325.48 points.
"Officials from the Ministry of Finance said a new stimulus package is in the pipeline, which further boosted market sentiment," said Wu Ling, an analyst from S&E Securities Brokerage Co.
"The resources sector, which performed strongly recently, became the focus of investors but whether the sector could sustain its rally is uncertain and investors are not advised to push up (the prices) unreasonably."
Zhongjin Gold Corp and Shandong Gold Mining Co jumped by the 10-percent daily limit to 63.12 yuan and 81.87 yuan respectively.
Zijin Mining Group Co, China's largest gold producer, climbed 9.97 percent to 10.92 yuan after profit rose 20 percent.
Steel makers and auto makers also gained, with Baoshan Iron and Steel up 1.23 percent to 5.78 yuan while Angang Steel Co added 2.66 percent to 8.49 yuan and Wuhan Steel rose 1.65 percent to 6.77 yuan.
SAIC Motor gained 5.35 percent to 10.05 yuan. Beiqi Foton, the biggest commercial-vehicle maker, rose by the 10-percent daily cap to 10.13 yuan.
PetroChina Co added 0.78 percent to 11.66 yuan after saying it has issued 15 billion yuan of three-year notes.
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