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Banks and commodities drive up share rally
By Ding Yining |
July 26, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed higher for the sixth day after financial and commodity shares jumped as favorable external factors eased market concerns about a double-dip recession.
The benchmark Shanghai Composite Index added 0.65 percent, or 16.66 points, to close at 2,588.68 points. Turnover was 88.6 billion yuan (US$13 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.12 percent to close at 1,050.69 points.
Shandong Gold Mining Co surged 5.50 percent to 36.27 yuan. Yunnan Copper added 1.06 percent to 20 yuan. Aluminum Corporation of China Ltd hiked 6.38 percent to 10.17 yuan. Zhongjin Gold Mining advanced 7.62 percent to 30.38 yuan.
Real estate developers also rebounded from losses in the morning session. Shanghai Shimao Co edged up 0.51 percent to 13.83 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd edged up 0.22 percent to 18.12 yuan. Poly Real Estate Group added 0.81 percent to 12.48 yuan.
Banks showed mixed results. Bank of Communications lost 0.78 percent to 6.39 yuan. Shanghai Pudong Development Bank dipped 0.20 percent to 14.89 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.23 percent to 4.33 yuan.
Brokerages were among the losers. Everbright Securities lost 0.31 percent to 16.27 yuan. Changjiang Securities was down 0.60 percent to 11.69 yuan. GF Securities retreated 1.15 percent to 31. yuan.
The benchmark Shanghai Composite Index added 0.65 percent, or 16.66 points, to close at 2,588.68 points. Turnover was 88.6 billion yuan (US$13 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.12 percent to close at 1,050.69 points.
Shandong Gold Mining Co surged 5.50 percent to 36.27 yuan. Yunnan Copper added 1.06 percent to 20 yuan. Aluminum Corporation of China Ltd hiked 6.38 percent to 10.17 yuan. Zhongjin Gold Mining advanced 7.62 percent to 30.38 yuan.
Real estate developers also rebounded from losses in the morning session. Shanghai Shimao Co edged up 0.51 percent to 13.83 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd edged up 0.22 percent to 18.12 yuan. Poly Real Estate Group added 0.81 percent to 12.48 yuan.
Banks showed mixed results. Bank of Communications lost 0.78 percent to 6.39 yuan. Shanghai Pudong Development Bank dipped 0.20 percent to 14.89 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.23 percent to 4.33 yuan.
Brokerages were among the losers. Everbright Securities lost 0.31 percent to 16.27 yuan. Changjiang Securities was down 0.60 percent to 11.69 yuan. GF Securities retreated 1.15 percent to 31. yuan.
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