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Banks, property lead index to surge
June 9, 2010, Wednesday
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SHANGHAI stocks jumped the most for two weeks led by the bank and property sectors, following a reported surge of the nation's exports in May.
Reuters revealed earlier that Chinese exports in May grew about 50 percent from a year earlier, 17.5 percent higher than previously expected, according to sources attending an internal conference today.
Official data for consumer inflation and other activity are due on Friday.
The benchmark Shanghai Composite Index advanced 2.78 percent, or 70 points, to close at 2583.87. Turnover expanded to 102.7 billion yuan (US$15.1 billion) from yesterday's 69.3 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 2.48 percent to 1,066.92.
Tight liquidity may ease on economic growth concern and to pave way for the IPO of the Agricultural Bank of China, analysts say.
The People's Bank of China said it will retain an active financial policy and mild monetary measures to fight off negative influence from the financial crisis, according to its 2009 financial operation report released yesterday.
Banks surged in trade today. China CITIC Bank Co led the growth by rising 10 percent to 5.51 yuan. China Merchants Bank jumped 4.07 percent to 13.03 yuan. Bank of China rose 3.42 percent to 3.63 yuan. Industrial and Commercial Bank of China grew 2.44 percent to 4.20 yuan.
Results of the Agricultural Bank of China application to float will be announced later today.
The property sector also added value. Cofco Property (Group) Co added 4.09 percent to 7.13 yuan. Gemdale Co grew 5.91 percent to 6.99 yuan. China Vanke went up 2.82 percent to 7.30 yuan.
Gold miners were among the gainers as gold contracts for June delivery hit a record high of US$1,244 a troy ounce. Shandong Gold Mining Co gained 1.39 percent to 40.21 yuan. Zijin Mining gained 2.29 percent to 7.14 yuan. Zhongjin Gold Corp added 0.78 percent to 58.13 yuan.
Appliances producers also rose after the Ministry of Commercial reported a 100 percent growth of sales in rural areas in May. Qingdao Haier advanced 8.34 percent to 20.00 yuan. Sichuan Changhong Electric Co rose 2.89 percent to 6.05 yuan. Hisense Electric Co climbed 4.09 percent to 14.24 yuan.
Reuters revealed earlier that Chinese exports in May grew about 50 percent from a year earlier, 17.5 percent higher than previously expected, according to sources attending an internal conference today.
Official data for consumer inflation and other activity are due on Friday.
The benchmark Shanghai Composite Index advanced 2.78 percent, or 70 points, to close at 2583.87. Turnover expanded to 102.7 billion yuan (US$15.1 billion) from yesterday's 69.3 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 2.48 percent to 1,066.92.
Tight liquidity may ease on economic growth concern and to pave way for the IPO of the Agricultural Bank of China, analysts say.
The People's Bank of China said it will retain an active financial policy and mild monetary measures to fight off negative influence from the financial crisis, according to its 2009 financial operation report released yesterday.
Banks surged in trade today. China CITIC Bank Co led the growth by rising 10 percent to 5.51 yuan. China Merchants Bank jumped 4.07 percent to 13.03 yuan. Bank of China rose 3.42 percent to 3.63 yuan. Industrial and Commercial Bank of China grew 2.44 percent to 4.20 yuan.
Results of the Agricultural Bank of China application to float will be announced later today.
The property sector also added value. Cofco Property (Group) Co added 4.09 percent to 7.13 yuan. Gemdale Co grew 5.91 percent to 6.99 yuan. China Vanke went up 2.82 percent to 7.30 yuan.
Gold miners were among the gainers as gold contracts for June delivery hit a record high of US$1,244 a troy ounce. Shandong Gold Mining Co gained 1.39 percent to 40.21 yuan. Zijin Mining gained 2.29 percent to 7.14 yuan. Zhongjin Gold Corp added 0.78 percent to 58.13 yuan.
Appliances producers also rose after the Ministry of Commercial reported a 100 percent growth of sales in rural areas in May. Qingdao Haier advanced 8.34 percent to 20.00 yuan. Sichuan Changhong Electric Co rose 2.89 percent to 6.05 yuan. Hisense Electric Co climbed 4.09 percent to 14.24 yuan.
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