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Car sales rise puts stock index on a high
By Feng Jianmin and Pan Xiaoyi |
September 3, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose to its highest in two weeks yesterday, led by auto makers, as auto sales rebounded and United States manufacturing grew faster than estimated.
The benchmark Shanghai Composite Index climbed 1.25 percent, or 32.89 points, to close at 2,655.78, the first advance in three days.
Auto producers surged after auto sales rose 55.7 percent year on year to 1.21 million units, a surprising rebound following weak growth since March. Industry watchers expect the growth momentum will continue into the peak season over the next two months.
"If the strong performance could sustain in the following months, it could help the recovery in the manufacturing sector," said Cao Xuefeng, an analyst at Huaxi Securities Co.
SAIC Motor Co, China's largest car maker jumped 8.9 percent to 17.50 yuan. Dongfeng Automobile Co climbed 4.9 percent to 5.82 yuan.
The Standard & Poor's 500 Index rallied 3 percent on Wednesday, the most since July 7, after the Institute for Supply Management said that US manufacturing rose to 56.3 in August from 55.5 in July, gaining for the 13th consecutive month.
Ping An Insurance (Group) Co, China's second-largest insurer, advanced 4.5 percent to 48.61 yuan after saying it will take control of Shenzhen Development Bank Co for 29.1 billion yuan.
Metal producers gained as prices for copper and aluminum rose on positive economic outlook. Aluminum Corp of China Ltd, the nation's biggest maker of the metal, rose 1.7 percent to 10.09 yuan.
The benchmark Shanghai Composite Index climbed 1.25 percent, or 32.89 points, to close at 2,655.78, the first advance in three days.
Auto producers surged after auto sales rose 55.7 percent year on year to 1.21 million units, a surprising rebound following weak growth since March. Industry watchers expect the growth momentum will continue into the peak season over the next two months.
"If the strong performance could sustain in the following months, it could help the recovery in the manufacturing sector," said Cao Xuefeng, an analyst at Huaxi Securities Co.
SAIC Motor Co, China's largest car maker jumped 8.9 percent to 17.50 yuan. Dongfeng Automobile Co climbed 4.9 percent to 5.82 yuan.
The Standard & Poor's 500 Index rallied 3 percent on Wednesday, the most since July 7, after the Institute for Supply Management said that US manufacturing rose to 56.3 in August from 55.5 in July, gaining for the 13th consecutive month.
Ping An Insurance (Group) Co, China's second-largest insurer, advanced 4.5 percent to 48.61 yuan after saying it will take control of Shenzhen Development Bank Co for 29.1 billion yuan.
Metal producers gained as prices for copper and aluminum rose on positive economic outlook. Aluminum Corp of China Ltd, the nation's biggest maker of the metal, rose 1.7 percent to 10.09 yuan.
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