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China stocks rally over positive US remark
By Ding Yining and Pan Xiaoyi |
August 30, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index added more than 1 percent today after commodity producers and consumer sector gained as the United States pledged to safeguard economic recovery, easing previous concerns about a double-dip recession.
The benchmark Shanghai Composite Index rose 1.61 percent, or 41.92 points, to close at 2,652.66 points. Turnover was 120.9 billion yuan (US$17.78 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, jumped 2.63 percent to close at 1,158.22 points.
Federal Reserve chairman Ben Bernanke said over the weekend that the US central bank will "do all that it can" to ensure economic recovery, adding it will provide additional stimulus measures, if needed, to boost US economy.
Jiangxi Copper Co surged 5.4 percent to 30.6 yuan. Shandong Gold Mining Co rose 2 percent to 42.08 yuan. Zijin Mining Co jumped 3.4 percent to 6.43 yuan. Aluminum Corporation of China Ltd advanced 1.5 percent to 10.2 yuan.
Energy companies are also strong. China Shenhua Energy Co, the country's biggest coal producer, rose 2.8 percent to 24.39 yuan after saying its first half profit rose 13.9 percent to 19.3 billion yuan. Huaneng Power International was up 0.7 percent to 6.16 yuan.
Shanghai New World Co rallied 4.4 percent to 15.29 yuan among expectations strong holiday spending during the mid-Autumn festival and National Day holiday will boost the department store's earnings. Hefei Department Store Group jumped 2.5 percent to 19.25 yuan.
Banks are also among the gainers. Bank of Communications rose 0.7 percent to 6.09 yuan. Shanghai Pudong Development Bank lifted 0.9 percent to 14.10 yuan. China Merchants Bank added 1.2 percent to 13.75 yuan.
The benchmark Shanghai Composite Index rose 1.61 percent, or 41.92 points, to close at 2,652.66 points. Turnover was 120.9 billion yuan (US$17.78 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, jumped 2.63 percent to close at 1,158.22 points.
Federal Reserve chairman Ben Bernanke said over the weekend that the US central bank will "do all that it can" to ensure economic recovery, adding it will provide additional stimulus measures, if needed, to boost US economy.
Jiangxi Copper Co surged 5.4 percent to 30.6 yuan. Shandong Gold Mining Co rose 2 percent to 42.08 yuan. Zijin Mining Co jumped 3.4 percent to 6.43 yuan. Aluminum Corporation of China Ltd advanced 1.5 percent to 10.2 yuan.
Energy companies are also strong. China Shenhua Energy Co, the country's biggest coal producer, rose 2.8 percent to 24.39 yuan after saying its first half profit rose 13.9 percent to 19.3 billion yuan. Huaneng Power International was up 0.7 percent to 6.16 yuan.
Shanghai New World Co rallied 4.4 percent to 15.29 yuan among expectations strong holiday spending during the mid-Autumn festival and National Day holiday will boost the department store's earnings. Hefei Department Store Group jumped 2.5 percent to 19.25 yuan.
Banks are also among the gainers. Bank of Communications rose 0.7 percent to 6.09 yuan. Shanghai Pudong Development Bank lifted 0.9 percent to 14.10 yuan. China Merchants Bank added 1.2 percent to 13.75 yuan.
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