Coal and metals shares lift index to close 2% up
By Ding Yining |
November 5, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday climbed nearly 2 percent to close at the highest level in nearly seven months as coal producers and metals companies led gainers.
The Shanghai Composite Index jumped 1.85 percent, or 55.95 points, to close at 3,086.94 points. Turnover stood at 228.1 billion yuan (US$34.6 billion).
The United States Federal Reserve said it will buy an extra US$600 billion of Treasuries through June to shore up economic growth.
"The yuan still faces appreciation pressure and the measures to curb property bubbles are still in place, which could affect liquidity in the domestic equity market and investors should remain cautious," GF Securities wrote in a note.
Datong Coal Industry Co rose 2.39 percent to 25.29 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co rallied 4.88 percent to 47.25 yuan.
Zhongjin Gold Co added 2.12 percent to 45.22 yuan. Aluminum Corporation of China Ltd gained 1.37 percent to 12.56 yuan.
Banks and insurers saw mild gains. China Pacific Insurance (Group) Co Ltd added 1.50 percent to 26.39 yuan. Agricultural Bank of China edged up 0.71 percent to 2.84 yuan and Bank of Communications gained 0.48 percent to 6.24 yuan.
Airlines took off too. China Eastern Airlines rallied 4.07 percent to 8.94 yuan. Hainan Airlines surged 9.01 percent to 8.95 yuan and Air China jumped 2.84 percent to 15.23 yuan.
The Shanghai Composite Index jumped 1.85 percent, or 55.95 points, to close at 3,086.94 points. Turnover stood at 228.1 billion yuan (US$34.6 billion).
The United States Federal Reserve said it will buy an extra US$600 billion of Treasuries through June to shore up economic growth.
"The yuan still faces appreciation pressure and the measures to curb property bubbles are still in place, which could affect liquidity in the domestic equity market and investors should remain cautious," GF Securities wrote in a note.
Datong Coal Industry Co rose 2.39 percent to 25.29 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co rallied 4.88 percent to 47.25 yuan.
Zhongjin Gold Co added 2.12 percent to 45.22 yuan. Aluminum Corporation of China Ltd gained 1.37 percent to 12.56 yuan.
Banks and insurers saw mild gains. China Pacific Insurance (Group) Co Ltd added 1.50 percent to 26.39 yuan. Agricultural Bank of China edged up 0.71 percent to 2.84 yuan and Bank of Communications gained 0.48 percent to 6.24 yuan.
Airlines took off too. China Eastern Airlines rallied 4.07 percent to 8.94 yuan. Hainan Airlines surged 9.01 percent to 8.95 yuan and Air China jumped 2.84 percent to 15.23 yuan.
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