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Coal and oil producers power Shanghai index
By Feng Jianmin |
April 11, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for a fifth day, led by energy firms, as oil prices continued to rally.
The benchmark Shanghai Composite Index added 0.77 percent, or 23.22 points, to close at 3,053.24 points. Turnover expanded to 103.7 billion yuan(US$15.8 billion) from last Friday's 74.5 billion yuan. But a total of 489 counters dropped while 383 rose and 65 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.05 percent at 1,286.62 points.
Coal miners and oil producers lifted the index after oil prices jumped to above US$112 a barrel in New York. Domestic coal prices are also expected to rise as stock volume dropped 10 nearly percent in Qinghuangdao exchange last week.
China Shenhua Energy Co, the nation's largest coal producer, climbed 4.75 percent to 31.34 yuan. Datong Coal Industry Co rose 2 percent to 20.92 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, was up 1.3 percent to 12.33 yuan.
Airlines underperformed on concerns about higher cost. Air China fell 0.5 percent to 10.75 yuan. Southern Airline was down 1.1 percent to 7.82 yuan.
The property sector was also weak. China Merchants Property Development Co shed 3 percent to 18.92 yuan. China Vanke, China's largest developer, fell 1.8 percent to 8.99 yuan.
The benchmark Shanghai Composite Index added 0.77 percent, or 23.22 points, to close at 3,053.24 points. Turnover expanded to 103.7 billion yuan(US$15.8 billion) from last Friday's 74.5 billion yuan. But a total of 489 counters dropped while 383 rose and 65 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.05 percent at 1,286.62 points.
Coal miners and oil producers lifted the index after oil prices jumped to above US$112 a barrel in New York. Domestic coal prices are also expected to rise as stock volume dropped 10 nearly percent in Qinghuangdao exchange last week.
China Shenhua Energy Co, the nation's largest coal producer, climbed 4.75 percent to 31.34 yuan. Datong Coal Industry Co rose 2 percent to 20.92 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, was up 1.3 percent to 12.33 yuan.
Airlines underperformed on concerns about higher cost. Air China fell 0.5 percent to 10.75 yuan. Southern Airline was down 1.1 percent to 7.82 yuan.
The property sector was also weak. China Merchants Property Development Co shed 3 percent to 18.92 yuan. China Vanke, China's largest developer, fell 1.8 percent to 8.99 yuan.
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