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Coal firms, banks boost market in morning
By Ding Yining |
May 17, 2011, Tuesday
|
Online Edition
Online Edition
THE Shanghai market closed higher in the morning session because coal producers and financial sector surged.
The benchmark Shanghai Composite Index rose 0.61 percent, or 17.37 points, to 2,866.44. Turnover was 63.7 billion yuan (US$9.8 billion).
Coal producers lifted the index in the morning. Shanxi Guoyang New Energy Co surged the daily limit of 10 percent to 23.78 yuan. Yanzhou Mining Co advanced 7.24 percent to 33.20 yuan. China Shenhua Energy Co said April output of coal products added 25 percent year on year to 21.7 million tons. Its shares rose 3.47 percent to 28.60 yuan.
Electricity producers ended lower after the State Grid estimated a big shortage of power supply during the summer season when power usage reached a peak. Market watchers also suggested limitations of power supply might hurt industrial output and power companies' earnings.
Jiangxi Ganneng Co Ltd sank 6.49 percent to 8.07 yuan. Datang International Power Generation Co lost 3.72 percent to 7.24 yuan. Sichuan Minjiang Hydropower Co lowered 3.77 percent to 10.73 yuan.
Metal producers ended higher. Jiangxi Copper Co climbed 4.19 percent to 34.31 yuan. Aluminum Corporation of China rose 1.98 percent to 10.31 yuan.
Banks and brokerages were also among the gainers. Everbright Securities jumped 2.20 percent to 14.84 yuan. Industrial Securities hiked 3.52 percent to 17.34 yuan. Shanghai Pudong Development Bank rose 1.97 percent to 13.96 yuan. China Minsheng Bank advanced 2.24 percent to 5.94 yuan.
The benchmark Shanghai Composite Index rose 0.61 percent, or 17.37 points, to 2,866.44. Turnover was 63.7 billion yuan (US$9.8 billion).
Coal producers lifted the index in the morning. Shanxi Guoyang New Energy Co surged the daily limit of 10 percent to 23.78 yuan. Yanzhou Mining Co advanced 7.24 percent to 33.20 yuan. China Shenhua Energy Co said April output of coal products added 25 percent year on year to 21.7 million tons. Its shares rose 3.47 percent to 28.60 yuan.
Electricity producers ended lower after the State Grid estimated a big shortage of power supply during the summer season when power usage reached a peak. Market watchers also suggested limitations of power supply might hurt industrial output and power companies' earnings.
Jiangxi Ganneng Co Ltd sank 6.49 percent to 8.07 yuan. Datang International Power Generation Co lost 3.72 percent to 7.24 yuan. Sichuan Minjiang Hydropower Co lowered 3.77 percent to 10.73 yuan.
Metal producers ended higher. Jiangxi Copper Co climbed 4.19 percent to 34.31 yuan. Aluminum Corporation of China rose 1.98 percent to 10.31 yuan.
Banks and brokerages were also among the gainers. Everbright Securities jumped 2.20 percent to 14.84 yuan. Industrial Securities hiked 3.52 percent to 17.34 yuan. Shanghai Pudong Development Bank rose 1.97 percent to 13.96 yuan. China Minsheng Bank advanced 2.24 percent to 5.94 yuan.
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