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Coal firms fire index to one-month high
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Shanghai stocks rose to a one-month high yesterday, led by coal producers after the government pledged to accelerate reforms in the industry struggling with overcapacity.
Analysts also said market sentiment was buoyed by yesterday’s official report that said China’s industrial profit rose 15.1 percent in October.
The Shanghai Composite Index climbed 0.83 percent to finish at 2,219.37 points, the highest close since October 21. Turnover rose to 119.6 billion yuan (US$19.6 billion) from 102.2 billion yuan in the previous session.
“Market sentiment has been restored a bit, but the turnover was still not enough and we expect the Shanghai Composite to hover around 2,200,” Guotai Jun’an Securities strategists wrote in a note, adding they favor brokerage, defense and environmental protection-related stocks.
The State Council, China’s Cabinet, said the country will curb disorderly growth of coal production and impose differentiating tariffs to encourage the import of high-quality coal, according to a proposal published yesterday.
Anyuan Coal Industry Group Co rose by the daily 10 percent limit to 5.03 yuan while Yanzhou Coal Mining Co gained 2.96 percent to 10.42 yuan. China Shenhua Energy Co, the nation’s biggest coal producer, rose 1.55 percent to 17.06 yuan.
Nonferrous metal producers were also strong with Yunnan Chihong Zinc and Germanium Co up 10 percent at 10.47 yuan and Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co surging by 8.39 percent to close the day at 27.27 yuan.
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