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Coal miners, brokers boost stock market
By Lydia Chen |
February 24, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks traded higher today, bolstered by brokerages while coal producers jumped over expectations that the escalating uprising in Middle East will alter more market demands to other resources than crude oil.
The Shanghai Composite Index edged up 0.56 percent to 2,878.60. Turnover fell slightly to 137.32 billion yuan (US$20.90 billion) from yesterday's 138 billion yuan.
Brokerages were the most gained sector today after China's top securities supervisor said margin trading and securities lending will become a routine business for securities firms this year while they will also be allowed to launch direct investment programs to buy stocks from companies.
The business expansion will sharply boost profits for brokerages as analysts said.
Industrial Securities Co hiked 7.17 percent to 17.94 yuan. Changjiang Securities climbed 3.69 percent to 12.92 yuan
Coal miners were one of the beneficiaries from the spreading unrest in Middle East and Libya.
Almost all the coal producers listed in Shanghai and Shenzhen closed up higher today. Shanghai Datun Energy Resources Co added 2.99 percent to 28.28 yuan.
The chaos in the oil-producing region drove Brent crude to a 29-month high above US$113 today, fanning expectations that investors may pile into other resources sector.
The Shanghai Composite Index edged up 0.56 percent to 2,878.60. Turnover fell slightly to 137.32 billion yuan (US$20.90 billion) from yesterday's 138 billion yuan.
Brokerages were the most gained sector today after China's top securities supervisor said margin trading and securities lending will become a routine business for securities firms this year while they will also be allowed to launch direct investment programs to buy stocks from companies.
The business expansion will sharply boost profits for brokerages as analysts said.
Industrial Securities Co hiked 7.17 percent to 17.94 yuan. Changjiang Securities climbed 3.69 percent to 12.92 yuan
Coal miners were one of the beneficiaries from the spreading unrest in Middle East and Libya.
Almost all the coal producers listed in Shanghai and Shenzhen closed up higher today. Shanghai Datun Energy Resources Co added 2.99 percent to 28.28 yuan.
The chaos in the oil-producing region drove Brent crude to a 29-month high above US$113 today, fanning expectations that investors may pile into other resources sector.
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