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Commodity, Disney park push market higher
By Ding Yining |
November 5, 2010, Friday
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Online Edition
Online Edition
SHANGHAI'S market added more than 1 percent and closed this week's trading at above 3,100 points among strong performance of gold producers and property developers related to Shanghai's Disney park project.
The benchmark Shanghai Composite Index added 1.38 percent, or 42.56 points, to close at 3,129.50 points. Turnover was 212 billion yuan (US$32 billion). A total of 680 shares rose while 190 fell and 49 remained unchanged. The gauge added a collective of 5.1 percent this week and the benchmark completed a sixth weekly advanced.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.23 percent at 1,352.12 points.
Commodity shares rallied as gold price surged to a record US$1,393.40 an ounce after the US Federal Reserve said it will by an extra US$600 billion of Treasuries to boost growth.
Zijin Mining rallied 4.46 percent to 10.31 yuan. Shandong Gold Mining Co jumped 3.96 percent to 64.10 yuan. Yunnan Copper Co hiked 3.59 percent to 29.13 yuan.
Property sector also pushed up the index after reports said deals to build the Disneyland amusement park has been finalized. Shanghai AJ Corporation advanced 3.79 percent to 10.68 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd surged the daily limit of 10 percent to 21.66 yuan. Shanghai Jielong Industry Group Co advanced 3.42 percent to 15.43 yuan.
Walt Disney Co. this morning clinched deal with state-owned Shanghai Shendi Group to mark the launching of the Disney Park.
Insurers and banks ended higher. Industrial & Commercial Bank of China, the nation's biggest lender, surged 4.33 percent to 4.82 yuan. Bank of Communications added 1.92 percent to 6.36 yuan. China Life Insurance Co Ltd advanced 2.68 percent to 26.84 yuan.
Brokerages were also among the gainers. GF Securities rose 2.50 percent to 59.81 yuan. Changjiang Securities jumped 1.85 percent to 15.42 yuan. Industrial Securities hiked 3.61 percent to 22.94 yuan.
The benchmark Shanghai Composite Index added 1.38 percent, or 42.56 points, to close at 3,129.50 points. Turnover was 212 billion yuan (US$32 billion). A total of 680 shares rose while 190 fell and 49 remained unchanged. The gauge added a collective of 5.1 percent this week and the benchmark completed a sixth weekly advanced.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.23 percent at 1,352.12 points.
Commodity shares rallied as gold price surged to a record US$1,393.40 an ounce after the US Federal Reserve said it will by an extra US$600 billion of Treasuries to boost growth.
Zijin Mining rallied 4.46 percent to 10.31 yuan. Shandong Gold Mining Co jumped 3.96 percent to 64.10 yuan. Yunnan Copper Co hiked 3.59 percent to 29.13 yuan.
Property sector also pushed up the index after reports said deals to build the Disneyland amusement park has been finalized. Shanghai AJ Corporation advanced 3.79 percent to 10.68 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd surged the daily limit of 10 percent to 21.66 yuan. Shanghai Jielong Industry Group Co advanced 3.42 percent to 15.43 yuan.
Walt Disney Co. this morning clinched deal with state-owned Shanghai Shendi Group to mark the launching of the Disney Park.
Insurers and banks ended higher. Industrial & Commercial Bank of China, the nation's biggest lender, surged 4.33 percent to 4.82 yuan. Bank of Communications added 1.92 percent to 6.36 yuan. China Life Insurance Co Ltd advanced 2.68 percent to 26.84 yuan.
Brokerages were also among the gainers. GF Securities rose 2.50 percent to 59.81 yuan. Changjiang Securities jumped 1.85 percent to 15.42 yuan. Industrial Securities hiked 3.61 percent to 22.94 yuan.
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