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Commodity firms help end losing streak
By Pan Xiaoyi |
November 18, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended higher in the morning session, set to end a four-day losing streak, led by commodity producers.
The benchmark Shanghai Composite Index added 0.62 percent, or 17.5 points, to close at 2,856.36 points. Turnover dropped to 55.3 billion yuan (US$8 billion) from yesterday morning's 86.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.82 percent to 1,249 points.
Coal miners led the gain as the cold front is to boost coal consumption. Datong Coal Industry Co surged 6.3 percent to 21.25 yuan. Yanzhou Coal Mining Co jumped 3.1 percent to 26.58 yuan.
Gold producers rebounded after gold climbed for the first time in five days. Gold for December delivery gained 0.4 percent to US$1,342.20 an ounce on the Comex in New York.
Zhongjin Gold Corp was up 3.8 percent to 38.78 yuan. Zijin Mining Group Co increased 2.1 percent to 8.43 yuan. Shandong Gold Mining Co rose 3.3 percent to 53.62 yuan.
Copper and oil producers were also on the gaining side despite the government proposed temporary price caps on important daily necessities to contain inflationary risks.
The benchmark Shanghai Composite Index added 0.62 percent, or 17.5 points, to close at 2,856.36 points. Turnover dropped to 55.3 billion yuan (US$8 billion) from yesterday morning's 86.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.82 percent to 1,249 points.
Coal miners led the gain as the cold front is to boost coal consumption. Datong Coal Industry Co surged 6.3 percent to 21.25 yuan. Yanzhou Coal Mining Co jumped 3.1 percent to 26.58 yuan.
Gold producers rebounded after gold climbed for the first time in five days. Gold for December delivery gained 0.4 percent to US$1,342.20 an ounce on the Comex in New York.
Zhongjin Gold Corp was up 3.8 percent to 38.78 yuan. Zijin Mining Group Co increased 2.1 percent to 8.43 yuan. Shandong Gold Mining Co rose 3.3 percent to 53.62 yuan.
Copper and oil producers were also on the gaining side despite the government proposed temporary price caps on important daily necessities to contain inflationary risks.
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