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Commodity firms power Shanghai index
By Feng Jianmin |
November 11, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index grew in the morning although statistics showed consumer prices rose at the fastest pace in 25 months in October. Commodity producers led the gainers on growing prices.
The benchmark Shanghai Composite Index added 0.6 percent, or 19.6 points, to close at 3,134.9. Turnover was 141.4 billion yuan (US$21.3 billion), slightly lower than yesterday morning's 143.5 billion yuan.
The Shenzhen Component Index, which tracks the smaller domestic market in southern China, was up 1.1 percent at 13,856.8.
Metal producers gained after gold and non-ferrous metal prices rose on the global market. Copper futures for February delivery rose more than 3 percent to 69,830 yuan per ton, while gold bullion price stood at above US$1,406 per ounce on the New York market.
Zijin Mining Group Co, China's biggest gold producer, rose 1.5 percent to 10.45 yuan. Jiangxi Copper Co jumped 3.8 percent to 46.70 yuan. Aluminum Corp of China grew 1.8 percent to 12.73 yuan.
Coal producers surged after coal prices in China posted growth for seven consecutive weeks on inflation and boosted demand for storage ahead of winter. Datong Coal Industry Co climbed 4 percent to 26.35 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 3.4 percent to 29.53 yuan. Shanxi Xishan Coal & Electricity Power Co jumped 4.4 percent to 29.24 yuan.
Banks were mixed after the central bank announced yesterday evening to raise reserve requirements for commercial banks. Agricultural Bank of China dipped 0.4 percent to 2.76 yuan. China Merchants Bank edged up 0.5 percent to 14.67 yuan. Industrial and Commercial Bank of China slid 1.7 percent after it said in an exchange filing that it would sell 0.45 share for every 10 existing shares in Shanghai and Hong Kong at steep discounts to its market prices.
The benchmark Shanghai Composite Index added 0.6 percent, or 19.6 points, to close at 3,134.9. Turnover was 141.4 billion yuan (US$21.3 billion), slightly lower than yesterday morning's 143.5 billion yuan.
The Shenzhen Component Index, which tracks the smaller domestic market in southern China, was up 1.1 percent at 13,856.8.
Metal producers gained after gold and non-ferrous metal prices rose on the global market. Copper futures for February delivery rose more than 3 percent to 69,830 yuan per ton, while gold bullion price stood at above US$1,406 per ounce on the New York market.
Zijin Mining Group Co, China's biggest gold producer, rose 1.5 percent to 10.45 yuan. Jiangxi Copper Co jumped 3.8 percent to 46.70 yuan. Aluminum Corp of China grew 1.8 percent to 12.73 yuan.
Coal producers surged after coal prices in China posted growth for seven consecutive weeks on inflation and boosted demand for storage ahead of winter. Datong Coal Industry Co climbed 4 percent to 26.35 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 3.4 percent to 29.53 yuan. Shanxi Xishan Coal & Electricity Power Co jumped 4.4 percent to 29.24 yuan.
Banks were mixed after the central bank announced yesterday evening to raise reserve requirements for commercial banks. Agricultural Bank of China dipped 0.4 percent to 2.76 yuan. China Merchants Bank edged up 0.5 percent to 14.67 yuan. Industrial and Commercial Bank of China slid 1.7 percent after it said in an exchange filing that it would sell 0.45 share for every 10 existing shares in Shanghai and Hong Kong at steep discounts to its market prices.
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