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Commodity prices boost Shanghai stocks
By Feng Jianmin |
December 2, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key index rose today amid strong performance of neighboring markets after commodity prices rose on expectation that the European debt crisis may ease with a possible US investment. But growth was contained as worries for interest hike lingers.
The benchmark Shanghai Composite Index rose 0.7 percent, or 20.16 points, to 2,843.6. Turnover grew to 133.8 billion yuan (US$20.1 billion) from yesterday's 104.2 billion yuan. The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.5 percent to 1,310.7 points.
Investors are expecting that the European Central Bank would adopt a more aggressive approach to deal with the debt crisis on a meeting today, market watchers said. Measures may include a fund injection from the United States to address the problem.
Meanwhile in China, Li Daokui, adviser of central bank, told People's Daily that China need to "expand the stock market" by directing more capital to the market.
Commodity producers gained after a hike of product prices. Oil price rose to above US$86 a barrel on the New York market, and copper rebounded to a two-week high of around US$8,700 a ton in London. Prices for copper and aluminum futures also rose in Shanghai. Jiangxi Copper Co rose 2.1 percent to 35.51 yuan. PetroChina Co was 1.2 percent higher at 11.10 yuan. Aluminum Corp of China edged up 0.7 percent to 10.24 yuan.
Brokerages rose after media reported China Securities Regulatory Commission indicated during a financial forum in Shanghai to launch a trial program for yuan funds to raise money in Hong Kong to invest in the mainland's A share market. GF Securities Co added 1.2 percent to 45.59 yuan. CITIC Securities Co gained 2.3 percent to 13.15 yuan. China Merchants Securities edged up 0.5 percent to 20.60 yuan.
The benchmark Shanghai Composite Index rose 0.7 percent, or 20.16 points, to 2,843.6. Turnover grew to 133.8 billion yuan (US$20.1 billion) from yesterday's 104.2 billion yuan. The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.5 percent to 1,310.7 points.
Investors are expecting that the European Central Bank would adopt a more aggressive approach to deal with the debt crisis on a meeting today, market watchers said. Measures may include a fund injection from the United States to address the problem.
Meanwhile in China, Li Daokui, adviser of central bank, told People's Daily that China need to "expand the stock market" by directing more capital to the market.
Commodity producers gained after a hike of product prices. Oil price rose to above US$86 a barrel on the New York market, and copper rebounded to a two-week high of around US$8,700 a ton in London. Prices for copper and aluminum futures also rose in Shanghai. Jiangxi Copper Co rose 2.1 percent to 35.51 yuan. PetroChina Co was 1.2 percent higher at 11.10 yuan. Aluminum Corp of China edged up 0.7 percent to 10.24 yuan.
Brokerages rose after media reported China Securities Regulatory Commission indicated during a financial forum in Shanghai to launch a trial program for yuan funds to raise money in Hong Kong to invest in the mainland's A share market. GF Securities Co added 1.2 percent to 45.59 yuan. CITIC Securities Co gained 2.3 percent to 13.15 yuan. China Merchants Securities edged up 0.5 percent to 20.60 yuan.
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