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Commodity producers push market higher at midday

SHANGHAI'S key stock index ended higher in the morning session, led by commodity producers on surging commodity prices.

The benchmark Shanghai Composite Index added 0.68 percent, or 20.01 points, to close at 2980.78 points. Turnover stood at 71.79 billion yuan (US$10.47 billion). Gainers outnumbered losers 581 to 251 and 38 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, gained 1.32 percent to close at 992.92 points.

Copper producers advanced after copper futures jumped by daily cap in Shanghai. Jiangxi Copper Co, the nation's biggest producer of the metal, surged 6.53 percent to 39.3 yuan. Yunnan Copper Co soared 6.89 percent to 32.11 yuan.

Sinopec jumped 2.29 percent to 13.4 yuan after posting a 10-fold increase in second-quarter profit and expecting earnings to rise more than 50 percent for the first nine months.

PetroChina Co, the nation's largest oil producer and the biggest component index, added 1.29 percent to 14.15 yuan.

China Vanke Co, the biggest listed property developer, inched up 0.53 percent on media reports it plans to raise 10 billion yuan in a share sale.

Gemdale Corp expanded 2.23 percent to 15.16 yuan. Poly Real Estate Group climbed 1.36 percent to 25.26 yuan. Shanghai Lujiazui Finance & Trade Zone was up 0.25 percent to 24.36 yuan.


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