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Data on electricity use push index up
By Ye Zhen |
November 15, 2012, Thursday
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Print Edition
Print Edition
SHANGHAI stocks edged up yesterday after data showed electricity use in China rose in October, adding to signs of an economic recovery.
The Shanghai Composite Index added 0.4 percent to 2,055.42 points.
China's overall electricity use last month grew 6.1 percent year on year to 400 billion kilowatt-hours, up from September's gain of 2.9 percent, the National Energy Administration said yesterday. The electricity use rose 4.9 percent to 4.09 trillion kWh in the first 10 months of this year.
"In line with the earlier PMI (Purchasing Managers' Index) data, the quicker growth in electricity use in China shows the overall economy is improving," said Hua Youdong, analyst at Cinda Securities.
Aluminium producers rose as China's State Reserve Bureau plans to buy 400,000 tons of aluminium for stockpiling. Aluminum Corp of China gained 4.6 percent to 4.95 yuan (80 US cents), and Shandong Nanshan Aluninum Co added 2.2 percent to 6.45 yuan.
Paper producers were helped by the yuan, which hit an intraday high of 6.2252 against the US dollar, the highest since 1994, as a rising yuan will cut costs from importing pulp.
Fujian Nanzhi Co surged by the daily limit of 10 percent to 3.85 yuan while Mudanjiang Hengfeng Paper Co rose 2.6 percent to 6.40 yuan.
The Shanghai Composite Index added 0.4 percent to 2,055.42 points.
China's overall electricity use last month grew 6.1 percent year on year to 400 billion kilowatt-hours, up from September's gain of 2.9 percent, the National Energy Administration said yesterday. The electricity use rose 4.9 percent to 4.09 trillion kWh in the first 10 months of this year.
"In line with the earlier PMI (Purchasing Managers' Index) data, the quicker growth in electricity use in China shows the overall economy is improving," said Hua Youdong, analyst at Cinda Securities.
Aluminium producers rose as China's State Reserve Bureau plans to buy 400,000 tons of aluminium for stockpiling. Aluminum Corp of China gained 4.6 percent to 4.95 yuan (80 US cents), and Shandong Nanshan Aluninum Co added 2.2 percent to 6.45 yuan.
Paper producers were helped by the yuan, which hit an intraday high of 6.2252 against the US dollar, the highest since 1994, as a rising yuan will cut costs from importing pulp.
Fujian Nanzhi Co surged by the daily limit of 10 percent to 3.85 yuan while Mudanjiang Hengfeng Paper Co rose 2.6 percent to 6.40 yuan.
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