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Energy plays lead Shanghai index higher
By Ding Yining |
April 8, 2011, Friday
|
Online Edition
Online Edition
THE Shanghai market closed higher in the morning session to a five-month high on easing concerns about tighter monetary policy in the near future following Wednesday's interest rate hike.
The benchmark Shanghai Composite Index added 0.31 percent, or 9.38 points, to close at 3,017.29 points. Turnover was 74.5 billion yuan(US$11 billion). A total of 523 shares rose while 318 closed lower and 96 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.75 percent at 1,280.86 points.
Energy producers rose after crude oil climbed above US$110 a barrel with escalating concerns about conflicts in North Africa. China Petroleum & Chemical Corp gained 0.80 percent to 8.78 yuan. PetroChina edged up 0.25 percent to 12.14 yuan. China Shenhua Energy Co advanced 1.21 percent to 29.99 yuan.
Zhongjin Gold Corp advanced 1.15 percent to 37.91 yuan after gold futures on the New York Mercantile Exchange increased 80 US cents to US$1,459.3 an ounce. Jiangxi Copper gained 0.86 percent to 40.07 yuan.
Banks and financial shares closed lower. Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.44 percent to 4.55 yuan. Everbright Bank lost 1.25 percent to 3.95 yuan. China Life Insurance Co dipped 0.23 percent to 21.64 yuan.
Airliners also retreated as they were hit by higher fuel fees. Air China lost 0.28 percent to 10.77 yuan. China Southern Airlines was down 0.51 percent to 7.86 yuan.
Property chips closed mixed. Shanghai AJ Corporation jumped 2.86 percent to 10.08 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd was down 1.36 percent to 18.09 yuan. Shanghai Jielong Industry Group Co lowered 0.56 percent to 12.43 yuan.
The benchmark Shanghai Composite Index added 0.31 percent, or 9.38 points, to close at 3,017.29 points. Turnover was 74.5 billion yuan(US$11 billion). A total of 523 shares rose while 318 closed lower and 96 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.75 percent at 1,280.86 points.
Energy producers rose after crude oil climbed above US$110 a barrel with escalating concerns about conflicts in North Africa. China Petroleum & Chemical Corp gained 0.80 percent to 8.78 yuan. PetroChina edged up 0.25 percent to 12.14 yuan. China Shenhua Energy Co advanced 1.21 percent to 29.99 yuan.
Zhongjin Gold Corp advanced 1.15 percent to 37.91 yuan after gold futures on the New York Mercantile Exchange increased 80 US cents to US$1,459.3 an ounce. Jiangxi Copper gained 0.86 percent to 40.07 yuan.
Banks and financial shares closed lower. Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.44 percent to 4.55 yuan. Everbright Bank lost 1.25 percent to 3.95 yuan. China Life Insurance Co dipped 0.23 percent to 21.64 yuan.
Airliners also retreated as they were hit by higher fuel fees. Air China lost 0.28 percent to 10.77 yuan. China Southern Airlines was down 0.51 percent to 7.86 yuan.
Property chips closed mixed. Shanghai AJ Corporation jumped 2.86 percent to 10.08 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd was down 1.36 percent to 18.09 yuan. Shanghai Jielong Industry Group Co lowered 0.56 percent to 12.43 yuan.
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