Energy producers power key index up
By Lydia Chen |
June 1, 2011, Wednesday
|
Print Edition
Print Edition
SHARES in Shanghai yesterday rose for the first time in nine days, paring a nearly 6 percent fall in May, led by a rebound in energy producers after an increase in power prices.
The Shanghai Composite Index climbed 1.4 percent to 2,743.47, the biggest gain since March 7 and snapping the longest losing streak for the Shanghai market since December 2008.
The gauge lost 5.8 percent last month, the biggest decline since June 2010.
Coal makers and electricity producers, which rallied over a price hike amid a nationwide power shortage, led the gain.
Yanzhou Coal Mining Co rose 2.9 percent to 32.47 yuan. Huaneng Power International Inc, the listed unit of China's largest power group, added 2 percent to 5.64 yuan.
China said it will raise electricity prices for the first time in more than a year in June as it is facing a spreading power shortage that may be the worst on record this summer.
Power prices for industrial, agricultural and commercial users in 15 provinces will rise from today while those paid by residential customers will be unchanged, said the National Development and Reform Commission, the top economic planner.
Sany Heavy Industry Co jumped 9.7 percent to 16.80 yuan while Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co added 4.5 percent to 70.39 yuan.
Huang Dongsheng, an analyst at Guodu Securities, said the market may continue to rise as major blue chips such as the Industrial and Commercial Bank of China and PetroChina have begun to stabilize in recent trading.
However, Jing Ulrich, managing director and chairman of global markets at JPMorgan, said in Beijing she expected the market to remain at the bottom this summer as inflation may reach its highest in the third quarter.
The Shanghai Composite Index climbed 1.4 percent to 2,743.47, the biggest gain since March 7 and snapping the longest losing streak for the Shanghai market since December 2008.
The gauge lost 5.8 percent last month, the biggest decline since June 2010.
Coal makers and electricity producers, which rallied over a price hike amid a nationwide power shortage, led the gain.
Yanzhou Coal Mining Co rose 2.9 percent to 32.47 yuan. Huaneng Power International Inc, the listed unit of China's largest power group, added 2 percent to 5.64 yuan.
China said it will raise electricity prices for the first time in more than a year in June as it is facing a spreading power shortage that may be the worst on record this summer.
Power prices for industrial, agricultural and commercial users in 15 provinces will rise from today while those paid by residential customers will be unchanged, said the National Development and Reform Commission, the top economic planner.
Sany Heavy Industry Co jumped 9.7 percent to 16.80 yuan while Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co added 4.5 percent to 70.39 yuan.
Huang Dongsheng, an analyst at Guodu Securities, said the market may continue to rise as major blue chips such as the Industrial and Commercial Bank of China and PetroChina have begun to stabilize in recent trading.
However, Jing Ulrich, managing director and chairman of global markets at JPMorgan, said in Beijing she expected the market to remain at the bottom this summer as inflation may reach its highest in the third quarter.
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