Energy producers power rise in shares
By Lydia Chen and Feng Jianmin |
June 24, 2011, Friday
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Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rose the most in more than three months as energy and material producers rallied on increased government support for alternative energy production and affordable housing.
The Shanghai Composite Index jumped 1.5 percent, the biggest gain since March 7, to 2,688.25 points.
"A variety of topical sectors are attracting the attention of investors and thus lifting market sentiment," Damo Investment Co wrote in a note.
The firm suggested companies related to the construction of affordable homes will continue to be good investments.
Cement makers were the best performers as increasing demand arising from the country's massive affordable housing projects is expected to further boost prices of the construction material.
Anhui Conch, China's biggest cement producer, advanced 4.6 percent to 27.59 yuan, the highest since April 13. Huaxin Cement Co jumped 5.7 percent to 25.57 yuan.
Property developers also rebounded from Wednesday's losses. Poly Real Estate Group Co, China's second largest developer by market value, gained 1 percent to 10.59 percent.
Coal producers rallied on speculation demand will rise after Wu Xianfeng, director of emissions control at the Ministry of Environmental Protection, said China plans to build coal-fired power plants with a combined 250 gigawatts of capacity between 2011 and 2015.
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