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November 20, 2009

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Gas and metals fuel key Shanghai index

Shanghai stocks rose for a fifth session yesterday, fueled by natural gas producers and metal companies.

The benchmark Shanghai Composite Index edged up 0.53 percent, or 17.38 points, to its highest close in three months at 3,320.61. Turnover was 194.7 billion yuan (US$28.5 billion).

The energy sector lifted the market as the current cold weather boosted fuel and coal demand, and also on speculation that natural gas prices may be raised.

Changchun Gas Co surged the daily limit of 10 percent to 9.63 yuan. Shanxi Provincial Natural Gas Co also rose 10 percent to 24.02 yuan while Tianyuan Coal Gasification Co jumped 3.79 percent to 24.90 yuan.

Huaneng Power International Inc said it has got government approval to build a 2.5 billion yuan 600-megawatt power generating unit at its Yueyang Power Plant. It rose 1.79 percent to 8.53 yuan.

"The index will keep its upward trend in the next few days because of the rich fluidity in the market and an improving macroeconomic situation," Guoyuan Securities wrote in a research report.

Metal producers also gained. Zijin Mining Co rose 1.73 percent to 10.02 yuan. Shandong Gold Mining Co added 1.50 percent to 75.06 yuan and Zhongjin Gold Co climbed 1.64 percent to 61.33 yuan.

Property developers rebounded from earlier losses. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd edged up 0.53 percent to 28.52 yuan and Shanghai Waigaoqiao Free Trade Zone Development Co added 0.48 percent to 18.87 yuan.


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