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Gold and car producers power Shanghai index
By Feng Jianmin |
July 4, 2011, Monday
|
Online Edition
Online Edition
Shanghai's key stock index rose the most in six days, led by commodity producers and car producers.
The benchmark Shanghai Composite Index rose 1.76 percent in the morning session to 2,807.93 points. Turnover rose to 75.8 billion yuan (US+ACQ-11.7 billion).
Gold miners surged despite bullion price fell 1.3 percent last Friday in New York. A report by CITIC Securities said that gold bullion price will continue to be weak in a short term on a stronger US dollar, but demand for gold in China will support gold prices on concern over low interest rates and sour loans.
Zijin Mining Group Co jumped by the daily limit of 10 percent to 5.28 yuan. Shandong Gold Mining Co added 3.3 percent to 46.98 yuan.
Non-ferrous metal producers were also strong. Jiangxi Copper Co climbed 4.8 percent to 37.31 yuan. Aluminium Corp of China rose 2.8 percent to 11.21 yuan.
Car makers extended previous gains on speculation the government will continue to encourage consumption of automobiles after news reported that several ministries have held meetings to study supportive policies. SAIC Motor Co advanced 4.4 percent to 19.43 yuan. Tianjin Faw Xiali Automobile Co hiked 10 percent to 7.73 yuan.
The benchmark Shanghai Composite Index rose 1.76 percent in the morning session to 2,807.93 points. Turnover rose to 75.8 billion yuan (US+ACQ-11.7 billion).
Gold miners surged despite bullion price fell 1.3 percent last Friday in New York. A report by CITIC Securities said that gold bullion price will continue to be weak in a short term on a stronger US dollar, but demand for gold in China will support gold prices on concern over low interest rates and sour loans.
Zijin Mining Group Co jumped by the daily limit of 10 percent to 5.28 yuan. Shandong Gold Mining Co added 3.3 percent to 46.98 yuan.
Non-ferrous metal producers were also strong. Jiangxi Copper Co climbed 4.8 percent to 37.31 yuan. Aluminium Corp of China rose 2.8 percent to 11.21 yuan.
Car makers extended previous gains on speculation the government will continue to encourage consumption of automobiles after news reported that several ministries have held meetings to study supportive policies. SAIC Motor Co advanced 4.4 percent to 19.43 yuan. Tianjin Faw Xiali Automobile Co hiked 10 percent to 7.73 yuan.
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