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Gold stocks help Shanghai index end higher
By Ye Zhen |
September 19, 2012, Wednesday
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Online Edition
Online Edition
SHANGHAI shares inched up today, led by gold stocks, after the Japanese central bank joined the US Federal Reserve to buy assets in a bid to spur the country's flagging economy.
The benchmark Shanghai Composite Index gained 0.4 percent, or 8.29 points, to 2,067.83 points. Turnover was 43.6 billion yuan (US$6.9 billion) at the trading close.
The Bank of Japan will expand size of its asset purchases by 10 trillion yen (US$126.7 billion) to 80 trillion yen and also extend its purchase program by six months to the end of 2013, the bank announced today after a two-day board meeting.
Gold price surged and erased early losses amid speculations that the move by the Bank of Japan following the US Federal Reserve's QE3 will further boost its demand. Gold price jumped to US$1,799.1 per ounce at 14:56, the highest since February 29.
Gold stocks traded in Shanghai jumped. Zijin Mining Group Co, the nation's largest gold producer, increased 4.9 percent to 4.08 yuan. Shandong Gold Mining Co leaped 6.7 percent to 41.58 yuan. Zhongjin Gold Corp surged 8.5 percent to 17.79 yuan.
Brokerages advanced as the government is rolling out measures to reform the country's equity market. CITIC Securities, the biggest listed brokerage, edged up 1 percent to 10.93 yuan. Guangfa Securities added 2.2 percent to 12.31 yuan. Sinolink Securities Co rose 4.6 percent to 12.75 yuan.
The Ministry of Science and Technology unveiled plans today aimed at raising the market value of location services providers to over 100 billion yuan, establishing two pilot districts each with more than 1 million broadband users, and nurturing a cluster of cloud computing companies.
Technology firms rose in anticipation of more investment in the sector to achieve the targets. Datang Telecom Technology Co climbed 1.7 percent to 9.52 yuan. Routon Electronic Co jumped by the daily limit of 10 percent to 4.73 yuan.
The benchmark Shanghai Composite Index gained 0.4 percent, or 8.29 points, to 2,067.83 points. Turnover was 43.6 billion yuan (US$6.9 billion) at the trading close.
The Bank of Japan will expand size of its asset purchases by 10 trillion yen (US$126.7 billion) to 80 trillion yen and also extend its purchase program by six months to the end of 2013, the bank announced today after a two-day board meeting.
Gold price surged and erased early losses amid speculations that the move by the Bank of Japan following the US Federal Reserve's QE3 will further boost its demand. Gold price jumped to US$1,799.1 per ounce at 14:56, the highest since February 29.
Gold stocks traded in Shanghai jumped. Zijin Mining Group Co, the nation's largest gold producer, increased 4.9 percent to 4.08 yuan. Shandong Gold Mining Co leaped 6.7 percent to 41.58 yuan. Zhongjin Gold Corp surged 8.5 percent to 17.79 yuan.
Brokerages advanced as the government is rolling out measures to reform the country's equity market. CITIC Securities, the biggest listed brokerage, edged up 1 percent to 10.93 yuan. Guangfa Securities added 2.2 percent to 12.31 yuan. Sinolink Securities Co rose 4.6 percent to 12.75 yuan.
The Ministry of Science and Technology unveiled plans today aimed at raising the market value of location services providers to over 100 billion yuan, establishing two pilot districts each with more than 1 million broadband users, and nurturing a cluster of cloud computing companies.
Technology firms rose in anticipation of more investment in the sector to achieve the targets. Datang Telecom Technology Co climbed 1.7 percent to 9.52 yuan. Routon Electronic Co jumped by the daily limit of 10 percent to 4.73 yuan.
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