Index climbs to 4-month high
By Feng Jianmin and Ding Yining |
September 7, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose the most in a week to the highest level in nearly four months, led by blue chips and steel makers after positive United States job data eased worries over the US economic recovery.
The Shanghai Composite jumped 1.54 percent, or 40.86 points, to close at 2,696.25. Turnover grew to 160 billion yuan (US$23.5 billion) from last Friday's 146 billion yuan.
Metal producers lifted the index. Jiangxi Copper Co, the nation's biggest producer of the metal, advanced 2.89 percent to 32.00 yuan. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, grew 2 percent to 10.27 yuan and Tongling Nonferrous Metals Group Co added 0.8 percent to 17.62 yuan.
Private payrolls in the US expanded by 67,000 in August, which was more than initially estimated and gave hope that economic recovery was on track. President Barack Obama is also due to propose on Thursday a US$100 billion stimulus plan spread over the next decade.
Steel makers also gained on speculation that the price of iron ore, a key steelmaking ingredient, may fall by the end this year. Baoshan Iron & Steel Co surged 7.06 percent to 6.98 yuan, Angang Steel Co jumped 6.27 percent to 8.65 yuan and Beijing Shougang Co rose 1.57 percent to 4.52 yuan.
"Heavyweights including banks and properties are relatively undervalued and the index may climb above 2,700 points in the near future if these sectors recover their fair value soon," Du Liang, an analyst at Shanxi Securities, said.
Insurers and property developers grew after China approved insurers to invest as much as 10 percent of its total assets in non-residential property assets held by private-owned companies to cut investment risks.
China Life Insurance Co, the country's largest life insurer, added 2.84 percent to 22.81 yuan. China Pacific Insurance Co rose 3.36 percent to 23.96 yuan and Ping An Insurance Co climbed 4.48 percent to 51.06 yuan.
China Vanke rose 2.24 percent to 8.69 yuan. Gemdale Corp added 1.54 percent to 6.58 yuan and Shanghai Lujiazui Finance & Trade Zone Development Co grew 1.38 percent to close at 18.38 yuan.
The Shanghai Composite jumped 1.54 percent, or 40.86 points, to close at 2,696.25. Turnover grew to 160 billion yuan (US$23.5 billion) from last Friday's 146 billion yuan.
Metal producers lifted the index. Jiangxi Copper Co, the nation's biggest producer of the metal, advanced 2.89 percent to 32.00 yuan. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, grew 2 percent to 10.27 yuan and Tongling Nonferrous Metals Group Co added 0.8 percent to 17.62 yuan.
Private payrolls in the US expanded by 67,000 in August, which was more than initially estimated and gave hope that economic recovery was on track. President Barack Obama is also due to propose on Thursday a US$100 billion stimulus plan spread over the next decade.
Steel makers also gained on speculation that the price of iron ore, a key steelmaking ingredient, may fall by the end this year. Baoshan Iron & Steel Co surged 7.06 percent to 6.98 yuan, Angang Steel Co jumped 6.27 percent to 8.65 yuan and Beijing Shougang Co rose 1.57 percent to 4.52 yuan.
"Heavyweights including banks and properties are relatively undervalued and the index may climb above 2,700 points in the near future if these sectors recover their fair value soon," Du Liang, an analyst at Shanxi Securities, said.
Insurers and property developers grew after China approved insurers to invest as much as 10 percent of its total assets in non-residential property assets held by private-owned companies to cut investment risks.
China Life Insurance Co, the country's largest life insurer, added 2.84 percent to 22.81 yuan. China Pacific Insurance Co rose 3.36 percent to 23.96 yuan and Ping An Insurance Co climbed 4.48 percent to 51.06 yuan.
China Vanke rose 2.24 percent to 8.69 yuan. Gemdale Corp added 1.54 percent to 6.58 yuan and Shanghai Lujiazui Finance & Trade Zone Development Co grew 1.38 percent to close at 18.38 yuan.
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