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Index gains on hopes debt crisis may ease
By Feng Jianmin and Richard Fu |
November 30, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose the most in over two weeks on hopes that real concrete measures will be taken to resolve the eurozone debt crisis.
The Shanghai Composite Index rose 1.2 percent to 2,412.39 points, the biggest daily gain since November 14.
Investor sentiment improved on expectations that the debt crisis in the European Union, China's biggest trading partner, will start to ease. German Finance Minister Wolfgang Schaeuble urged that treaty changes to tighten budget discipline be fast-tracked, while guidelines that finance ministers will discuss this week indicate that Europe's rescue fund may insure bonds of debt-stricken countries with guarantees of 20 percent to 30 percent.
"The details of the rescue fund are boosting the global financial markets," said Xu Xiaoyu, an analyst with China Jianyin Investment Securities.
Metal producers gained again following a price rebound on Monday. Jiangxi Copper Co, the largest producer of the metal in China, rose 1.9 percent to 25.92 yuan (US$4.07).
Walter de Wet, head of commodity strategy at Standard Bank, predicted copper prices at near US$9,000 per ton in 2012, citing supply woes and shrinking inventory.
"We believe the (copper) market will be in deficit next year," he said in an interview in Shanghai yesterday. But he added copper is unlikely to exceed US$10,000 per ton because at that high price copper users will turn to alternatives.
Brokerages rose after Xinhua news agency said that foreign exchange and securities regulators have been promoting a program that will allow yuan funds in Hong Kong to invest in the mainland stock markets.
China Merchants Securities added 0.9 percent to 11.54 yuan. CITIC Securities Co, China's largest listed brokerage, gained 1.2 percent to close at 11.27 yuan.
The Shanghai Composite Index rose 1.2 percent to 2,412.39 points, the biggest daily gain since November 14.
Investor sentiment improved on expectations that the debt crisis in the European Union, China's biggest trading partner, will start to ease. German Finance Minister Wolfgang Schaeuble urged that treaty changes to tighten budget discipline be fast-tracked, while guidelines that finance ministers will discuss this week indicate that Europe's rescue fund may insure bonds of debt-stricken countries with guarantees of 20 percent to 30 percent.
"The details of the rescue fund are boosting the global financial markets," said Xu Xiaoyu, an analyst with China Jianyin Investment Securities.
Metal producers gained again following a price rebound on Monday. Jiangxi Copper Co, the largest producer of the metal in China, rose 1.9 percent to 25.92 yuan (US$4.07).
Walter de Wet, head of commodity strategy at Standard Bank, predicted copper prices at near US$9,000 per ton in 2012, citing supply woes and shrinking inventory.
"We believe the (copper) market will be in deficit next year," he said in an interview in Shanghai yesterday. But he added copper is unlikely to exceed US$10,000 per ton because at that high price copper users will turn to alternatives.
Brokerages rose after Xinhua news agency said that foreign exchange and securities regulators have been promoting a program that will allow yuan funds in Hong Kong to invest in the mainland stock markets.
China Merchants Securities added 0.9 percent to 11.54 yuan. CITIC Securities Co, China's largest listed brokerage, gained 1.2 percent to close at 11.27 yuan.
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