Index posts 6 weeks of increases
By Ding Yining |
01:31 UTC+8 November 6, 2010
|
Print Edition
Print Edition
SHANGHAI'S benchmark stock index yesterday rose to above 3,100 points, completing a sixth weekly gain, led by strong gold producers and property developers.
The Shanghai Composite Index added 1.38 percent, or 42.56 points, to close at 3,129.5. Turnover was 212 billion yuan (US$32 billion).
The gauge advanced a collective 5.1 percent this week. Its six-week winning streak is the longest since July last year.
Commodity shares rallied as gold prices surged to a record US$1,393.40 an ounce on Thursday after the United States Federal Reserve said it will buy an extra US$600 billion of bonds to boost growth in the fragile American economy.
Zijin Mining rallied 4.46 percent to 10.31 yuan, and Shandong Gold Mining Co jumped 3.96 percent to 64.10 yuan.
"The liquidity is abundant globally, and the Chinese equity market will also benefit from that," said Yu Junwei, analyst at Shiji Investment. "Consumer-related shares will have better performance in the next few months."
Property stocks also lifted the index. Shanghai Lujiazui Finance and Trade Zone Development Co surged by the daily limit of 10 percent to 21.66 yuan after reports said Walt Disney Co yesterday signed a contract with state-owned Shanghai Shendi Group Co to build the first Disneyland amusement park on Chinese mainland. Shanghai AJ Corp added 3.79 percent to 10.68 yuan. Shanghai Jielong Industry Group Co jumped 3.42 percent to 15.43 yuan.
Domestic brokerages saw an earnings boom in October after the key stock index rose 12.17 percent last month. The gauge has rebounded 32 percent from this year's low on July 5 amid investor confidence in the recovering domestic economy.
Citic Securities, China's largest brokerage by market value, said net income was 517 million yuan last month, a 118 percent surge from September's. The brokerage gained 0.87 percent to 16.26 yuan.
The Shanghai Composite Index added 1.38 percent, or 42.56 points, to close at 3,129.5. Turnover was 212 billion yuan (US$32 billion).
The gauge advanced a collective 5.1 percent this week. Its six-week winning streak is the longest since July last year.
Commodity shares rallied as gold prices surged to a record US$1,393.40 an ounce on Thursday after the United States Federal Reserve said it will buy an extra US$600 billion of bonds to boost growth in the fragile American economy.
Zijin Mining rallied 4.46 percent to 10.31 yuan, and Shandong Gold Mining Co jumped 3.96 percent to 64.10 yuan.
"The liquidity is abundant globally, and the Chinese equity market will also benefit from that," said Yu Junwei, analyst at Shiji Investment. "Consumer-related shares will have better performance in the next few months."
Property stocks also lifted the index. Shanghai Lujiazui Finance and Trade Zone Development Co surged by the daily limit of 10 percent to 21.66 yuan after reports said Walt Disney Co yesterday signed a contract with state-owned Shanghai Shendi Group Co to build the first Disneyland amusement park on Chinese mainland. Shanghai AJ Corp added 3.79 percent to 10.68 yuan. Shanghai Jielong Industry Group Co jumped 3.42 percent to 15.43 yuan.
Domestic brokerages saw an earnings boom in October after the key stock index rose 12.17 percent last month. The gauge has rebounded 32 percent from this year's low on July 5 amid investor confidence in the recovering domestic economy.
Citic Securities, China's largest brokerage by market value, said net income was 517 million yuan last month, a 118 percent surge from September's. The brokerage gained 0.87 percent to 16.26 yuan.
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