Index rises 2.1% to end over 2,700
Source: Shanghai Daily |
May 14, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S stock market ended with the biggest percentage gain in more than six weeks to above 2,700 points amid a rebound by banks and coal producers as well as a strong performance by metal producers after gold prices surged.
The Shanghai Composite Index rose 2.06 percent, or 54.79 points, to close at 2,710.51. Turnover was 90.7 billion yuan (US$13.3 billion).
Lest investors get carried away with yesterday's strong rebound, Xu Yinhui, an analyst at Guotai Jun'an Securities, cautioned that the "rebound is just technical and a large rebound to over 2,800 points is not likely in the near future."
The Bank of Communications rose 2.95 percent to 6.97 yuan and Shanghai Pudong Development Bank jumped 2.71 percent to 19.71 yuan.
Metal producers rallied after gold prices surged to US$1,243.10 an ounce in New York yesterday as concerns increased that the eurozone debt crisis could spread despite the 750 billion euro (US$1 trillion) bailout package announced on Monday by the eurozone countries and the International Monetary Fund.
Jiangxi Copper added 2.96 percent to 30.99 yuan, Yunnan Copper jumped 3.14 percent to 22.34 yuan and Shandong Gold Mining Co edged up 0.71 percent to finish at 79.26 yuan.
Coal producers also rebounded, with Pingdingshan Tianan Coal Mining Co soaring 5.12 percent to 21.98 yuan and Sdic Xinji Energy Co Ltd surging 7.08 percent to 12.70 yuan. Shanghai Datun Energy Resources Co jumped 5.42 percent to close at 20.60 yuan.
The Shanghai Composite Index rose 2.06 percent, or 54.79 points, to close at 2,710.51. Turnover was 90.7 billion yuan (US$13.3 billion).
Lest investors get carried away with yesterday's strong rebound, Xu Yinhui, an analyst at Guotai Jun'an Securities, cautioned that the "rebound is just technical and a large rebound to over 2,800 points is not likely in the near future."
The Bank of Communications rose 2.95 percent to 6.97 yuan and Shanghai Pudong Development Bank jumped 2.71 percent to 19.71 yuan.
Metal producers rallied after gold prices surged to US$1,243.10 an ounce in New York yesterday as concerns increased that the eurozone debt crisis could spread despite the 750 billion euro (US$1 trillion) bailout package announced on Monday by the eurozone countries and the International Monetary Fund.
Jiangxi Copper added 2.96 percent to 30.99 yuan, Yunnan Copper jumped 3.14 percent to 22.34 yuan and Shandong Gold Mining Co edged up 0.71 percent to finish at 79.26 yuan.
Coal producers also rebounded, with Pingdingshan Tianan Coal Mining Co soaring 5.12 percent to 21.98 yuan and Sdic Xinji Energy Co Ltd surging 7.08 percent to 12.70 yuan. Shanghai Datun Energy Resources Co jumped 5.42 percent to close at 20.60 yuan.
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