Index soars to six-month high
By Feng Jianmin |
October 26, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose to its highest level in six months yesterday led by gold miners and metal producers as speculation mounted that the US dollar may continue to weaken after a meeting between Group of 20 nations.
The benchmark Shanghai Composite Index rose 2.57 percent, or 76.38 points, to close at 3,051.42, the highest since April 16. Turnover increased to 251.7 billion yuan (US$19.1 billion) from last Friday's 205 billion yuan.
November delivery of CSI 300 stock index futures, which tracks 300 blue-chip stocks, climbed 4.26 percent to 3,606.
The Shenzhen Component Index, which tracks the smaller market on the Chinese mainland, reached a nine-month high by jumping 3.8 percent to 13,734 as smaller companies continued to surge after the government pledged to boost the development of technology and green sectors.
Investor sentiment received a shot in the arm after a meeting of finance ministers from the G20 nations in South Korea over the weekend vowed to avoid "competitive devaluation" in their currencies. However, no specific measures were settled and the US Federal Reserve may still allow the US dollar to weaken by printing more money to boost its economy. Fed policy makers are set to meet on November 2-3.
Gold bullion rebounded more than 1.5 percent to above US$1,345 per ounce in New York while copper futures for March delivery grew 2.3 percent in London after China's markets closed yesterday.
"The China stock market may continue to go up as inflation has not reached its peak. Cyclic industries such as coal and metal producers will benefit." said Chen Wenzhao, an analyst with China Merchants Securities. "In America, a high unemployment rate and a cool housing market may spur the US government to renew its stimulus plan in November."
Shandong Gold Mining Co climbed 6 percent to 63.95 yuan. Zhongjin Gold Co jumped 5.9 percent to 46.75 yuan. Zijin Mining Group Co also jumped 5.9 percent to close at 10.14 yuan.
Jiangxi Copper Co surged the daily limit of 10 percent to 48.74 yuan.
Yunnan Copper Co also climbed the 10 percent daily limit to 31.10 yuan. Aluminum Corp of China gained 4.4 percent to 12.86 yuan.
Also, advanced industrial material producers led gains in small caps after the industry was singled out as one of the main areas of development in the next Five-Year-Plan.
The benchmark Shanghai Composite Index rose 2.57 percent, or 76.38 points, to close at 3,051.42, the highest since April 16. Turnover increased to 251.7 billion yuan (US$19.1 billion) from last Friday's 205 billion yuan.
November delivery of CSI 300 stock index futures, which tracks 300 blue-chip stocks, climbed 4.26 percent to 3,606.
The Shenzhen Component Index, which tracks the smaller market on the Chinese mainland, reached a nine-month high by jumping 3.8 percent to 13,734 as smaller companies continued to surge after the government pledged to boost the development of technology and green sectors.
Investor sentiment received a shot in the arm after a meeting of finance ministers from the G20 nations in South Korea over the weekend vowed to avoid "competitive devaluation" in their currencies. However, no specific measures were settled and the US Federal Reserve may still allow the US dollar to weaken by printing more money to boost its economy. Fed policy makers are set to meet on November 2-3.
Gold bullion rebounded more than 1.5 percent to above US$1,345 per ounce in New York while copper futures for March delivery grew 2.3 percent in London after China's markets closed yesterday.
"The China stock market may continue to go up as inflation has not reached its peak. Cyclic industries such as coal and metal producers will benefit." said Chen Wenzhao, an analyst with China Merchants Securities. "In America, a high unemployment rate and a cool housing market may spur the US government to renew its stimulus plan in November."
Shandong Gold Mining Co climbed 6 percent to 63.95 yuan. Zhongjin Gold Co jumped 5.9 percent to 46.75 yuan. Zijin Mining Group Co also jumped 5.9 percent to close at 10.14 yuan.
Jiangxi Copper Co surged the daily limit of 10 percent to 48.74 yuan.
Yunnan Copper Co also climbed the 10 percent daily limit to 31.10 yuan. Aluminum Corp of China gained 4.4 percent to 12.86 yuan.
Also, advanced industrial material producers led gains in small caps after the industry was singled out as one of the main areas of development in the next Five-Year-Plan.
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