Japan's market boosts local key index
By Feng Jianmin |
March 17, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rose the most in more than one week, led by metal producers and coal miners, following a robust performance by Japan's share market.
The Shanghai Composite Index added 1.2 percent to 2,930.8.
Japan's benchmark Nikkei 225 rose 5.7 percent to 9,094 after the Bank of Japan yesterday injected more money to stabilize its financial system.
"Market sentiment improved after Japan's stocks rebounded, and investors sought out Chinese resource shares," said Zhang Gang, an analyst at Central China Securities.
Metal producers gained after copper and aluminum prices climbed more than 2 percent in London.
Jiangxi Copper Co, China's largest producer of the metal, rose 3.3 percent to 40.24 yuan. Aluminium Corp of China jumped by the daily limit of 10 percent to 11.48 yuan.
Coal miners rose on talk demand for coal will boom as an alternative energy to oil and nuclear power.
"Rapid economic growth in China boosts energy demand, and the tight supply favors the supplier's market," said Hu Wei, an analyst at BOCOM International. "As an alternative energy, coal prices could move higher alongside high oil prices."
China Shenhua Energy Co, the nation's largest coal firm, rose 4.5 percent to 27.88 yuan. China Coal Energy Co added 2.7 percent to 11.16 yuan.
Wind and solar energy companies may also rebound to take advantage of concerns over nuclear safety, according to Zhang.
The Shanghai Composite Index added 1.2 percent to 2,930.8.
Japan's benchmark Nikkei 225 rose 5.7 percent to 9,094 after the Bank of Japan yesterday injected more money to stabilize its financial system.
"Market sentiment improved after Japan's stocks rebounded, and investors sought out Chinese resource shares," said Zhang Gang, an analyst at Central China Securities.
Metal producers gained after copper and aluminum prices climbed more than 2 percent in London.
Jiangxi Copper Co, China's largest producer of the metal, rose 3.3 percent to 40.24 yuan. Aluminium Corp of China jumped by the daily limit of 10 percent to 11.48 yuan.
Coal miners rose on talk demand for coal will boom as an alternative energy to oil and nuclear power.
"Rapid economic growth in China boosts energy demand, and the tight supply favors the supplier's market," said Hu Wei, an analyst at BOCOM International. "As an alternative energy, coal prices could move higher alongside high oil prices."
China Shenhua Energy Co, the nation's largest coal firm, rose 4.5 percent to 27.88 yuan. China Coal Energy Co added 2.7 percent to 11.16 yuan.
Wind and solar energy companies may also rebound to take advantage of concerns over nuclear safety, according to Zhang.
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