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Wan LixinOpinion deputy editor of Shanghai Daily
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Key barometer ends at 13-month high
By Joyce Pan |
July 18, 2009, Saturday
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Print Edition
Print Edition
SHANGHAI'S key stock index rose to a 13-month closing high yesterday, led by metal and coal firms on gains in commodity prices.
The Shanghai Composite Index added 0.19 percent, or 6 points, to close at 3,189.74, posting a 2.4 percent weekly gain. Turnover shrank to 186.63 billion yuan (US$27.45 billion) from 218.41 billion yuan on Thursday.
The market fell at the mid-day break as real estate developers and financial shares performed weakly. But strong rallies in shares of metal firms and coal producers lifted the market in the afternoon.
"Despite the increasing technical pressure, the barometer is expected to keep moving up with abundant liquidity and clear signs of an economic recovery," said Kang Hongtao, an analyst at Guoyuan Securities Co.
The benchmark index gained an accumulative 2.4 percent this week amid an upbeat sentiment on encouraging signs of economic recovery.
Commodity producers led the gains after prices increased on rising demand. Aluminum Corp of China surged by the 10 percent daily cap to 15.06 yuan while Jiangxi Copper Co soared 7.17 percent to 39.91 yuan. Western Mining Co jumped 8.02 percent to 17.24 yuan and Minmetals Development Co gained 10 percent to 21.62 yuan.
China Shenhua Energy Co, Asia's largest coal producer, rose 4.06 percent to 34.33 yuan, Yanzhou Coal Mining Co jumped 10 percent to 18.21 yuan and Pingdingshan Tian'an Coal Mining Co climbed 7.77 percent to 37.47 yuan. Datong Coal Industry Co gained 4.28 percent to 42.84 yuan.
Poly Real Estate Group Co, China's second-largest developer by market value, lost 1.25 percent to 29.21 yuan. Shanghai-based Shimao Property Co lost 1.23 percent to 17.67 yuan.
The Shanghai Composite Index added 0.19 percent, or 6 points, to close at 3,189.74, posting a 2.4 percent weekly gain. Turnover shrank to 186.63 billion yuan (US$27.45 billion) from 218.41 billion yuan on Thursday.
The market fell at the mid-day break as real estate developers and financial shares performed weakly. But strong rallies in shares of metal firms and coal producers lifted the market in the afternoon.
"Despite the increasing technical pressure, the barometer is expected to keep moving up with abundant liquidity and clear signs of an economic recovery," said Kang Hongtao, an analyst at Guoyuan Securities Co.
The benchmark index gained an accumulative 2.4 percent this week amid an upbeat sentiment on encouraging signs of economic recovery.
Commodity producers led the gains after prices increased on rising demand. Aluminum Corp of China surged by the 10 percent daily cap to 15.06 yuan while Jiangxi Copper Co soared 7.17 percent to 39.91 yuan. Western Mining Co jumped 8.02 percent to 17.24 yuan and Minmetals Development Co gained 10 percent to 21.62 yuan.
China Shenhua Energy Co, Asia's largest coal producer, rose 4.06 percent to 34.33 yuan, Yanzhou Coal Mining Co jumped 10 percent to 18.21 yuan and Pingdingshan Tian'an Coal Mining Co climbed 7.77 percent to 37.47 yuan. Datong Coal Industry Co gained 4.28 percent to 42.84 yuan.
Poly Real Estate Group Co, China's second-largest developer by market value, lost 1.25 percent to 29.21 yuan. Shanghai-based Shimao Property Co lost 1.23 percent to 17.67 yuan.
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