Key index extends gains on broad rally
By Lydia Chen |
October 26, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI shares yesterday extended their gains for a second day due to an across-the-board rally that drove the benchmark index to its biggest two-day rise since December.
The Shanghai Composite Index added 1.7 percent to close at 2,409.67 points, extending Monday's 2.3 percent gain. The two-day, 4 percent gain was the biggest since the period ended December 13.
All 74 sectors in the Shanghai market contributed to the rally, with commodity shares leading the gains after base metals extended the biggest rebound in three years ahead of Europe debt talks today.
"The rally is really a rebound following the hefty losses among commodity stocks in previous trading," said Wang Liemin, an analyst at Guosen Securities.
Jiangxi Copper Co, the nation's biggest producer of the metal, jumped 5.9 percent to 27.52 yuan, its biggest advance since March 7, after copper for three-month delivery on the London Metal Exchange advanced as much as 2.4 percent to US$7,820 a ton, the highest since September 22. Qinghai Jinrui Mineral Development Co surged by the daily cap of 10 percent to 18.60 yuan.
"The market rally, which has been strong for two days, may last longer than we expect," Wang added.
Positive earning reports also lifted some shares.
China Vanke Co, the country's largest developer by market value, reported on Monday that third-quarter profit rose 32 percent from a year earlier on sales that increased 66 percent. Vanke's profit jump eased concerns the slowing economy and tighter monetary policies will spur a collapse in earnings.
Shenzhen-listed Vanke rose 2.9 percent to 7.40 yuan yesterday, giving a boost to Shanghai-traded developers. Poly Real Estate, China's second-largest listed developer, added 4.6 percent to 9.28 yuan. Gemdale Corp advanced 5.7 percent to 4.83 yuan.
Meanwhile, the 1,014 Chinese mainland-listed companies that have released third-quarter earnings reports posted a 17.86 percent rise year on year in net profit, the China Securities Journal reported yesterday.
The Shanghai Composite Index added 1.7 percent to close at 2,409.67 points, extending Monday's 2.3 percent gain. The two-day, 4 percent gain was the biggest since the period ended December 13.
All 74 sectors in the Shanghai market contributed to the rally, with commodity shares leading the gains after base metals extended the biggest rebound in three years ahead of Europe debt talks today.
"The rally is really a rebound following the hefty losses among commodity stocks in previous trading," said Wang Liemin, an analyst at Guosen Securities.
Jiangxi Copper Co, the nation's biggest producer of the metal, jumped 5.9 percent to 27.52 yuan, its biggest advance since March 7, after copper for three-month delivery on the London Metal Exchange advanced as much as 2.4 percent to US$7,820 a ton, the highest since September 22. Qinghai Jinrui Mineral Development Co surged by the daily cap of 10 percent to 18.60 yuan.
"The market rally, which has been strong for two days, may last longer than we expect," Wang added.
Positive earning reports also lifted some shares.
China Vanke Co, the country's largest developer by market value, reported on Monday that third-quarter profit rose 32 percent from a year earlier on sales that increased 66 percent. Vanke's profit jump eased concerns the slowing economy and tighter monetary policies will spur a collapse in earnings.
Shenzhen-listed Vanke rose 2.9 percent to 7.40 yuan yesterday, giving a boost to Shanghai-traded developers. Poly Real Estate, China's second-largest listed developer, added 4.6 percent to 9.28 yuan. Gemdale Corp advanced 5.7 percent to 4.83 yuan.
Meanwhile, the 1,014 Chinese mainland-listed companies that have released third-quarter earnings reports posted a 17.86 percent rise year on year in net profit, the China Securities Journal reported yesterday.
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