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August 1, 2009

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Home » Business » Finance

Key index soars nearly 3% to biggest monthly gain in 2 years

SHANGHAI'S key stock index rose nearly 3 percent yesterday, sending the barometer to its biggest monthly gain in nearly two years.

The Shanghai Composite Index added 2.72 percent, or 90.5 points, to close at 3,412.06, capping a 15.3 percent monthly gain -- its biggest since August 2007. The market attributed the increase to the central government's stimulus measures, surging bank loans and optimism over an economic recovery.

Turnover rose slightly to 223.9 billion yuan (US$32.93 billion) from 219.8 billion yuan on Thursday.

Metal producers led the gains as increases in commodity prices boosted expectations of better corporate earnings.

Aluminum Corp of China, the nation's biggest maker of the lightweight metal, surged 8.15 percent to 19.64 yuan while Yunnan Copper and Jiangxi Copper both jumped by the 10 percent daily cap to 35.51 yuan and 48.04 yuan respectively. Yunnan Chihong Zinc and Germanium Co also surged 10 percent to 29.82 yuan.

Datang International Power Generation Co, a unit of China's second-biggest electricity producer, surged by the 10 percent daily limit to 10.47 yuan after saying first-half profit is likely to jump more than 50 percent from a year earlier.

Power equipment makers also advanced. Huadian Power International Corp soared 10 percent to 6.24 yuan. Shanghai Electric Power Co advanced 7.51 percent to 6.30 yuan. Huaneng Power International Inc, the listed unit of China's largest power group, gained 4.59 percent to 9.11 yuan.

Brokerage shares rose as China Everbright Securities prepared to set the price range for its pending initial public offering in Shanghai. CITIC Securities Co, the biggest listed brokerage, climbed 2.87 percent to end at 38.03 yuan.


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