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Market add another 1%

SHANGHAI'S key stock index rose more than 1 percent today on recovered corporate earnings.

The benchmark Shanghai Composite Index added 1.1 percent, or 32.66 points, to close at 2993.43 points. Turnover remained similar to Friday's at 138.83 billion yuan (US$20.42 billion).

Gainers outnumbered losers 711 to 138 and 21 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, gained 1.92 percent to close at 998.83 points.

Among the 1,105 companies (including eight new listed enterprises) that have released their interim reports, the aggregate net profits reached 287.5 billion yuan, down 2.27 percent from a year ago. However, the 1097 listed companies (excluding the eight new listed one) reported net earnings of 162 billion yuan in the second quarter, up 31.6 percent from the first quarter, showing clear signs of a recovery.

Copper producers advanced after copper futures jumped by daily cap in Shanghai. Jiangxi Copper Co, the nation's biggest producer of the metal, surged 6.89 percent to 39.43 yuan. Yunnan Copper Co soared 8.49 percent to 32.59 yuan.

Sinopec jumped 2.21 percent to 13.39 yuan after posting a 10-fold increase in second-quarter profit and expecting earnings to rise more than 50 percent for the first nine months.
PetroChina Co, the nation's largest oil producer and the biggest component index, added 1.65 percent to 14.2 yuan.


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