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Metal and energy firms lead gainers in Shanghai
By Feng Jianmin |
October 11, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended its biggest gain in four months, led by resources firms on better outlook of economic recovery while the US dollar weakens.
The benchmark Shanghai Composite Index rose 2.44 percent, or 66.87 points, to close at 2,805.61 points. Turnover surged to 153 billion yuan (US$22.9 billion) from last Friday morning's 96.9 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, also increased 2.44 percent to 12,202.14.
Metal producers extended previous gains on speculation that the US stimulus plan may dent dollar and drive up commodity prices. Jiangxi Copper Co, the nation's biggest producer of the metal, jumped 9.64 percent to 37.53 yuan. Yunnan Copper Co similarly hiked 7.06 percent to 26.25 yuan. China Aluminum Corp grew 2.92 percent to 11.65 yuan.
Energy firms led the gainers on news that graduated tariffs for residential-use power may be introduced next month, improving profit outlook. Shanxi Guoyang New Energy Co surged by daily limit of 10 percent to 19.09 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 6.71 percent to 27.53 yuan. China Coal Energy Co added 7.24 percent to 11.55 yuan.
Brokers rebounded as transaction rose on positive market performance. GF Securities Co jumped by daily limit of 10 percent to 37.33 yuan. Citic Securities, the country's largest brokerage, hiked 9.21 percent to 12.33 yuan. Haitong Securities grew 7.57 percent to 10.23 yuan.
The benchmark Shanghai Composite Index rose 2.44 percent, or 66.87 points, to close at 2,805.61 points. Turnover surged to 153 billion yuan (US$22.9 billion) from last Friday morning's 96.9 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, also increased 2.44 percent to 12,202.14.
Metal producers extended previous gains on speculation that the US stimulus plan may dent dollar and drive up commodity prices. Jiangxi Copper Co, the nation's biggest producer of the metal, jumped 9.64 percent to 37.53 yuan. Yunnan Copper Co similarly hiked 7.06 percent to 26.25 yuan. China Aluminum Corp grew 2.92 percent to 11.65 yuan.
Energy firms led the gainers on news that graduated tariffs for residential-use power may be introduced next month, improving profit outlook. Shanxi Guoyang New Energy Co surged by daily limit of 10 percent to 19.09 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 6.71 percent to 27.53 yuan. China Coal Energy Co added 7.24 percent to 11.55 yuan.
Brokers rebounded as transaction rose on positive market performance. GF Securities Co jumped by daily limit of 10 percent to 37.33 yuan. Citic Securities, the country's largest brokerage, hiked 9.21 percent to 12.33 yuan. Haitong Securities grew 7.57 percent to 10.23 yuan.
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