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Metal firms lift Shanghai index in the morning
By Feng Jianmin |
October 25, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session amid modest gains in the neighboring markets. Gold miners and metal producers grew on speculation that the US dollar may continue to weaken after the meeting of Group of 20 nations.
The benchmark Shanghai Composite Index rose 1.3 percent, or 39 points, to close at 3,014. Turnover grew to 127.1 billion yuan (US$19.1 billion) from last Friday morning's 104.8billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, jumped 2.55 percent to 13,562.
Sentiment received a boost after a meeting of finance ministers from the G-20 nations in South Korea over the weekend vowed to avoid "competitive devaluation" of their currencies, but without settling down any specific measures.
Hong Kong's Hang Seng Index grew 0.9 percent and Singapore's Strait Times Index added 0.52 percent, while Japan's Nikkei Average dipped 0.3 percent.
Gold bullion price rebounded more than 1 percent to nearly US$1,340 per ounce on the New York market while copper futures for March delivery grew 1.8 percent on the London market.
Shandong Gold Mining Co rose 1.23 percent to 61.10 yuan. Zhongjin Gold Co grew 2 percent to 45 yuan. Zijin Mining Group Co increased 1.3 percent to 10.14 yuan.
Jiangxi Copper Co advanced 2.5 percent to 45.40 yuan. Yunnan Copper Co increased 2.4 percent to 28.94 yuan. Aluminum Corp of China rose 2.7 percent to 12.65 yuan.
Advanced industrial material producers led the gains in small caps and growing enterprise market after they were singled out as main areas of development in the next Five-Year-Plan. Beijing Zhongke Sanhuan High-Tech Co surged by the daily limit of 10 percent for the second consecutive day to 23.96 yuan. Henan Xindaxin Materials Co jumped 3.9 percent to 51.68 yuan.
The benchmark Shanghai Composite Index rose 1.3 percent, or 39 points, to close at 3,014. Turnover grew to 127.1 billion yuan (US$19.1 billion) from last Friday morning's 104.8billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, jumped 2.55 percent to 13,562.
Sentiment received a boost after a meeting of finance ministers from the G-20 nations in South Korea over the weekend vowed to avoid "competitive devaluation" of their currencies, but without settling down any specific measures.
Hong Kong's Hang Seng Index grew 0.9 percent and Singapore's Strait Times Index added 0.52 percent, while Japan's Nikkei Average dipped 0.3 percent.
Gold bullion price rebounded more than 1 percent to nearly US$1,340 per ounce on the New York market while copper futures for March delivery grew 1.8 percent on the London market.
Shandong Gold Mining Co rose 1.23 percent to 61.10 yuan. Zhongjin Gold Co grew 2 percent to 45 yuan. Zijin Mining Group Co increased 1.3 percent to 10.14 yuan.
Jiangxi Copper Co advanced 2.5 percent to 45.40 yuan. Yunnan Copper Co increased 2.4 percent to 28.94 yuan. Aluminum Corp of China rose 2.7 percent to 12.65 yuan.
Advanced industrial material producers led the gains in small caps and growing enterprise market after they were singled out as main areas of development in the next Five-Year-Plan. Beijing Zhongke Sanhuan High-Tech Co surged by the daily limit of 10 percent for the second consecutive day to 23.96 yuan. Henan Xindaxin Materials Co jumped 3.9 percent to 51.68 yuan.
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