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Oil, coal firms drive market higher in morning

SHANGHAI'S key stock index closed higher in the morning session supported by oil companies and coal producers.

The benchmark Shanghai Composite Index added 1.40 percent, or 46.67 points, to close at 3,375.16 points. Turnover was 99.7 billion yuan (US$14.6 billion). Losers outnumbered gainers 438 to 407 and 63 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.40 percent to close at 1,113.10 points.

PetroChina, the biggest index component, jumped 4.50 percent to 16.04 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, rose 1.89 percent to 14.05 yuan.

Datong Coal Industry Co Ltd rose 4.33 percent to 53.50 yuan. Shanxi Xishan Coal and Electricity Power Co Ltd jumped 3.39 percent to 40.87 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co Ltd rose 1.93 percent to 40.10 yuan. China Coal Energy Co Ltd jumped 7.45 percent to 16.54 yuan.

Metal producers showed mixed results. Aluminum Corporation of China Ltd, the country's biggest producer of the metal, was up 0.74 percent to 16.38 yuan. Jiangxi Copper Co dipped 0.04 percent to 45.71 yuan. Shandong Golden Mining Co lost 1.24 percent to 60.31 yuan. Zijin Mining Co was down 1.32 percent to 11.22 yuan.

Real estate developers were among the losers. China Vanke Co, the biggest listed domestic real estate developer, dipped 0.35 percent to 14.37 yuan. Gemdale Corporation lost 1.33 percent to 19.25 yuan. Poly Real Estate Group dropped 1.19 percent to 28.30 yuan. Shanghai Shimao Co Ltd was down 0.89 percent to 30.02 yuan.

Banks showed mixed results. Shanghai Pudong Development Bank dipped 0.59 percent to 25.40 yuan. China Construction Bank was down 0.49 percent to close at 6.09 yuan. Bank of Communications advanced 3.02 percent to 10.92 yuan. China Merchants Bank Co edged up 0.10 percent to 19.43 yuan.


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