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Resources companies push morning market gains

SHANGHAI'S key stock index rose nearly 2 percent in the morning session supported by oil companies and coal producers.

The benchmark Shanghai Composite Index advanced 1.85 percent, or 59.48 points, to close at 3,272.69 points. Turnover was 100.3 billion yuan (US$14.7 billion). Gainers outnumbered losers 657 to 200 and 51 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.13 percent to close at 1,094.21 points.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, surged 7.32 percent to 13.05 yuan. PetroChina, the biggest index component, added 3.34 percent to 15.16 yuan.

Datong Coal Industry Co Ltd surged the daily limit of 10 percent to 50.00 yuan while Shanxi Xishan Coal and Electricity Power Co Ltd jumped 7.69 percent to 40.60 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co Ltd also jumped 10 percent to 38.80 yuan.

Metal producers showed mixed results. Aluminum Corporation of China Ltd, the country's biggest producer of the metal, rose 1.93 percent to 16.35 yuan.

Jiangxi Copper Co was up 1.34 percent to 44.71 yuan and Zijin Mining Co added 1.07 percent to 11.35 yuan. Shandong Golden Mining Co, however, dipped 0.75 percent to 61.02 yuan. .

Real estate developers were among the losers.

China Vanke Co, the biggest listed domestic real estate developer, lost 0.72 percent to 13.82 yuan and Gemdale Corporation was down 0.46 percent to 17.44 yuan.

Poly Real Estate Group dropped 1.19 percent to 28.30 yuan and Shanghai Shimao Co Ltd fell 2.14 percent to 17.35 yuan.

Among the banks, Shanghai Pudong Development Bank dipped 0.40 percent to 24.77 yuan and China Construction Bank was down 0.17 percent to close at 6.03 yuan.

Bank of Communications rose 1.12 percent to 10.03 yuan but China Merchants Bank Co dropped 0.59 percent to 18.46 yuan.


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