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Shanghai index hikes to a 6-month high
By Feng Jianmin |
October 25, 2010, Monday
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Online Edition
Online Edition
SHANGHAI'S key stock index rose to the highest in more than six months 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 2.57 percent, or 76.38 points, to close at 3,051. Turnover grew to 251.7 billion yuan (US$19.1 billion) from last Friday's 205 billion yuan.
The most recent delivery of China's stock futures based on the CSI 300, climbed 4.26 percent to 3606.
The Shenzhen Component Index, which tracks the smaller market in southern China, rebounded to a nine-month high by jumping 3.8 percent to 13,734 as smaller companies continued to surge after the government pledged to boost development of the technology and the green sector.
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. However, no specific measures were settled and the US Fed may still let the US dollar weaken by printing more money to boost economy.
Gold bullion price rebounded more than 1.5 percent to above US$1,345 per ounce on the New York market while copper futures for March delivery grew 2.3 percent on the London market.
Shandong Gold Mining Co climbed 6 percent to 63.95 yuan. Zhongjin Gold Co jumped 5.9 percent to 46.75 yuan. Zijin Mining Group Co similarly jumped 5.9 percent to 10.14 yuan.
Jiangxi Copper Co surged by the daily limit of 10 percent to 48.74 yuan. Yunnan Copper Co similarly rose 10 percent to 31.10 yuan. Aluminum Corp of China gained 4.4 percent to 12.86 yuan.
Advanced industrial material producers led the gains in small caps and growing enterprise market after the industry was singled out as one of the 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 4.5 percent to 51.99 yuan.
The benchmark Shanghai Composite Index rose 2.57 percent, or 76.38 points, to close at 3,051. Turnover grew to 251.7 billion yuan (US$19.1 billion) from last Friday's 205 billion yuan.
The most recent delivery of China's stock futures based on the CSI 300, climbed 4.26 percent to 3606.
The Shenzhen Component Index, which tracks the smaller market in southern China, rebounded to a nine-month high by jumping 3.8 percent to 13,734 as smaller companies continued to surge after the government pledged to boost development of the technology and the green sector.
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. However, no specific measures were settled and the US Fed may still let the US dollar weaken by printing more money to boost economy.
Gold bullion price rebounded more than 1.5 percent to above US$1,345 per ounce on the New York market while copper futures for March delivery grew 2.3 percent on the London market.
Shandong Gold Mining Co climbed 6 percent to 63.95 yuan. Zhongjin Gold Co jumped 5.9 percent to 46.75 yuan. Zijin Mining Group Co similarly jumped 5.9 percent to 10.14 yuan.
Jiangxi Copper Co surged by the daily limit of 10 percent to 48.74 yuan. Yunnan Copper Co similarly rose 10 percent to 31.10 yuan. Aluminum Corp of China gained 4.4 percent to 12.86 yuan.
Advanced industrial material producers led the gains in small caps and growing enterprise market after the industry was singled out as one of the 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 4.5 percent to 51.99 yuan.
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