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Shanghai index hit a 4-month high with record turnover
By Feng Jianmin |
October 11, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended its biggest gain in four months while turnover hit a record high this year, as investors remain positive about the outlook of economic recovery while the US dollar weakens.
The benchmark Shanghai Composite Index rose 2.49 percent, or 68.2 points, to close at 2,806.94 points. Turnover surged to 253 billion yuan (US$37.9 billion) from last Friday's 167 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, also increased 2.74 percent to 12,237.65.
"Market confidence has been boosted as the index grew above 2,800 points," a research note by GF Securities said. "Recent gain in commodity prices was mainly due to high inflation catalyzed by low interest rates of Japan and the stimulus plan of the United States."
The note cautioned against short-term risks as a possible currency war may add to the uncertainty and difficulty of global economic recovery.
Metal producers extended previous gains. Jiangxi Copper Co, the nation's biggest producer of the metal, jumped 9.64 percent to 37.53 yuan. Yunnan Copper Co climbed 4.73 percent to 25.68 yuan. China Aluminum Corp grew 1.77 percent to 11.52 yuan.
Energy firms led the gainers on news that graduated tariffs for residential-use power may be introduced as quickly as 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 6.32 percent to 27.43 yuan. China Coal Energy Co added 6.59 percent to 11.48 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, also hiked 10 percent to 12.42 yuan. Haitong Securities grew 9 percent to 10.37 yuan.
The benchmark Shanghai Composite Index rose 2.49 percent, or 68.2 points, to close at 2,806.94 points. Turnover surged to 253 billion yuan (US$37.9 billion) from last Friday's 167 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, also increased 2.74 percent to 12,237.65.
"Market confidence has been boosted as the index grew above 2,800 points," a research note by GF Securities said. "Recent gain in commodity prices was mainly due to high inflation catalyzed by low interest rates of Japan and the stimulus plan of the United States."
The note cautioned against short-term risks as a possible currency war may add to the uncertainty and difficulty of global economic recovery.
Metal producers extended previous gains. Jiangxi Copper Co, the nation's biggest producer of the metal, jumped 9.64 percent to 37.53 yuan. Yunnan Copper Co climbed 4.73 percent to 25.68 yuan. China Aluminum Corp grew 1.77 percent to 11.52 yuan.
Energy firms led the gainers on news that graduated tariffs for residential-use power may be introduced as quickly as 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 6.32 percent to 27.43 yuan. China Coal Energy Co added 6.59 percent to 11.48 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, also hiked 10 percent to 12.42 yuan. Haitong Securities grew 9 percent to 10.37 yuan.
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