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Shanghai index jumps to a 5-month high
By Feng Jianmin |
October 12, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index extended previous gains to close at the highest since May 5, as oil and car producers advanced while banks went flat on concerns about central government's tightening measures.
The benchmark Shanghai Composite Index rose 1.23 percent, or 34.47 points, to close at 2,841.41 points. Turnover fell to 211.8 billion yuan (US$31.8 billion) from yesterday's 253 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, also increased 1.11 percent to 12,375.89.
Car producers led the gainers as the China Association of Automobile Manufactures estimated that car sales this year will hit 17 million, and after the Ministry of Industry and Information Technology yesterday raised entrance threshold for the tire industry to regulate production.
SAIC Motor Co, China's largest car maker jumped by daily limit of 9.98 percent to 18.95 yuan after reporting to have sold 324,800 cars in September, 23.3 percent higher from last year. FAW Car Co climbed 5.05 percent to 20.80 yuan. Guizhou Tyre Co jumped by daily limit of 10 percent to 13.74 yuan.
Oil producers drove up the index on speculation that domestic oil prices may rise tracking gains of global oil prices. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, grew 3.92 percent to 9.02 yuan. PetroChina, the biggest index component, advanced 3.43 percent to 11.15 yuan.
Banks were flat after China's central bank yesterday raised reserve requirements for six large commercial banks on a temporary basis, to drain cash from the economy but avoid over-tightening.
Industry experts expected that the act may freeze liquidity of 280 billion yuan to 300 billion yuan.
Agricultural Bank of China fell 0.74 percent to 2.68 yuan. Industrial and Commercial Bank of China lost 0.24 percent to 4.19 yuan. Bank of China was unchanged at 3.42 yuan.
Gold miners and non-ferrous metal producers extended previous gains despite that commodity prices dipped yesterday. Zijin Gold Mining Group hiked by a daily limit of 10 percent to 9.47 yuan. Jiangxi Copper Co jumped 6.08 percent to 39.94 yuan. Aluminum Corp. of China, the nation's biggest maker of the lightweight metal increased 5.3 percent to 12.13 yuan.
The benchmark Shanghai Composite Index rose 1.23 percent, or 34.47 points, to close at 2,841.41 points. Turnover fell to 211.8 billion yuan (US$31.8 billion) from yesterday's 253 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, also increased 1.11 percent to 12,375.89.
Car producers led the gainers as the China Association of Automobile Manufactures estimated that car sales this year will hit 17 million, and after the Ministry of Industry and Information Technology yesterday raised entrance threshold for the tire industry to regulate production.
SAIC Motor Co, China's largest car maker jumped by daily limit of 9.98 percent to 18.95 yuan after reporting to have sold 324,800 cars in September, 23.3 percent higher from last year. FAW Car Co climbed 5.05 percent to 20.80 yuan. Guizhou Tyre Co jumped by daily limit of 10 percent to 13.74 yuan.
Oil producers drove up the index on speculation that domestic oil prices may rise tracking gains of global oil prices. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, grew 3.92 percent to 9.02 yuan. PetroChina, the biggest index component, advanced 3.43 percent to 11.15 yuan.
Banks were flat after China's central bank yesterday raised reserve requirements for six large commercial banks on a temporary basis, to drain cash from the economy but avoid over-tightening.
Industry experts expected that the act may freeze liquidity of 280 billion yuan to 300 billion yuan.
Agricultural Bank of China fell 0.74 percent to 2.68 yuan. Industrial and Commercial Bank of China lost 0.24 percent to 4.19 yuan. Bank of China was unchanged at 3.42 yuan.
Gold miners and non-ferrous metal producers extended previous gains despite that commodity prices dipped yesterday. Zijin Gold Mining Group hiked by a daily limit of 10 percent to 9.47 yuan. Jiangxi Copper Co jumped 6.08 percent to 39.94 yuan. Aluminum Corp. of China, the nation's biggest maker of the lightweight metal increased 5.3 percent to 12.13 yuan.
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