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Shanghai index near 3,000 on stronger coal and oil firms
By Lydia Chen |
March 7, 2011, Monday
|
Online Edition
Online Edition
SHARES in Shanghai rallied to the highest point in more than three months today with the benchmark index almost reaching the 3,000-point mark on strength of rising big caps, including coal producers and oil makers.
The Shanghai Composite Index gained 1.83 percent to 2,996.21, the highest since November 15. Turnover surged to 207.91 billion yuan (US$ 31.66 billion) from Friday's 146.1 billion yuan.
Coal and oil producers paced the increase among all the shares thanks to surging oil price amid worsening unrest in Libya and the Middle East.
A gauge of coal companies in the CSI 300 surged jumped 8 percent today, the most among all the sectors in Shanghai. Eight coal mining shares gained the daily cap of 10 percent today.
China Coal Energy Co, China Shenhua Energy Co and Yanzhou Coal Mining all hiked 10 percent and were the top three strongest performers.
China Shenhua obtained approval from the country's top economic planning body to start a new coal field project in Inner Mongolia where the company has found at least 13 billion tons of coal.
PetroChina, one of the biggest market heavyweights, was also buoyed by the surging oil price. The biggest Chinese oil producer gained 2.63 percent to 12.10 yuan.
Oil surged to the highest in 29 months in New York as unrest in Libya renewed concerns supply disruptions may spread. Crude for April delivery increased as much as US$1.50 to US$105.92 a barrel in electronic trading on the New York Mercantile Exchange, the highest intraday price since September 29, 2008.
The futures rose nearly 7 percent last week.
Zhou Xuesong, an analyst with Sealand Securities, suggested investors should now shift their attention on big caps which are most likely to benefit from positive policies from the ongoing parliament meeting.
He regarded consumption shares to be the next focus of the market as authorities have made it clear that increasing people's incomes is a focus the government pledges to work on in the next five years.
The Shanghai Composite Index gained 1.83 percent to 2,996.21, the highest since November 15. Turnover surged to 207.91 billion yuan (US$ 31.66 billion) from Friday's 146.1 billion yuan.
Coal and oil producers paced the increase among all the shares thanks to surging oil price amid worsening unrest in Libya and the Middle East.
A gauge of coal companies in the CSI 300 surged jumped 8 percent today, the most among all the sectors in Shanghai. Eight coal mining shares gained the daily cap of 10 percent today.
China Coal Energy Co, China Shenhua Energy Co and Yanzhou Coal Mining all hiked 10 percent and were the top three strongest performers.
China Shenhua obtained approval from the country's top economic planning body to start a new coal field project in Inner Mongolia where the company has found at least 13 billion tons of coal.
PetroChina, one of the biggest market heavyweights, was also buoyed by the surging oil price. The biggest Chinese oil producer gained 2.63 percent to 12.10 yuan.
Oil surged to the highest in 29 months in New York as unrest in Libya renewed concerns supply disruptions may spread. Crude for April delivery increased as much as US$1.50 to US$105.92 a barrel in electronic trading on the New York Mercantile Exchange, the highest intraday price since September 29, 2008.
The futures rose nearly 7 percent last week.
Zhou Xuesong, an analyst with Sealand Securities, suggested investors should now shift their attention on big caps which are most likely to benefit from positive policies from the ongoing parliament meeting.
He regarded consumption shares to be the next focus of the market as authorities have made it clear that increasing people's incomes is a focus the government pledges to work on in the next five years.
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