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Shanghai index rise on stronger PMI
By Feng Jianmin |
November 1, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index grew for the first time in five days decline on stronger-than-expected industrial expansion in October.
The benchmark Shanghai Composite Index rose 1.9 percent, or 56.7 points, to close at 3,035.5 points. Turnover grew to 137.6 billion yuan (US$ 20.6) from last Friday morning's 107 billion yuan.
The Shenzhen Component Index added 2.25 percent to 13,668.54 points.
China's official purchasing managers' index for manufacturing rose to a six-month high of 54.7 in October from 53.8 in September, said the China Federation of Logistics and Purchasing today. A reading above 50 indicates industrial expansion.
Coal miners led the gainers on speculation that stronger production will boost demand. Datong Coal Industry Co jumped 6.2 percent to 26.85 yuan. China Shenhua Energy Co, China's largest coal producer, grew 3.4 percent to 29.58 yuan. Yanzhou Coal Mining Co climbed 8 percent to 31.73 yuan.
Metal producers gained after copper and aluminum prices both grow more than 1.2 percent on the London Market. Jiangxi Copper Co, China's largest producer of the metal, rose 4 percent to 45.48 yuan. Aluminum Corp of China went up 1.7 percent to 13.09 yuan. Tongling Nonferrous Metal Group Co jumped 5.4 percent to 28.04 yuan.
Property developers were mixed. China Vanke Co added 1.4 percent to 9.84 yuan. Gemdale Corp dipped 0.2 percent to 6.83 yuan. Poly Real Estate Group Co edged up 0.9 percent to 13.29 yuan.
The benchmark Shanghai Composite Index rose 1.9 percent, or 56.7 points, to close at 3,035.5 points. Turnover grew to 137.6 billion yuan (US$ 20.6) from last Friday morning's 107 billion yuan.
The Shenzhen Component Index added 2.25 percent to 13,668.54 points.
China's official purchasing managers' index for manufacturing rose to a six-month high of 54.7 in October from 53.8 in September, said the China Federation of Logistics and Purchasing today. A reading above 50 indicates industrial expansion.
Coal miners led the gainers on speculation that stronger production will boost demand. Datong Coal Industry Co jumped 6.2 percent to 26.85 yuan. China Shenhua Energy Co, China's largest coal producer, grew 3.4 percent to 29.58 yuan. Yanzhou Coal Mining Co climbed 8 percent to 31.73 yuan.
Metal producers gained after copper and aluminum prices both grow more than 1.2 percent on the London Market. Jiangxi Copper Co, China's largest producer of the metal, rose 4 percent to 45.48 yuan. Aluminum Corp of China went up 1.7 percent to 13.09 yuan. Tongling Nonferrous Metal Group Co jumped 5.4 percent to 28.04 yuan.
Property developers were mixed. China Vanke Co added 1.4 percent to 9.84 yuan. Gemdale Corp dipped 0.2 percent to 6.83 yuan. Poly Real Estate Group Co edged up 0.9 percent to 13.29 yuan.
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