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Shanghai index rises on surging US stocks
By Ye Zhen |
September 14, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced in early trading, led by commodity-related stocks after the Federal Reserve announced it would buy US$40 billion of mortgage securities a month until the US economy improves.
The benchmark Shanghai Composite Index added 0.52 percent, or 10.9 points, to 2,121.3 points. Turnover stood at 41.6 billion yuan (US$6.6 billion) by the noon break.
The Federal Reserve kicked off the third round of quantitative easing, or QE3, yesterday to invigorate the US real estate market and lower the unemployment rate. The purchase of mortgage securities will be open-ended until the economy recovers.
US stocks surged in the aftermath of the decision. The Dow Jones industrial averages jumped 206.5 points to close at 13,539.86, the highest level since December 2007. The Standard & Poor's 500 index soared 23.43 points to 1,459.99, also its highest since December 2007.
Gold stocks traded in Shanghai jumped as gold price climbed to a six-month high. Zijin Mining Group Co, the nation's largest gold producer, rose 2.8 percent to 4.01 yuan. Shandong Gold Mining Co gained 5 percent to 39.55 yuan. Zhongjin Gold Corp advanced 5 percent to 16.12 yuan.
Sino-Platinum Metals Co soared by the daily limit of 10 percent to 19.10 yuan after platinum price topped US$1700 per ounce for the first time since March.
Cement producers also gained. Anhui Conch Cement Co, China's biggest cement producer, added 2.1 percent to 15.30 yuan. Gansu Qilianshan Cement Group Co edged up 1.9 percent to 11.16 yuan.
The benchmark Shanghai Composite Index added 0.52 percent, or 10.9 points, to 2,121.3 points. Turnover stood at 41.6 billion yuan (US$6.6 billion) by the noon break.
The Federal Reserve kicked off the third round of quantitative easing, or QE3, yesterday to invigorate the US real estate market and lower the unemployment rate. The purchase of mortgage securities will be open-ended until the economy recovers.
US stocks surged in the aftermath of the decision. The Dow Jones industrial averages jumped 206.5 points to close at 13,539.86, the highest level since December 2007. The Standard & Poor's 500 index soared 23.43 points to 1,459.99, also its highest since December 2007.
Gold stocks traded in Shanghai jumped as gold price climbed to a six-month high. Zijin Mining Group Co, the nation's largest gold producer, rose 2.8 percent to 4.01 yuan. Shandong Gold Mining Co gained 5 percent to 39.55 yuan. Zhongjin Gold Corp advanced 5 percent to 16.12 yuan.
Sino-Platinum Metals Co soared by the daily limit of 10 percent to 19.10 yuan after platinum price topped US$1700 per ounce for the first time since March.
Cement producers also gained. Anhui Conch Cement Co, China's biggest cement producer, added 2.1 percent to 15.30 yuan. Gansu Qilianshan Cement Group Co edged up 1.9 percent to 11.16 yuan.
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