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Shanghai index up 0.4% on upbeat electricity data
By Ye Zhen |
November 14, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded today after data showed electricity consumption in China increased last month, suggesting the economy is picking up speed.
The key Shanghai Composite Index rose 0.4 percent to 2,055.42 points. Turnover reached 35.9 billion yuan (US$5.7 billion) at the trading close.
China's electricity consumption grew 6.1 percent year on year in October to 400 billion kWh, up 3.2 percentage points from September, the National Energy Administration said today.
The growth was powered by government projects and indicated the nation's economy has bottomed out and is rebounding, analysts said.
The data showed the country's electricity consumption rose by an annualized rate of 4.9 percent to 4,088 billion kWh in the first ten months.
Aluminum producers led the advance among non-ferrous metals producers as the State Reserve Bureau plans to buy up to 400,000 tons of primary aluminum. Aluminum Corporation of China increased 4.6 percent to 4.95 yuan. Shandong Nanshan Aluninum Co added 2.2 percent to 6.45 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials climbed 4 percent to 33.95 yuan. Rising Nonferrous Metals Share Co rose 2.8 percent to 43.99 yuan.
Paper producers gained as a rising yuan will reduce the cost of material imports. Fujian Nanzhi Co surged by the daily limit of 10 percent to 3.85 yuan. Mudanjiang Hengfeng Paper Co increased 2.6 percent to 6.40 yuan.
The key Shanghai Composite Index rose 0.4 percent to 2,055.42 points. Turnover reached 35.9 billion yuan (US$5.7 billion) at the trading close.
China's electricity consumption grew 6.1 percent year on year in October to 400 billion kWh, up 3.2 percentage points from September, the National Energy Administration said today.
The growth was powered by government projects and indicated the nation's economy has bottomed out and is rebounding, analysts said.
The data showed the country's electricity consumption rose by an annualized rate of 4.9 percent to 4,088 billion kWh in the first ten months.
Aluminum producers led the advance among non-ferrous metals producers as the State Reserve Bureau plans to buy up to 400,000 tons of primary aluminum. Aluminum Corporation of China increased 4.6 percent to 4.95 yuan. Shandong Nanshan Aluninum Co added 2.2 percent to 6.45 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials climbed 4 percent to 33.95 yuan. Rising Nonferrous Metals Share Co rose 2.8 percent to 43.99 yuan.
Paper producers gained as a rising yuan will reduce the cost of material imports. Fujian Nanzhi Co surged by the daily limit of 10 percent to 3.85 yuan. Mudanjiang Hengfeng Paper Co increased 2.6 percent to 6.40 yuan.
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