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Shanghai index up 0.45% on upbeat speculations
By Ye Zhen |
July 12, 2012, Thursday
|
Online Edition
Online Edition
SHANGAHI equity market advanced for a second day, bolstered by energy stocks amid speculation China's economy may have bottomed out in the second quarter and will rebound with policy support.
The key Shanghai Composite Index rose 0.46 percent, or 10.11 points, to settle at 2,185.49 points. Turnover was 79.6 billion yuan (US$12.6 billion).
"China's economy may have reached the bottom in the second quarter and is expected to expand at 8.5 percent in the third quarter and 8.4 percent in 2012," a HSBC Holdings report said.
HSBC's senior economist Fan Limin said: "China's economy will not have a hard landing as measures to spur domestic consumption will offset weak exports."
Coal producers led the market gains as investors speculate coal stocks may have been oversold. Shanxi Lanhua Sci-Tech Venture Co surged 9.9 percent to close at 19.73 yuan. China Shenhua Energy Co, the nation's biggest coal producer, jumped 3.3 percent to 22.82 yuan. Yangquan Coal Industry (Group) Co soared 6.6 percent to 15.76 yuan.
Non-ferrous metal producers also gained. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co, a producer of rare earth minerals, rose 2.6 percent to close at 41.99 yuan. Rising Nonferrous Metals Share Co added 1 percent to 70.14 yuan.
Jiangxi Copper, China's biggest copper producer, climbed 1.9 percent to 23.58 yuan. Zhuzhou Smelter Group Co, the country's biggest zinc producer, rose 2.7 percent to 9.65 yuan.
The key Shanghai Composite Index rose 0.46 percent, or 10.11 points, to settle at 2,185.49 points. Turnover was 79.6 billion yuan (US$12.6 billion).
"China's economy may have reached the bottom in the second quarter and is expected to expand at 8.5 percent in the third quarter and 8.4 percent in 2012," a HSBC Holdings report said.
HSBC's senior economist Fan Limin said: "China's economy will not have a hard landing as measures to spur domestic consumption will offset weak exports."
Coal producers led the market gains as investors speculate coal stocks may have been oversold. Shanxi Lanhua Sci-Tech Venture Co surged 9.9 percent to close at 19.73 yuan. China Shenhua Energy Co, the nation's biggest coal producer, jumped 3.3 percent to 22.82 yuan. Yangquan Coal Industry (Group) Co soared 6.6 percent to 15.76 yuan.
Non-ferrous metal producers also gained. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co, a producer of rare earth minerals, rose 2.6 percent to close at 41.99 yuan. Rising Nonferrous Metals Share Co added 1 percent to 70.14 yuan.
Jiangxi Copper, China's biggest copper producer, climbed 1.9 percent to 23.58 yuan. Zhuzhou Smelter Group Co, the country's biggest zinc producer, rose 2.7 percent to 9.65 yuan.
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