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Shanghai rallies after government targets
By Joyce Pan |
December 24, 2009, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index today posted the biggest daily gain in three weeks after government officials reiterated China will stick to its spending plan to keep growth momentum.
The benchmark Shanghai Composite Index gained 2.59 percent, or 79.63 points, to close at 3,156.53 points. Turnover swelled to 123.3 billion yuan (US$18.13 billion) from 90.9 billion yuan on Wednesday. Gainers outnumbered losers 865 to 5 and 2 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 3.37 percent to close at 1,166.01 points.
China was on track to achieve its budget targets this year and will commit to its 1.18 trillion yuan investment plan by the end of 2010 to shore up the country's economic growth, said vice finance minister Zhang Shaochun.
At the same news conference, Mu Hong, deputy director general of the National Development and Reform Commission, said that the government aimed to keep investment in 2010 at a pace similar to this year.
The remarks partly eased market concerns that the government's stricter grasp on lending could disrupt economic recovery
Commodity producers advanced on higher raw material prices. Jiangxi Copper Co was up 6.3 percent to 38.58 yuan. Aluminum Corp of China advanced 4.4 percent to 14.25 yuan. Shandong Gold Mining Co surged 9.1 percent to 81.21 yuan.
The London Metals Index, a measure of six metals including copper and aluminum, gained 1.8 percent yesterday, the most in a week. Gold rose 2.1 percent in New York and crude oil advanced 3.1 percent.
Coal miners outperformed on media reports that the contract coal price for next year rose as much as 25 percent. China Shenhua Energy Co jumped 4.8 percent to 33.22 yuan. Datong Coal Industry Co soared 7 percent to 45.16 yuan. Pingdingshan Tian°?an Coal Mining Co hiked 5.9 percent to 31.13 yuan.
Brewers remained strong thanks to the looming peak consumption season at Spring Festival. Wuliangye Yibin Co rose 6.3 percent to 31.85 yuan. Anhui Golden Seed Winery Co rose by 10 percent daily cap to 16.94 yuan.
The benchmark Shanghai Composite Index gained 2.59 percent, or 79.63 points, to close at 3,156.53 points. Turnover swelled to 123.3 billion yuan (US$18.13 billion) from 90.9 billion yuan on Wednesday. Gainers outnumbered losers 865 to 5 and 2 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 3.37 percent to close at 1,166.01 points.
China was on track to achieve its budget targets this year and will commit to its 1.18 trillion yuan investment plan by the end of 2010 to shore up the country's economic growth, said vice finance minister Zhang Shaochun.
At the same news conference, Mu Hong, deputy director general of the National Development and Reform Commission, said that the government aimed to keep investment in 2010 at a pace similar to this year.
The remarks partly eased market concerns that the government's stricter grasp on lending could disrupt economic recovery
Commodity producers advanced on higher raw material prices. Jiangxi Copper Co was up 6.3 percent to 38.58 yuan. Aluminum Corp of China advanced 4.4 percent to 14.25 yuan. Shandong Gold Mining Co surged 9.1 percent to 81.21 yuan.
The London Metals Index, a measure of six metals including copper and aluminum, gained 1.8 percent yesterday, the most in a week. Gold rose 2.1 percent in New York and crude oil advanced 3.1 percent.
Coal miners outperformed on media reports that the contract coal price for next year rose as much as 25 percent. China Shenhua Energy Co jumped 4.8 percent to 33.22 yuan. Datong Coal Industry Co soared 7 percent to 45.16 yuan. Pingdingshan Tian°?an Coal Mining Co hiked 5.9 percent to 31.13 yuan.
Brewers remained strong thanks to the looming peak consumption season at Spring Festival. Wuliangye Yibin Co rose 6.3 percent to 31.85 yuan. Anhui Golden Seed Winery Co rose by 10 percent daily cap to 16.94 yuan.
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