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Shanghai shares jump to a 4-month high after holiday
By Feng Jianmin |
October 8, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped to a 4-month high in the morning session driven by news of stronger domestic industrial production and after global markets rallied during the holiday week.
The benchmark Shanghai Composite Index rose 3.28 percent, or 87.15 points, to close at 2,742.81 points. Turnover almost doubled to 96.9 billion yuan (US$14.5 billion) from last trading day morning's 51.1 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, also increased 4.05 percent to 11,935.61. Both the Shanghai and Shenzhen markets closed between October 1 and yesterday for the National Day holiday.
China's official purchasing managers' indexes released during the holiday week showed faster-than-estimated expansion in both manufacturing and non-manufacturing industries. Manufacturing PMI grew 2.1 percentage points from August to 53.8 percent, while non-manufacturing PMI rose to 61.7 percent from 60.1 percent in August.
Index numbers above 50 indicate an expansion.
Coal and metal producers led the gainers tracking growing commodity prices during the week.
Jiangxi Copper Co, the nation's biggest producer of the metal, jumped by the daily limit of 10 percent to 34.23 yuan. Yunnan Copper Co similarly hiked 10 percent to 24.53 yuan. China Aluminum Corp climbed 5.03 percent to 11.70 yuan.
Datong Coal Industry Co advanced 9.12 percent to 18.30 yuan. China Shenhua Energy Co, the nation's largest producer, rose 8.13 percent to 25.58 yuan. China Coal Energy Co added 8.27 percent to 10.74 yuan.
Property developers extended previous gains despite several cities, including Shanghai and Shenzhen, announced restrictions on home purchase during the week. China Vanke, China's largest developer, added 1.07 percent to 8.49 yuan. Poly Real Estate Co rose 3.72 percent to 12.82 yuan. Gemdale Corp grew 2.96 percent to 6.61 yuan.
The benchmark Shanghai Composite Index rose 3.28 percent, or 87.15 points, to close at 2,742.81 points. Turnover almost doubled to 96.9 billion yuan (US$14.5 billion) from last trading day morning's 51.1 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, also increased 4.05 percent to 11,935.61. Both the Shanghai and Shenzhen markets closed between October 1 and yesterday for the National Day holiday.
China's official purchasing managers' indexes released during the holiday week showed faster-than-estimated expansion in both manufacturing and non-manufacturing industries. Manufacturing PMI grew 2.1 percentage points from August to 53.8 percent, while non-manufacturing PMI rose to 61.7 percent from 60.1 percent in August.
Index numbers above 50 indicate an expansion.
Coal and metal producers led the gainers tracking growing commodity prices during the week.
Jiangxi Copper Co, the nation's biggest producer of the metal, jumped by the daily limit of 10 percent to 34.23 yuan. Yunnan Copper Co similarly hiked 10 percent to 24.53 yuan. China Aluminum Corp climbed 5.03 percent to 11.70 yuan.
Datong Coal Industry Co advanced 9.12 percent to 18.30 yuan. China Shenhua Energy Co, the nation's largest producer, rose 8.13 percent to 25.58 yuan. China Coal Energy Co added 8.27 percent to 10.74 yuan.
Property developers extended previous gains despite several cities, including Shanghai and Shenzhen, announced restrictions on home purchase during the week. China Vanke, China's largest developer, added 1.07 percent to 8.49 yuan. Poly Real Estate Co rose 3.72 percent to 12.82 yuan. Gemdale Corp grew 2.96 percent to 6.61 yuan.
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