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Shanghai shares rise on stronger metal firms
By Feng Jianmin |
September 27, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in 3 weeks led by metal producers, taking cue from strong performance of neighboring markets during the holiday break as worries for slower economic recovery falter.
The benchmark Shanghai Composite Index went up 1.41 percent, or 36.42 points, to close at 2,627.97 points. Turnover expanded to 90.5 billion yuan (US$ 13.5 billion) from last Tuesday's 66.3 billion.
The Shenzhen Component Index, which tracks the smaller mainland exchange, increased 1.78 percent to 11,409.81.
Metal producer led the gainers after China's top planning agency said during the weekend that prices and output of non-ferrous metals grew in August.
Output of non-ferrous metals in the past eight months grew 26.5 percent from a year earlier, while output in August increase 8.2 percent from July, according to the National Development and Reform Commission.
Copper price in August jumped 5.8 percent from last month, while aluminum price grew 2.4 percent in the same period.
Jiangxi Copper Co climbed 5.19 percent to 31.02 yuan. Yunnan Copper Industry Co advanced 3.31 percent to 20.89 yuan. Aluminum Corp of China added 2.8 percent to 9.89 yuan.
Gold producers extended previous gains after bullion prices rose to more than US$1,300 per ounce. Zijin Ming Group Co, China's largest gold producer, grew 2.56 percent to 6.42 yuan even after its tin ore in Guangdong Province collapsed because of typhoon, causing 4 deaths and a loss of 19 million yuan. Zhongjin Gold Co rose 4.31 percent to 36.04 yuan. Shandong Gold Mining Co advanced 5 percent to 46.88 yuan.
Banks were flat on speculation that the loan size in September may drop to below 500 billion yuan from August's 545 billion yuan and July's 533 billion yuan because of restrictions on property market and local government's fund raising activities, reported the Securities Daily.
Bank of China added 1 percent to 3.27 yuan. Industrial and Commercial Bank of China edged up 0.76 percent to 4 yuan. China Merchants Bank dipped 0.23 percent to 12.84 yuan. Bank of Communications lost 0.53 percent to 5.65 yuan.
The benchmark Shanghai Composite Index went up 1.41 percent, or 36.42 points, to close at 2,627.97 points. Turnover expanded to 90.5 billion yuan (US$ 13.5 billion) from last Tuesday's 66.3 billion.
The Shenzhen Component Index, which tracks the smaller mainland exchange, increased 1.78 percent to 11,409.81.
Metal producer led the gainers after China's top planning agency said during the weekend that prices and output of non-ferrous metals grew in August.
Output of non-ferrous metals in the past eight months grew 26.5 percent from a year earlier, while output in August increase 8.2 percent from July, according to the National Development and Reform Commission.
Copper price in August jumped 5.8 percent from last month, while aluminum price grew 2.4 percent in the same period.
Jiangxi Copper Co climbed 5.19 percent to 31.02 yuan. Yunnan Copper Industry Co advanced 3.31 percent to 20.89 yuan. Aluminum Corp of China added 2.8 percent to 9.89 yuan.
Gold producers extended previous gains after bullion prices rose to more than US$1,300 per ounce. Zijin Ming Group Co, China's largest gold producer, grew 2.56 percent to 6.42 yuan even after its tin ore in Guangdong Province collapsed because of typhoon, causing 4 deaths and a loss of 19 million yuan. Zhongjin Gold Co rose 4.31 percent to 36.04 yuan. Shandong Gold Mining Co advanced 5 percent to 46.88 yuan.
Banks were flat on speculation that the loan size in September may drop to below 500 billion yuan from August's 545 billion yuan and July's 533 billion yuan because of restrictions on property market and local government's fund raising activities, reported the Securities Daily.
Bank of China added 1 percent to 3.27 yuan. Industrial and Commercial Bank of China edged up 0.76 percent to 4 yuan. China Merchants Bank dipped 0.23 percent to 12.84 yuan. Bank of Communications lost 0.53 percent to 5.65 yuan.
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