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Shanghai shares up on better US data
By Feng Jianmin |
August 25, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped this morning taking cue from strong US market overnight after worries for another recession eased on rising orders on long-lasting orders.
The benchmark Shanghai Composite Index was up 1.72 percent to 2,584.86 points. Turnover was 45.5 billion yuan (US$7.1 billion).
The Dow Jones industrial average rose for the third consecutive day by 1.29 percent. The US government said orders for durable goods, such as cars and aircraft, rose 4 percent, the biggest increase since March. Orders fell in June.
Steelmakers rallied in Shanghai. Inner Mongolian Baotou Steel Union Co rose 3.7 percent to 6.95 yuan. Baoshan Iron & Steel Co added 2.3 percent to 5.37 yuan.
Gold-related shares slumped after gold prices shed 5.6 percent to US$1,757.3 per ounce in New York yesterday. Lao Feng Xiang Co, a major jewelry retailer in China, lost 4 percent to 34.30 yuan. Shandong Gold Mining Group Co slid 2.6 percent to 47.60 yuan.
The benchmark Shanghai Composite Index was up 1.72 percent to 2,584.86 points. Turnover was 45.5 billion yuan (US$7.1 billion).
The Dow Jones industrial average rose for the third consecutive day by 1.29 percent. The US government said orders for durable goods, such as cars and aircraft, rose 4 percent, the biggest increase since March. Orders fell in June.
Steelmakers rallied in Shanghai. Inner Mongolian Baotou Steel Union Co rose 3.7 percent to 6.95 yuan. Baoshan Iron & Steel Co added 2.3 percent to 5.37 yuan.
Gold-related shares slumped after gold prices shed 5.6 percent to US$1,757.3 per ounce in New York yesterday. Lao Feng Xiang Co, a major jewelry retailer in China, lost 4 percent to 34.30 yuan. Shandong Gold Mining Group Co slid 2.6 percent to 47.60 yuan.
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