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Shanghai stocks rise 1st in 6 days
By Lydia Chen |
April 29, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market rebounded for the first time in six days thanks to gains among developers and energy shares while airlines rallied after China's yuan strengthened beyond 6.5 per dollar for the first time since 1993.
The benchmark Shanghai Composite Index added 0.85 percent to 2,886.63, the biggest daily rise in two weeks. The index lost 3.3 percent this week and dipped 0.57 percent for April.
The mainland's stock markets will close for a three-day May Day holiday and will resume on next Tuesday.
Electricity producers gained most in the market today as the China Electricity Council warns the country may face power shortages of 30 million kilowatts over summer peak season because of lagging energy supply.
A gauge of utility companies, including electricity producers and water suppliers, advanced 3.24 percent, the most among all the sectors. Huadian Power International Co climbed the daily cap of 10 percent to 4.15 yuan.
The supply shortage is partly a result of rising coal prices, the council said, which is good news for coal producers in the market today. Yanzhou Coal Mining Co jumped 4.15 percent to 35.40 yuan.
Steel makers were another strong sector as China's steel demand is expected to rise at an annual pace of 2.6 to 4.6 percent from 2011 to 2015, the China Iron & Steel Association said today.
Meanwhile, China's manufacturing sustained its expansion despite of government's tightening. The purchasing managers' index was unchanged from March to stay at 51.8 in April, HSBC Holdings Plc said today. A reading above 50 indicates expansion.
Developers were one of the most gained as data from the central bank showed new loans for the country's massive affordable housing projects have shot 40.1 percent from a year ago from January to March. China Vanke Co hiked 2.05 percent to 8.48 yuan.
Airliners benefited from the rising Chinese currency because a stronger yuan may decrease their US dollar-based debt while the upcoming three-day holiday is also expected to see sales boom. Hainan Airlines Co shot 5.91 percent to 9.14 yuan.
The yuan appreciated to 6.4920 per dollar in Shanghai today, breaching the important psychological level of 6.50 per dollar for the first time since the country unified official and market exchange rates at the end of 1993.
The benchmark Shanghai Composite Index added 0.85 percent to 2,886.63, the biggest daily rise in two weeks. The index lost 3.3 percent this week and dipped 0.57 percent for April.
The mainland's stock markets will close for a three-day May Day holiday and will resume on next Tuesday.
Electricity producers gained most in the market today as the China Electricity Council warns the country may face power shortages of 30 million kilowatts over summer peak season because of lagging energy supply.
A gauge of utility companies, including electricity producers and water suppliers, advanced 3.24 percent, the most among all the sectors. Huadian Power International Co climbed the daily cap of 10 percent to 4.15 yuan.
The supply shortage is partly a result of rising coal prices, the council said, which is good news for coal producers in the market today. Yanzhou Coal Mining Co jumped 4.15 percent to 35.40 yuan.
Steel makers were another strong sector as China's steel demand is expected to rise at an annual pace of 2.6 to 4.6 percent from 2011 to 2015, the China Iron & Steel Association said today.
Meanwhile, China's manufacturing sustained its expansion despite of government's tightening. The purchasing managers' index was unchanged from March to stay at 51.8 in April, HSBC Holdings Plc said today. A reading above 50 indicates expansion.
Developers were one of the most gained as data from the central bank showed new loans for the country's massive affordable housing projects have shot 40.1 percent from a year ago from January to March. China Vanke Co hiked 2.05 percent to 8.48 yuan.
Airliners benefited from the rising Chinese currency because a stronger yuan may decrease their US dollar-based debt while the upcoming three-day holiday is also expected to see sales boom. Hainan Airlines Co shot 5.91 percent to 9.14 yuan.
The yuan appreciated to 6.4920 per dollar in Shanghai today, breaching the important psychological level of 6.50 per dollar for the first time since the country unified official and market exchange rates at the end of 1993.
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