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Shanghai stocks rise on news of local Disneyland

SHANGHAI shares rose in the morning session with the announcement of the Shanghai Disneyland project boosting local firms and thanks to strong performance of metal producers.

The benchmark Shanghai Composite Index was up 0.60 percent, or 18.71 points, to close at 3,132.93 points. Turnover was 86.5 billion yuan(US$12.7 billion). Gainers outnumbered losers 565 to 280, and 57 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.87 percent to close at 1,113.86 points.

The Shanghai government and Walt Disney Co said today that they have received Chinese government approval to build a theme park in Shanghai's Pudong New Area.

Shanghai Jinling Co Ltd jumped 5.97 percent to 9.59 yuan among expectations that the project will boost services and entertainment facility providers. SinoTex Investment & Development Co hiked 8.64 percent to 11.19 yuan.

However, some property developers in Pudong dropped after recent gains as investors took profits. Shanghai Lujiazui Finance & Trade Zone Development Co lost 2.45 percent to 29.01 yuan. Shanghai Jielong Industry Co was down 3.82 percent at 17.89 yuan.

Elsewhere, Huadian Power International Corp said it agreed to buy a 35 percent stake in Fucheng Mining for 498 million yuan and a 25 percent stake in Changcheng Mining for 180 million. The stock edged up 0.56 percent to 5.37 yuan.

Changjiang Securities Co said it plans to raise 3.3 billion yuan by offering three shares for every 10 held at 6.50 yuan per share. The stock rallied 5.05 percent to 21 yuan.

Banking shares were also among the gainers as lending in October was in line with previous expectations. Shanghai Pudong Development Bank jumped 2.76 percent to 23.81 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.58 percent to 5.23 yuan. China Merchants Bank rose 1.06 percent to close at 19.01 yuan.

Metal producers were strong after gold price jumped above US$1,080 an ounce. Zijin Mining Co rose 2.03 percent to 9.54 yuan. Zhongjin Gold Mining Co advanced 2.54 percent to 59.78 yuan. Yunnan Copper Co jumped 3.76 percent to 32.57 yuan. Jiangxi Copper was up 2.52 percent to 40.71 yuan.


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