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Shanghai stocks rise on stronger heavyweights
By Feng Jianmin |
September 29, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session, led by heavyweights, while most stocks fell.
The benchmark Shanghai Composite Index went up 0.5 percent, or 12.98 points, to close at 2,624.33 points. Turnover stood at 58.7 billion yuan (US$ 8.8 billion), slightly lower than yesterday morning's 60 billion.
The Shenzhen Component Index, which tracks the smaller mainland exchange, increased 0.31 percent to 11,309.16.
China's largest oil producers drove up the index as crude oil prices fell while the yuan went strong. Domestic oil product prices have been kept stable for three months. PetroChina, the largest oil producer and biggest heavyweight in the market, rose 1.81 percent to 10.12 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, went up 1.51 percent to 8.07 yuan.
Metal producers extended previous gains as commodity prices rose as the US dollar weakens. Aluminum Corp of China jumped by the 10 percent daily limit for the second consecutive days to 11.97 yuan after the Xinhua news agency yesterday reported its parent agreed to invest in rare-earth production in Jiangxi Province. Jiangxi Copper Co, the nation's biggest producer of the metal, advanced 5.57 percent to 30.54 yuan. Yunnan Copper Co climbed 4.63 percent to 22.16 yuan.
Paper producers and airlines that previously gained on speculation of the yuan appreciation retreated as the trend was considered unsustainable. China Eastern Airlines Co fell 2.59 percent to 8.26 yuan. Air China dipped 0.67 percent to 11.82 yuan. Shandong Sun Paper Industry Joint Stock Co, China's largest private-run paper firm, declined 2.5 percent to 11.75 yuan. Anhui Shanying Paper Industry Co went down 2.13 percent to 5.51 yuan.
The benchmark Shanghai Composite Index went up 0.5 percent, or 12.98 points, to close at 2,624.33 points. Turnover stood at 58.7 billion yuan (US$ 8.8 billion), slightly lower than yesterday morning's 60 billion.
The Shenzhen Component Index, which tracks the smaller mainland exchange, increased 0.31 percent to 11,309.16.
China's largest oil producers drove up the index as crude oil prices fell while the yuan went strong. Domestic oil product prices have been kept stable for three months. PetroChina, the largest oil producer and biggest heavyweight in the market, rose 1.81 percent to 10.12 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, went up 1.51 percent to 8.07 yuan.
Metal producers extended previous gains as commodity prices rose as the US dollar weakens. Aluminum Corp of China jumped by the 10 percent daily limit for the second consecutive days to 11.97 yuan after the Xinhua news agency yesterday reported its parent agreed to invest in rare-earth production in Jiangxi Province. Jiangxi Copper Co, the nation's biggest producer of the metal, advanced 5.57 percent to 30.54 yuan. Yunnan Copper Co climbed 4.63 percent to 22.16 yuan.
Paper producers and airlines that previously gained on speculation of the yuan appreciation retreated as the trend was considered unsustainable. China Eastern Airlines Co fell 2.59 percent to 8.26 yuan. Air China dipped 0.67 percent to 11.82 yuan. Shandong Sun Paper Industry Joint Stock Co, China's largest private-run paper firm, declined 2.5 percent to 11.75 yuan. Anhui Shanying Paper Industry Co went down 2.13 percent to 5.51 yuan.
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