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Shanghai stocks up on stronger Japan market
By Feng Jianmin |
March 16, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in nearly 10 days on a robust performance of Japan's stock market. Metal producers and coal miners led the gainers.
The Shanghai Composite Index added 1.19 percent to 2,930.8. Turnover fell to 165.8 billion yuan (US$25.2 billion) from yesterday's 187.6 billion yuan.
Japan's benchmark Nikkei 225 rose 5.68 percent to 9,094 after Bank of Japan poured another 3.5 trillion yen (US$43.3 billion) today to buy equities.
Metal producers picked up after copper and aluminum prices rose on the London market as panic eased. Jiangxi Copper Co, China's largest producer of the metal, rose 3.3 percent to 40.24 yuan. Aluminum Corp of China jumped by the daily limit of 10 percent to 11.48 yuan.
Coal miners rebounded on speculation that demand for coal will boom as an alternative energy to oil and nuclear power.
"Rapid economic growth in China boosts energy demand and the tight supply favors the supplier's market," said Hu Wei with BOCOM International. "As an alternative energy, coal prices could move higher alongside with high international oil prices."
China Shenhua Energy Co, China's largest coal producer, rose 4.5 percent to 27.88 yuan. China Coal Energy Co went up 2.7 percent to 11.05 yuan.
The Shanghai Composite Index added 1.19 percent to 2,930.8. Turnover fell to 165.8 billion yuan (US$25.2 billion) from yesterday's 187.6 billion yuan.
Japan's benchmark Nikkei 225 rose 5.68 percent to 9,094 after Bank of Japan poured another 3.5 trillion yen (US$43.3 billion) today to buy equities.
Metal producers picked up after copper and aluminum prices rose on the London market as panic eased. Jiangxi Copper Co, China's largest producer of the metal, rose 3.3 percent to 40.24 yuan. Aluminum Corp of China jumped by the daily limit of 10 percent to 11.48 yuan.
Coal miners rebounded on speculation that demand for coal will boom as an alternative energy to oil and nuclear power.
"Rapid economic growth in China boosts energy demand and the tight supply favors the supplier's market," said Hu Wei with BOCOM International. "As an alternative energy, coal prices could move higher alongside with high international oil prices."
China Shenhua Energy Co, China's largest coal producer, rose 4.5 percent to 27.88 yuan. China Coal Energy Co went up 2.7 percent to 11.05 yuan.
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