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Shares in biggest 2-day gain this year
By Lydia Chen |
October 25, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI shares extended their gains for a second day today thanks to an across-the-board rally that drove the benchmark index to its biggest two-day gain since December.
The Shanghai Composite Index added 1.66 percent to 2,409.67, the highest in a week. Turnover climbed to 83.64 billion yuan (US$13.17 billion) compared to yesterday's 63 billion yuan.
All the 74 sectors in the Shanghai market jumped while commodity shares led the gains after base metals extended their biggest rally in three years ahead of Europe debt talks tomorrow.
Jiangxi Copper advanced 5.93 percent to 27.52 yuan. Qinghai Jinrui Mineral Development Co jumped the daily cap of 10 percent to 18.6 yuan.
Copper for delivery in three months on the London Metal Exchange yesterday gained as much as 2.4 percent to US$7,820 a metric ton, the highest level since September 22, and after surging 13 percent in the past two days.
"The rally is really a rebound following the hefty losses among the commodity plays in previous trading," said Wang Liemin, an analyst with Guosen Securities.
"The market rally, which has been strong for two days, may last longer than we expected," he added.
Earning reports also inspired some shares to rise. China Vanke Co, the country's largest developer by market value, jumped 2.92 percent to 7.40 yuan while Poly Real Estate, the second largest, increased 4.62 percent to 9.28 yuan.
Vanke yesterday said its third-quarter profit rose 32 percent after it had realigned its focus towards sales to homeowners in response to government curbs against speculative buying.
Meanwhile, the 1,014 companies that have released third quarter earning reports by today have posted a total net profit of 185.25 billion yuan, a 17.86 percent rise from a year earlier, according to China Securities Journal today.
Among these firms in the A-share market, 684 companies had seen profit growth, the report added.
The Shanghai Composite Index added 1.66 percent to 2,409.67, the highest in a week. Turnover climbed to 83.64 billion yuan (US$13.17 billion) compared to yesterday's 63 billion yuan.
All the 74 sectors in the Shanghai market jumped while commodity shares led the gains after base metals extended their biggest rally in three years ahead of Europe debt talks tomorrow.
Jiangxi Copper advanced 5.93 percent to 27.52 yuan. Qinghai Jinrui Mineral Development Co jumped the daily cap of 10 percent to 18.6 yuan.
Copper for delivery in three months on the London Metal Exchange yesterday gained as much as 2.4 percent to US$7,820 a metric ton, the highest level since September 22, and after surging 13 percent in the past two days.
"The rally is really a rebound following the hefty losses among the commodity plays in previous trading," said Wang Liemin, an analyst with Guosen Securities.
"The market rally, which has been strong for two days, may last longer than we expected," he added.
Earning reports also inspired some shares to rise. China Vanke Co, the country's largest developer by market value, jumped 2.92 percent to 7.40 yuan while Poly Real Estate, the second largest, increased 4.62 percent to 9.28 yuan.
Vanke yesterday said its third-quarter profit rose 32 percent after it had realigned its focus towards sales to homeowners in response to government curbs against speculative buying.
Meanwhile, the 1,014 companies that have released third quarter earning reports by today have posted a total net profit of 185.25 billion yuan, a 17.86 percent rise from a year earlier, according to China Securities Journal today.
Among these firms in the A-share market, 684 companies had seen profit growth, the report added.
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