Stock index increases for first time in 6 sessions
By Lydia Chen |
April 30, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index made gains for the first time in six days due to strength in the property and energy sectors.
Airlines also rallied after the yuan strengthened beyond 6.5 per US 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. Still, the index lost 3.3 percent this week and dipped 0.57 percent for April.
The Chinese mainland's stock markets will close for a three-day Labor Day holiday and reopen on Tuesday.
Electricity producers gave the market the biggest boost as the China Electricity Council warned the country may face power shortages of 30 million kilowatts this summer, the peak season, due to a lagging energy supply.
A gauge of utility companies, including electricity producers and water suppliers, advanced 3.24 percent, the most in all the sectors. Huadian Power International Co climbed the daily cap of 10 percent to 4.15 yuan (64 US cents).
The supply shortage is partly a result of rising coal prices, the council said, which also led investors to buy shares in coal companies. Yanzhou Coal Mining Co jumped 4.15 percent to 35.40 yuan.
Steel makers gained as the country's steel demand is expected to rise at an annual pace of 2.6 to 4.6 percent from 2011 to 2015.
Developers gained as data from the central bank showed new loans for affordable housing projects shot up 40.1 percent from January to March compared to the same period last year. China Vanke Co gained 2.05 percent to 8.48 yuan.
Airlines also rallied after the yuan strengthened beyond 6.5 per US 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. Still, the index lost 3.3 percent this week and dipped 0.57 percent for April.
The Chinese mainland's stock markets will close for a three-day Labor Day holiday and reopen on Tuesday.
Electricity producers gave the market the biggest boost as the China Electricity Council warned the country may face power shortages of 30 million kilowatts this summer, the peak season, due to a lagging energy supply.
A gauge of utility companies, including electricity producers and water suppliers, advanced 3.24 percent, the most in all the sectors. Huadian Power International Co climbed the daily cap of 10 percent to 4.15 yuan (64 US cents).
The supply shortage is partly a result of rising coal prices, the council said, which also led investors to buy shares in coal companies. Yanzhou Coal Mining Co jumped 4.15 percent to 35.40 yuan.
Steel makers gained as the country's steel demand is expected to rise at an annual pace of 2.6 to 4.6 percent from 2011 to 2015.
Developers gained as data from the central bank showed new loans for affordable housing projects shot up 40.1 percent from January to March compared to the same period last year. China Vanke Co gained 2.05 percent to 8.48 yuan.
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