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Stock market jumps to 6-month high
By Feng Jianmin |
October 15, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI market jumped to the highest in nearly 6 months, led by new energy sector and car producers, on speculation that the new five-year plan to be finalized in the next three days will boost development of new energy industries and domestic consumption.
The benchmark Shanghai Composite Index surged 3.18 percent, or 91.52 points, to close at 2,971.16 points. Turnover stood at 273 billion yuan (US$41 billion), slightly lower than yesterday's 264.7 billion yuan.
China's leaders will discuss and approve an outline of the massive blueprint, which sets the nation's priorities for the years 2011 to 2015, at a major meeting that starts today, before the final plan is published next year.
Efforts will be put into narrowing income gap, reducing energy consumption and balancing development of various regions of China, according to market watchers.
"Consumption related stocks and high tech companies boast high investment value as China pushes forward economic transition," according to a research note published by Huashang Fund Management. "Such shares may resistant mid-term economic fluctuation and yield long-term profit."
Fujian Newland Computer Co, a major developer of the Internet of things, jumped by a daily limit of 10 percent to 14.70 yuan. Xiamen Xideco Co, another information technology firm, climbed 6 percent to 13 yuan. Eve Energy Co advanced 3.5 percent to 28.91 yuan.
Car producers extended previous gains on positive sales prospect. SAIC Motor Co, China's largest car maker, grew 1.53 percent to 19.94 yuan. FAW Car Co went up 1.21 percent to 20.85 yuan. Dongfeng Automobile Co rose 1.56 percent to 5.85 yuan.
The Shanghai Composite Index surged nearly 12 percent this week, the biggest weekly gain in almost 2 years, on growing commodity prices driven by a weaker US dollar since October.
"The recent surge is mainly due to high inflation and liquidity as the US dollar depreciate," said a senior analyst who wishes to remain anonymous. "The growth is likely to end next week."
The benchmark Shanghai Composite Index surged 3.18 percent, or 91.52 points, to close at 2,971.16 points. Turnover stood at 273 billion yuan (US$41 billion), slightly lower than yesterday's 264.7 billion yuan.
China's leaders will discuss and approve an outline of the massive blueprint, which sets the nation's priorities for the years 2011 to 2015, at a major meeting that starts today, before the final plan is published next year.
Efforts will be put into narrowing income gap, reducing energy consumption and balancing development of various regions of China, according to market watchers.
"Consumption related stocks and high tech companies boast high investment value as China pushes forward economic transition," according to a research note published by Huashang Fund Management. "Such shares may resistant mid-term economic fluctuation and yield long-term profit."
Fujian Newland Computer Co, a major developer of the Internet of things, jumped by a daily limit of 10 percent to 14.70 yuan. Xiamen Xideco Co, another information technology firm, climbed 6 percent to 13 yuan. Eve Energy Co advanced 3.5 percent to 28.91 yuan.
Car producers extended previous gains on positive sales prospect. SAIC Motor Co, China's largest car maker, grew 1.53 percent to 19.94 yuan. FAW Car Co went up 1.21 percent to 20.85 yuan. Dongfeng Automobile Co rose 1.56 percent to 5.85 yuan.
The Shanghai Composite Index surged nearly 12 percent this week, the biggest weekly gain in almost 2 years, on growing commodity prices driven by a weaker US dollar since October.
"The recent surge is mainly due to high inflation and liquidity as the US dollar depreciate," said a senior analyst who wishes to remain anonymous. "The growth is likely to end next week."
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