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Stocks maintain upward momentum
By Hu Xiaocen |
February 6, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks continued to climb for the third consecutive trading day in the morning session, as an improved outlook for the US economy bolstered China's exports.
The Shanghai Composite Index advanced 0.39 percent, or 9.14 points, to 2,339.55 by the noon break, refreshing last Friday's highest since December 7. Turnover stood at 35.5 billion yuan (US$5.6 billion).
The US economy added 243,000 jobs in January, the biggest gain in nine months, far exceeding an optimistic forecast by a Bloomberg survey. The nation's unemployment rate also dropped to 8.3 percent from December's 8.5 percent, according the a US Labor Department report last week. Fears of a global recession eased as world economies are showing further evidence of resilience.
Coal producers gained 1.64 percent on hopes of more energy demand. China Shenhua Energy, China's biggest coal producer, jumped 1.43 percent to 27.74 yuan.
China Cosco Holdings Co, Asia's largest shipping line, jumped 1.13 percent to 5.37 yuan on improved outlook of China's exports.
The National Statistics Bureau will announce the Consumer Price Index in January on Thursday. Major institutions have estimated a growth rate of 4.1 percent, the same as last December.
The Shanghai Composite Index advanced 0.39 percent, or 9.14 points, to 2,339.55 by the noon break, refreshing last Friday's highest since December 7. Turnover stood at 35.5 billion yuan (US$5.6 billion).
The US economy added 243,000 jobs in January, the biggest gain in nine months, far exceeding an optimistic forecast by a Bloomberg survey. The nation's unemployment rate also dropped to 8.3 percent from December's 8.5 percent, according the a US Labor Department report last week. Fears of a global recession eased as world economies are showing further evidence of resilience.
Coal producers gained 1.64 percent on hopes of more energy demand. China Shenhua Energy, China's biggest coal producer, jumped 1.43 percent to 27.74 yuan.
China Cosco Holdings Co, Asia's largest shipping line, jumped 1.13 percent to 5.37 yuan on improved outlook of China's exports.
The National Statistics Bureau will announce the Consumer Price Index in January on Thursday. Major institutions have estimated a growth rate of 4.1 percent, the same as last December.
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