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September 9, 2009

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Home » Business » Finance

Stocks on the rise for sixth day

SHANGHAI'S key stock index rose for a sixth day yesterday to end above 2,900 points on optimism that macroeconomic data for August to be released this week would highlight China's economic recovery.

The benchmark Shanghai Composite Index added 1.71 percent, or 49.36 points, to close at 2,930.48, after touching a low of 2,831.85.

Turnover rose slightly to 148.63 billion yuan (US$21.58 billion) from 146.74 billion yuan. Gainers outnumbered losers 742 to 107 and 19 remained unchanged.

"As China's massive stimulus packages are bearing fruit and with the improved international economic environment, financial figures for last month were expected to show all-round warming up," Shandong Shenguang Securities Co wrote in a research note.

Easing worries

The United Nations Conference on Trade and Development said in a report on Monday that the Chinese economy was expected to grow 7.8 percent this year.

"Besides, several funds got approved recently, which is expected to bring capital of approximately 50 billion yuan to the market, easing worries over market liquidity," the brokerage said.

Coal producers led the gains on speculation that the closure of 157 mines in Henan Province after a fatal explosion would boost earnings of larger coal mines.

China Shenhua Energy Co, the nation's biggest coal producer, climbed 3.85 percent to 32.62 yuan.

Datong Coal Industry Co soared 6.59 percent to 36.39 yuan. Pingdingshan Tian'an Coal Mining Co advanced 6.02 percent to 29.78 yuan.

Gold producers continued to rise after the bullion price exceeded US$1,000 per ounce. Shandong Gold Mining Co soared 7.78 percent to 64.55 yuan. Zijin Mining Co advanced 3.9 percent to 9.6 yuan. Zhongjin Gold Co rose 5.73 percent to 59.99 yuan.

The index is still down 17 percent from this year's peak on August 4 on concern banks will rein in lending to avert asset price bubbles.


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