Stocks rise for sixth straight day
By Ding Yining |
July 27, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S stocks rose for a sixth straight day, the longest rally since November, after commodity shares gained.
Reports said the government will eliminate outdated production facilities in nonferrous metals, sparking interest in the sector.
The benchmark Shanghai Composite Index added 0.65 percent, or 16.66 points, to 2,588.68, the highest close in a month. Turnover was 88.6 billion yuan (US$13 billion).
Shandong Gold Mining Co surged 5.50 percent to 36.27 yuan. Yunnan Copper added 1.06 percent to 20.00 yuan. Aluminum Corp of China Ltd, the listed unit of the country's largest producer of the light metal, increased 6.38 percent to 10.17 yuan. Zhuzhou Smelter Group Co, the nation's biggest producer of refined zinc, rose 3 percent to 9.91 yuan.
China Securities Journal reported yesterday that the country will limit production of 10 kinds of nonferrous metals, including aluminum, copper and zinc, to a combined annual output of about 41 million tons by 2015. The nation also plans to phase out outdated production capacity, the report said, citing Shang Fushan, vice chairman of the China Nonferrous Metals Industry Association.
Real estate developers also gained. Shanghai Shimao Co edged up 0.51 percent to 13.83 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co edged up 0.22 percent to 18.12 yuan. Poly Real Estate Group added 0.81 percent to 12.48 yuan.
"As there is no indication the government will ease off on policies to rein in property speculation, the market will not rebound very strongly in the near future," Shenyin & Wanguo Securities wrote.
Reports said the government will eliminate outdated production facilities in nonferrous metals, sparking interest in the sector.
The benchmark Shanghai Composite Index added 0.65 percent, or 16.66 points, to 2,588.68, the highest close in a month. Turnover was 88.6 billion yuan (US$13 billion).
Shandong Gold Mining Co surged 5.50 percent to 36.27 yuan. Yunnan Copper added 1.06 percent to 20.00 yuan. Aluminum Corp of China Ltd, the listed unit of the country's largest producer of the light metal, increased 6.38 percent to 10.17 yuan. Zhuzhou Smelter Group Co, the nation's biggest producer of refined zinc, rose 3 percent to 9.91 yuan.
China Securities Journal reported yesterday that the country will limit production of 10 kinds of nonferrous metals, including aluminum, copper and zinc, to a combined annual output of about 41 million tons by 2015. The nation also plans to phase out outdated production capacity, the report said, citing Shang Fushan, vice chairman of the China Nonferrous Metals Industry Association.
Real estate developers also gained. Shanghai Shimao Co edged up 0.51 percent to 13.83 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co edged up 0.22 percent to 18.12 yuan. Poly Real Estate Group added 0.81 percent to 12.48 yuan.
"As there is no indication the government will ease off on policies to rein in property speculation, the market will not rebound very strongly in the near future," Shenyin & Wanguo Securities wrote.
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