Related News
Stocks rise most in one month on economic data
Online Edition
SHANGHAI stocks advanced the most in one month as commodities surged on hopes their demand will increase amid a recovering economy. The key Shanghai Composite Index jumped 2.4 percent, the biggest daily gain since July 11, to settle at 2,101.28 points. Daily turnover was 116.5 billion yuan (US$19.1 billion).
Coal producers led the market gain with a gauge of the sector soaring 8.1 percent.
Wintime Energy Co surged by the daily limit of 10 percent to 7.25 yuan. Shanxi Lu’an Environmental Energy Development Co also leapt 10 percent to 13.88 yuan. China Shenhua Energy Co, the nation’s biggest coal producer rose 6.1 percent to 17.14 yuan.
“Latest data indicated China’s economy is recovering, especially in terms of manufacturing and real-estate investment, which give rise to optimism that demand for coal will improve in the following two quarters and the process of restocking in the sector will accelerate,” Liu Zhaoliang, analyst with Qilu Securities, said in a note today.
Data released last week showed industrial production rose 9.7 percent year on year in July, picking up from the pace from 8.9 percent in June while fixed-asset investment rose 20.1 percent in the first seven months, unchanged from the rate in the first half.
The rosy data came after a robust rebound in trade, with growth of both of exports and imports reversing from declines in June and beating market estimates, adding to signs that growth of the world’s second largest economy is stabilizing.
Hua Xia Bank Co gained among lenders, rising 2.8 percent to 6.89 yuan, after reporting a 20-percent gain in net profits in the first half of the year. Industrial Bank Co increased 6.2 percent to 9.88 yuan. China Minsheng Banking Corp added 5.6 percent to 8.89 yuan.
Environmental protection firms were strong after the State Council released a guideline yesterday saying that the green industry will become a pillar of the China’s economy by 2015 with an total output of 4.5 trillion yuan.
Beijing Capital Co, a company specializing in wastewater disposal, rose 2.2 percent to 7.29 yuan. Tianjin Capital Environmental Protection Group Co advanced 3.1 percent to 8.68 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
