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Stocks rise the most in nearly 3 weeks
By Feng Jianmin and Pan Xiaoyi |
September 28, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose the most in nearly three weeks yesterday, the first trading day after a five-day break, boosted by gains in metals firms and gold miners.
The Shanghai Composite Index gained 1.41 percent, or 36.42 points, to close at 2,627.97.
Turnover expanded to 90.5 billion yuan (US$13.5 billion) from last Tuesday's 66.3 billion yuan.
Metal producers led gainers after output of non-ferrous metals in the past eight months surged 26.5 percent from a year earlier.
Copper prices in August jumped 5.8 percent from last month while aluminum prices grew 2.4 percent.
Jiangxi Copper Co climbed 5.2 percent to 31.02 yuan, Yunnan Copper Industry Co gained 3.3 percent to 20.89 yuan and Aluminum Corp of China added 2.8 percent to 9.89 yuan.
Gold producers extended previous gains after bullion prices rose to more than US$1,300 per ounce. Zijin Mining Group Co, China's largest gold producer, grew 2.6 percent to 6.42 yuan. Zhongjin Gold Co rose 4.3 percent to 36.04 yuan and Shandong Gold Mining Co gained 5 percent to 46.88 yuan.
Banks, however, were mixed on speculation that loans in September may drop to below 500 billion yuan from August's 545 billion yuan and July's 533 billion yuan, the Securities Daily reported.
The Bank of China added 1 percent to 3.27 yuan and the Industrial and Commercial Bank of China edged up 0.76 percent to 4.00 yuan. China Merchants Bank dipped 0.23 percent to 12.84 yuan.
The Shanghai Composite Index gained 1.41 percent, or 36.42 points, to close at 2,627.97.
Turnover expanded to 90.5 billion yuan (US$13.5 billion) from last Tuesday's 66.3 billion yuan.
Metal producers led gainers after output of non-ferrous metals in the past eight months surged 26.5 percent from a year earlier.
Copper prices in August jumped 5.8 percent from last month while aluminum prices grew 2.4 percent.
Jiangxi Copper Co climbed 5.2 percent to 31.02 yuan, Yunnan Copper Industry Co gained 3.3 percent to 20.89 yuan and Aluminum Corp of China added 2.8 percent to 9.89 yuan.
Gold producers extended previous gains after bullion prices rose to more than US$1,300 per ounce. Zijin Mining Group Co, China's largest gold producer, grew 2.6 percent to 6.42 yuan. Zhongjin Gold Co rose 4.3 percent to 36.04 yuan and Shandong Gold Mining Co gained 5 percent to 46.88 yuan.
Banks, however, were mixed on speculation that loans in September may drop to below 500 billion yuan from August's 545 billion yuan and July's 533 billion yuan, the Securities Daily reported.
The Bank of China added 1 percent to 3.27 yuan and the Industrial and Commercial Bank of China edged up 0.76 percent to 4.00 yuan. China Merchants Bank dipped 0.23 percent to 12.84 yuan.
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