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US jobs report boosts Shanghai index
By Feng Jianmin |
September 6, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose most in a week led by blue chips after positive US job data eased economic worries.
The benchmark Shanghai Composite rose 1.54 percent, or 40.86 points, to close at 2,696.25 points. Turnover grew to 160 billion yuan (US$ 23.5 billion) from last Friday's 146 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was almost unchanged at 1,178.35 points.
Metal producers gained. Jiangxi Copper Co, the nation's biggest producer of the metal, advanced 2.89 percent to 32.00 yuan. Aluminum Corp of China, the nation's biggest maker of the lightweight metal and also called Chalco, grew 2 percent to 10.27 yuan. Tongling Nonferrous Metals Group Co added 0.8 percent to 17.62 yuan.
Steel makers led the gainers on speculation that ore price may decrease by the end this year. Baoshan Iron & Steel Co surged 7.06 percent to 6.98 yuan. Angang Steel Company hiked 6.27 percent to 8.65 yuan. Beijing Shougang Co rose 1.57 percent to 4.52 yuan.
Insurers and property developers grew after China approved insurers to invest as much as 10 percent of its total assets in non-residential property assets to reduce investment risks.
China Life Insurance Co, the country's largest life insurance company, went up 2.84 percent to 22.81 yuan. China Pacific Insurance Co rose 3.36 percent to 23.96 yuan. Ping An Insurance Co climbed 4.48 percent to 51.06 yuan.
China Vanke rose 2.24 percent to 8.69 yuan. Gemdale Corp added 1.54 percent to 6.58 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co grew 1.38 percent to 18.38 yuan.
The benchmark Shanghai Composite rose 1.54 percent, or 40.86 points, to close at 2,696.25 points. Turnover grew to 160 billion yuan (US$ 23.5 billion) from last Friday's 146 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was almost unchanged at 1,178.35 points.
Metal producers gained. Jiangxi Copper Co, the nation's biggest producer of the metal, advanced 2.89 percent to 32.00 yuan. Aluminum Corp of China, the nation's biggest maker of the lightweight metal and also called Chalco, grew 2 percent to 10.27 yuan. Tongling Nonferrous Metals Group Co added 0.8 percent to 17.62 yuan.
Steel makers led the gainers on speculation that ore price may decrease by the end this year. Baoshan Iron & Steel Co surged 7.06 percent to 6.98 yuan. Angang Steel Company hiked 6.27 percent to 8.65 yuan. Beijing Shougang Co rose 1.57 percent to 4.52 yuan.
Insurers and property developers grew after China approved insurers to invest as much as 10 percent of its total assets in non-residential property assets to reduce investment risks.
China Life Insurance Co, the country's largest life insurance company, went up 2.84 percent to 22.81 yuan. China Pacific Insurance Co rose 3.36 percent to 23.96 yuan. Ping An Insurance Co climbed 4.48 percent to 51.06 yuan.
China Vanke rose 2.24 percent to 8.69 yuan. Gemdale Corp added 1.54 percent to 6.58 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co grew 1.38 percent to 18.38 yuan.
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