US rallies boost morning stocks

By Joyce Pan | July 14, 2009, Tuesday |

Online Edition

SHANGHAI'S key stock index jumped in the morning session, following strong rallies in US markets, led by steel producers and insurers.

The benchmark Shanghai Composite Index was up 1.56 percent, or 47.93 points, to close at 3,128.48 points. Turnover stood at 88.11 billion yuan (US$12.96 billion). Gainers outnumbered losers 696 to 148 and 30 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.37 percent to close at 1,061.43 points.

China Pacific Insurance (Group) Co surged 5.78 percent to 27.1 yuan. Ping An Insurance (Group) Co soared 7.28 percent to 58.66 yuan while China Life Insurance Co, the country's largest insurer, advanced 3.86 percent to 29.3 yuan.

Baoshan Iron & Steel Co, the nation's biggest steelmaker, added 2.64 percent to 8.17 yuan. Angang Steel Co climbed 2.72 percent to 14.33 yuan. Maanshan Iron & Steel Co gained 3.1 percent to 5.66 yuan. Handan Iron & Steel Co rose 3.61 percent to 6.31 yuan.

Shanghai Lujiazui Finance & Trade Zone expanded 2.74 percent to 27.7 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, edged up 1.54 percent to 29.65 yuan. Shanghai Waigaoqiao Free Trade Zone was up 1.84 percent to 16.59 yuan.

Finance

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US rallies boost morning stocks

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