China markets advance led by non-ferrous metals and shipping
China's markets advanced, led by non-ferrous metal and shipping shares, as metal prices rose and the Baltic Dry Index climbed. The Shanghai Comprehensive Index advanced 1.38 percent to 3188.55, the highest in more than 13 months. The Hang Sang Index rose 2.09 percent to 18258.66. The Hang Sang Growth Enterprises Index gained 2.58 percent to 591.58. The Hang Sang China Enterprises Index climbed 1.96 percent to 10860.66.
Taiwan's TAIEX Index added 1.49 percent to 6738.60.
PetroChina Co. (SH:601857; HK:0857), the nation's largest oil producer, advanced 2.27 percent on Shanghai trading and 1.88 percent on Hong Kong trading. China Petroleum & Chemical Corp. (SH:600028; HK:0386) added 0.67 percent on Shanghai and 0.81 percent on Hong Kong after Chen Tonghai, a former chairman of Asia's largest refinery, has been given a suspended death penalty for bribery.
Zhejiang Leo Co. (SZ:002131), a manufacturer of pumps, surged to the 10 percent trading cap after saying first-half net income may increase by as much as 60 percent from a year ago.
Auto shares rise on subsidy plan
Auto shares advanced 3.27 percent on average after the detailed subsidy plan for trade-in vehicles was released. Consumers will receive a subsidy of between RMB3,000 (US$439) and RMB6,000 per vehicle to replace passenger cars, vans, and trucks that do not meet the country's emission standards, or for vehicles which have been on road for 8 to 12 years, according to the policy released yesterday by the Ministry of Commerce.
SAIC Motor Co.(SH:600104) advanced 3.11 percent. Chongqing Changan Automobile Co.(SZ:000625) surged 8.67 percent.
Dragon Hill Wuling Automobile Holdings (HK:0305) soared 13 percent. Geely Automobile Holdings (HK:0175) surged 9.94 percent. Great Wall Motor Co. (HK:2333) climbed 7.33 percent.
Shipping shares surge
China Cosco Holdings Co.(SH:601919; HK:1919), the world's largest operator of dry-bulk ships, surged 10 percent on Shanghai trading and 8.64 percent on Hong Kong trading. China Shipping Development Co. (SH:600026; HK:1138) gained 9.77 percent on Shanghai and 9.05 percent on Hong Kong.
The Baltic Dry Index, a measure of shipping costs for commodities, advanced 4.1 percent yesterday, the first gain this month, according to the Baltic Exchange.
Cosco Shipping Co. (SH:600428)，China's largest carrier of sea-cargo containers, surged to the 10 percent trading cap. China Shipping Container Lines Co.(SH:601866), the second-largest, added 6.8 percent.
Pacific Basin Shipping (HK:2343) surged 11.97 percent. Sinotrans Shipping (HK:0368) climbed 9.09 percent.
Non-ferrous metal shares rise on higher metal prices
Jiangxi Copper Co.(SH:600362; HK:0358), China's largest copper producer, climbed 8.49 percent on Shanghai and 6.40 percent on Hong Kong. Shanghai Copper Futures rose 4.46 percent todyay. Tongling Non-ferrous Metals Group Co.(SZ:000630), the second-biggest copper producer, climbed 7.69 percent. Yunnan Copper Industry Co., the third largest, surged to the 10 percent trading cap.
Aluminum Corp. of China (SH:601600;HK:2600) jumped 5.91 percent on Shanghai and 4.77 percent on Hong Kong. Shanghai Aluminum Futures climbed 1.08 percent. Yunnan Aluminium Co. (SZ:000807), China's fifth-largest aluminium producer, surged 8.38 percent.
China Non-ferrous Metals (HK:8306) soared 12.50 percent. Hunan Non-ferrous Metals (HK:2626) climbed 6.77 percent.
Related news
- Shenzhen up 1.1pct as brokerages support mainland markets while Hong Kong falls on real estate concerns
- Mainland and Hong Kong markets fall most in weeks
- Mainland stock mixed, pharma shares up as U.S. declares H1N1 national emergency
- China markets rise as Shenzhen launches Growth Enterprise Board and hot money starts flowing in again
- China markets slip again despite 8.9pct growth figure for third quarter
- China markets down on profit taking and crude oil drop
- China markets up as Hang Seng property index surges 5.8pct and mainland financials rise gain 2pct
