China markets up led by metals producers
Chinese markets rose with global indexes, with metal producers making the biggest gains as after copper prices jump the most in 11 weeks.
The Shanghai Comprehensive Index advanced 1.10 percent to 2993.43. The Shenzhen Composite Index gained 1.55 percent to 12.75.80.The SME Comprehensive Idex added 2.68 percent to 4416.98.
The Hang Seng Index climbed 1.67 percent to 20535.94. The Hang Seng Growth Enterprises Index slid 0.20 percent to 623.70. The Hang Seng China Enterprise Index gained 2.08 percent to 1703.49
Taiwan TAIEX Index advanced 2.76 percent to 6838.25.
Anhui Jingcheng Copper Share Co.(SZ:002171), a small-cap copper producer, surged to the 10 percent trading cap after copper and zinc furures jumped by the daily limit of 5 percent in Shanghai.
Jiangxi Copper (SH:600362; HK:0358), China's biggest producer of the metal, climbed 6.9 percent in Shanghai and 5.19 percent in Hong Kong. Tongling Nonferrous Metals (SZ:000630), the second largest, advanced 5.3 percent. Zhuzhou Smelter Group Co.(SH:600961), China's biggest producer of refined zinc, gained 5.3 percent.
Sinopec (SH:600028;HK:0386), Asia's biggest refiner rose 2.2 percent in Shanghai and 0.72 percent in Hong Kong after annoucing first half profits increased 332.6 percent year-on-year.
Financial shares rose in Hong Kong but dropped on mainland markets. The Hang Seng Financial Index gained 1.98 percent. Mainland-listed fiancial shares lost 0.61 percent on average. Industrial and Commcercial Bank of China (SH:601398;HK:1398), the world's largest lender, advanced 0.95 percent in Hong Kong but slid 0.41 percent in Shanghai.
Profiting from China's National Day
With the 60th anniversary of the founding of the People's Republic of China just five weeks away defense shares continued to rise, today by surged 6.44 percent.
Some 18 stocks surged to the 10 percent trading cap, including Xi'an Aircraft International Co.(SZ:000768), China Spacesat Co.,(SH:600118) and Long March Launch Vehicle Technology Co.(SH:600879).
The anniversary comes with an eight-day national holiday, bringing tourism related shares up too. Beijing Jingxi Tourism Development Co.(SZ:000802) also surged to the 10 percent trading cap. Wuhan Sante Cableway Group Co.(SZ:002159) advanced 5.53 percent.
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