Shanghai climbs again as pork and car related shares lead surge
The Hong Kong market was little changed, while mainland stocks rallied, led by automobile and agriculture shares, as investors bottom-fished following yesterday's drop. Over 100 mainland-listed shares surged to the 10 percent trading cap.
The Shanghai Comprehensive Index rose 1.78 percent to 2967.59. The Shenzhen Composit Index advanced 2.63 percent to 11995.03.The SME Comprehensive Index added 2.97 percent to 4488.31.
The Hang Seng Index climbed 0.10 percent to 20456.32. The Hang Seng Growth Enterprises Index slid 0.28 percent to 627.26. The Hang Seng China Enterprise Index gained 0.02 percent to 11657.13.
Taiwan TAIEX Index retreated 1.32 percent to 6719.21.
Mainland-listed auto shares rose 6.53 percent on average. SAIC Motor Co. (SH:600104) gained 8.55 percent. Chongqing Changan Automobile Co .(SZ:000625) and Anhui Ankai Automobile Co.,(SZ:000868) surged to the 10 percent trading cap. Geely Automobile (HK:0175) advanced 4.32 percent. Great Wall Motor Co.(HK:2333) climbed 2.05 percent. Brilliance China Automotive (HK:1114) added 1.05 percent.
Agriculture shares advanced 5.58 percent, led by pork-related shares.
Seven stocks surged to the 10 percent trading cap, including livestock breeding companies Fortune Ng Fung Food (Hebei) Co.,(SH:600965) and HaiKou Agriculture＆lndustry＆Trade Co. (SZ:000735) and feed supplier Jiangxi Zhengbang Technology Co.,(SZ:002157).
Pork prices have been picking up since June after the Chinese Government started stockpiling frozen pork, though the price of pork in July was still 28.3 percent lower than that of last year. Pork accounts for about 65 percent of the meat consumed in China and is an important component of CPI.
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