Shanghai rises on the eve of China's 60th anniversary, Hang Seng slides as China drops petrol prices
Mainland markets rose for the first time in four days ahead of the National Day holiday tomorrow marking the 60th anniversary of the founding of the People's Republic of China. Hong Kong's stocks retreated, led by oil refiners, after China said it would cut petrol prices.
The Shanghai Comprehensive Index climbed 0.90 percent to 2779.43, ending September with a gain of 4.19 percent. The Hang Seng Index slid 0.28 percent to 20955.25, paring the monthly gain to 6.24 percent. The Hang Seng China Enterprises Index, representing mainland companies listed in Hong Kong, advanced lost 1.09 percent to 11858.15.
Taiwan's TAIEX Index gained 1.07 percent to 7429.98.
Developers gained after the People's Bank of China said yesterday stimulus measures to boost domestic demand will continue. Mainland-listed developers advanced 1.53 percent on average and the Hang Sang Property Index climbed 0.70 percent.
Poly Real Estate Group Co. (SH:6000480), China's second-largest developer by market value, added 3.29 percent. Henderson Land Development Co.(HKG:0012), the Hong Kong-based company controlled by billionaire Lee Shau-kee, climbed 2.93 percent.
Sinopec (SH:600028; HKG:0386), Asia's largest refinery, declined 1.35 percent in Hong Kong trading after China said it would petrol and diesel prices. PetroChina Co. (SH:601857; HKG:0857), the world's largest company by market value, lost 1.57 percent in Hong Kong trading.
China will lower petrol and diesel prices by RMB 190 per tonne from Wednesday, the National Development and Reform Commission announced yesterday. It is the eighth fuel price adjustment since the country adopted a new fuel pricing mechanism on January 1st, and the first reduction of fuel prices in two months.
Mainland-listed nonferrous metal shares gained 3 percent on average. Yunnan Chihong Zinc & Germanium Co. (SH:600497) surged 8.28 percent. Yunnan Luoping Zinc ＆ Electricity Co.,（SZ:002114）advanced 6.94 percent. Henan Yuguang Gold & Lead Co.（SH:600531）added 5.26 percent.
Zhongjin Gold (SH:600489), the country's second-largest gold producer, gained 3.63 percent. China Gold Group, Zhongjin's mother company, is selling its stakes in three subsidiary gold mines. Analysts say Zhongjin may buy them. Zijin Mining (SH:601899;HKG:2899), the largest, advanced 2.41 percent in Shanghai and 0.66 percent in Hong Kong. Gold futures gained 1.16 percent in Shanghai.
Jiangxi Copper Co.(SH:600362;HKG:0358), China's biggest producer of the metal, climbed 4.69 percent in Shanghai trading. Shanghai Copper Futures rose 4.18 percent. Aluminum Corp. of China (SH:601600;HKG:2600), the nation's biggest producer of the metal, added 3.07 percent in Shanghai. Shanghai Aluminum futures climbed 1.71 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
