Hong Kong flat as Shanghai soars 5 percent following National Day holiday
China's mainland markets surged after the eight-day national holiday during which world equity markets rose with the Shanghai Comprehensive Index today climbing 4.8 percent to 2911.72, its biggest gain in five weeks.
The Hang Seng Index remained flat today. It has risen 5.5 percent this week.
Gold shares made the sharpest rises in Shanghai. Zijin Mining (SH:601899), the country's largest gold producer, Zhongjin Gold (SH:600489), the second-largest and six other mainland-listed gold producers, all opened 10 percent higher to the daily trading limit after gold prices rose 6 percent while the market was shut.
Enthusiasm soon spread to copper and zink producers in the morning session and to all nonferrous metal shares in the afternoon. Jiangxi Copper Co.(SH:600362;HKG:0358), China's biggest producer of the metal, surge to the trading limit at 10:08 am. Aluminum Corp. of China (SH:601600;HKG:2600), the nation's biggest producer of the metal, surged to 10 percent at 14:32 pm.
At close, mainland-listed nonferrous metal shares gained 9.44 percent on average. Almost all nonferrous metal stocks surged to the 10 percent trading cap.
Coal miners also gained over 9 percent today. Over 10 shares surged to the 10 percent trading cap, including Yanzhou Coal Mining Co.(SH:600188;HKG:1171), China's sixth largest coal producer.
China Shenhua Energy Co. (SH:601088, HKG:1088), the largest, advanced 8.33 percent in Shanghai trading and 1.30 percent in Hong Kong trading. China Coal Energy Co. (SH:601898;HKG:1898), the second-largest, climbed 8.42 percent in Shanghai and 1.30 percent in Hong Kong.
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