Gold drives Chinese stocks to five-month high

19:20, October 08, 2010      

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An investor looks at the share prices at a stock exchange in Hangzhou, capital of east China's Zhejiang Province, Oct. 8, 2010. Chinese shares advanced to the five-month high Friday on the gains of gold producers and nonferrous metals. The benchmark Shanghai Composite Index rose 3.13 percent, or 83.09points, to close at 2,738.74. The Shenzhen Component Index gained 3.86 percent, or 442.83 points, to end at 11,911.37. (Xinhua/Han Chuanhao)
Chinese shares advanced to a five-month high Friday on the gains of gold producers and nonferrous metals.

The benchmark Shanghai Composite Index rose 3.13 percent, or 83.09points, to close at 2,738.74.

The Shenzhen Component Index gained 3.86 percent, or 442.83 points, to end at 11,911.37.

Combined turnover stood at 283.42 billion yuan (42.43 billion U.S. dollars), up from 183 billion yuan the previous trading day.

Gainers outnumbered losers by 814 to 41 in Shanghai and 1,025 to 47 in Shenzhen.

Most Chinese stocks proved resilient Friday after the stock markets were closed from Oct. 1 to 7 for the annual National Day holiday.

Gold producers rallied Friday after international gold prices hit a record during the Chinese holiday as investors sought an alternative investment to the U.S. dollar, which slid to an eight-month low against the euro on Thursday.

Zijin Mining Group, China's largest gold producer, surged by the 10- percent daily trading limit to end at 8 yuan per share. Shandong Gold Mining, a big producer of gold based in east China's Shandong Province, rose by the daily limit of 10 percent to 61.46 yuan in Shanghai.

Nonferrous metals also posted widespread gains after copper rose to 8,326 U.S. dollars per metric ton on the London Metal Exchange on Wednesday, the highest level since July 2008.

Jiangxi Copper Co., the country's leading copper producer, jumped 9.9percent to 34.23 yuan per share while Yunnan Copper Co. gained 9 percent to 24.52 yuan per share.

Other energy and raw materials stocks also rebounded Friday because of international commodity gains during the weeklong holiday.

China Shenhua Energy Co., China's biggest coal producer, climbed 9.28 percent to 25.8 yuan. PetroChina Co. rose 2.85 percent to 10.47 yuan per share.

Source: Xinhua
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(Editor:赵晨雁)

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