Energy stocks fuel bourse above 3,000

09:59, October 20, 2010      

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China's key stock index ended up 1.6 percent Tuesday, its highest close in nearly six months, with gains in coal and new energy stocks offsetting drops in steel makers such as Baosteel.

The Shanghai Composite Index was at 3,001.9, after closing down 0.5 percent Monday in heavy volume. The index posted an 8.4 percent gain last week, its biggest weekly gain since February 2009, on prospects of increased liquidity in the domestic market.

Volume slid to 198 billion yuan ($29.80 billion) from Monday's 299 billion yuan ($44.46 billion), its highest turnover in at least 10 years.

Analysts say the prospect of more quantitative easing by the US Federal Reserve and cash flows from the country's housing market as investors switch from buying property to stocks have reversed sentiment to support a steady upward trend. Traders expect the index to trade convincingly above the psychological 3,000-point level after the release of economic data later this week.

Source: Global Times


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