Bourse kicks off new year by rising 1.5% to close at 2,853

09:26, January 05, 2011      

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The nation's stock market closed higher Tuesday, the first day of 2011 trade, with the benchmark Shanghai Composite Index jumping 1.59 percent, or 44.57 points, to close at 2,852 points.

Investors snapped up cheap property stocks along with energy and non-ferrous metal stocks amid a rise in global resource prices.

The nation's biggest property developer by market value, soared 7 percent to finish at 8.8 yuan ($1.33) per share. Poly Real Estate Group surged 9.9 percent to 13.96 yuan ($2.07). Gemdale Co jumped 10 percent to 6.8 yuan ($1.01).

Shenhua Group Co, China's largest coal company, gained 1.92 percent to 25.18 yuan ($3.74).

PetroChina Co added 1.5 percent to close at 11.39 yuan ($1.69).

The Shenzhen Component Index gained 2.05 percent, or 255.96 points, to close at 12,714 points.

Source: Global Times
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