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Stocks start new year with bang
By Zhang Ran (China Daily)
Updated: 2006-02-07 08:34

Chinese stocks saw an impressive rise on the first trading day of the Lunar New Year of the Dog, with the Shanghai index headed for its highest point in almost eleven months.

After a week-long break, the Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, rose 29.58 points, or 2.35 per cent, to 1287.63 points yesterday, the highest since March 14 last year. The Shenzhen Composite Index, which tracks the smaller market, gained 8.79, or 2.78 per cent, to 315.9.

Commodity shares were a favourite of the market due to their rising prices. Jiangxi Copper Co, China's largest producer of the metal, led the gain following copper futures rising to a record in Shanghai. The firm's shares jumped 0.64 yuan (7.9 US cents), or 9.3 per cent, to 7.52 yuan (92.8 US cents), on course for the biggest gain since January 5, 2004.

Shares in Yunnan Copper Industry Co, the nation's third-largest smelter of the metal, advanced 6.8 per cent to 6 yuan (74 US cents).

"It was because the price of metal is rising," said Wang Qianming, nonferrous metal analyst with CITIC Securities. "The world market has a great need for nonferrous metals such as copper and zinc."

Another reason for the price of the metal to rise, Wang said, was due to looser money policies around the globe. "Global capitals have been buying in commodities and energy products such as metal, gold, oil and agricultural products, as well as real estate."

Wang believed that prices of nonferrous metals will continue to rise over the next two years.

Most institutional investors and securities analysts like Wang predicted the Shanghai Composite Index will exceed 1,300 points in 2006 due to share reforms and other favourable institutional changes in the country's capital market.

China is considering allowing the use of credit to buy and sell stocks, the official Securities Times reported yesterday, citing a document from the State Council.

"Launching trading on credit at the proper time will allow more funds to flow into the markets legally," the paper said. It did not give further details.

China's securities regulator is pursuing a number of measures to try to boost the stock market, including introducing derivative products and other financial instruments.

However, experts have warned public investors to pay attention to listed companies' recent performances as their 2005 financial reports are coming out.

Shares in Chihong Zinc & Germanium Co, a zinc producer in Yunnan, jumped 1.50 yuan (18.5 US cents), or 7.9 per cent after the company said its 2005 profit probably doubled from 2004.

But nearly 200 listed companies have predicted a loss in 2005, which is likely to dent public confidence in the market.



 
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