BIZCHINA> Top Biz News
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BIZCHINA> Top Biz News
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Equities rebound on higher metal prices
(China Daily/Agencies)
Updated: 2009-11-05 08:44 Chinese stocks rose for a fourth day, driving the benchmark index to the longest winning stretch in two months, as raw-material producers advanced on higher commodity prices. "The economy still has a pretty optimistic outlook next year probably with a high growth rate and low inflation," said Zhang Ling, who helps oversee about $7.21 billion at ICBC Credit Suisse Asset Management Co in Beijing. "But at the same time, you need to guard against shrinking liquidity as the government puts a lid on credit." The Shanghai Composite Index rose 14.31, or 0.5 percent, to 3128.54 at the close, after changing direction at least six times. The four-day gain is the longest since Sept 9. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, advanced 0.54 percent to 3453.89.
Rail stocks gained after Warren Buffett's Berkshire Hathaway Inc bought a US railroad in its largest acquisition. Daqin Railway Co, the operator of China's biggest coal transport network, advanced 4.3 percent to 10.44 yuan ($1.53), the most since Aug 10. Guangshen Railway Co, the operator of trains in China's richest province, climbed 2.5 percent to 4.49 yuan, extending its annual advance to 21 percent. "Buffett's investment provided the trigger for a new look at the industry," said Zheng Wu, an analyst at Ping An Securities Co in Shenzhen, who has a "buy" rating on Daqin Railway. "Given the economic recovery, we think railway stocks like Daqin Railway are undervalued." Hang Seng recovers Hong Kong stocks rose for the first time in three days as metal and oil producers advanced on gold hitting a record and crude climbing. Casino operators gained after the Macao Daily News said gaming revenue increased. The Hang Seng Index climbed 1.76 percent to close at 21614.77, halting a two-day, 2.4 percent drop. The Hang Seng China Enterprises Index, which tracks the Hong Kong-listed shares of mainland companies, added 2.6 percent to 12830.15. (For more biz stories, please visit Industries)
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