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Index shows 5th straight monthly gain

(China Daily/Agencies)
Updated: 2009-05-28 08:08

China's benchmark stock index rose, completing a fifth monthly gain, as raw-material producers and shipping companies climbed on higher commodity prices and increased transportation rates.

PetroChina Co advanced 4.4 percent to a nine-month high and China Petroleum & Chemical Co added 2.4 percent. China COSCO Holdings Co, the world's largest operator of dry-bulk ships, climbed 4.6 percent after the Baltic Dry Index rose for a 17th day in London.

"Ample liquidity and optimism about economic recovery have contributed to the monthly rally," said Wang Peng, Shanghai-based chief investment officer at First Trust Fund Management Co. "The gains may not last if we fail to see more good economic and corporate data."

The Shanghai Composite Index, which tracks the bigger of the nation's exchanges, added 44.36, or 1.7 percent, to 2,632.93 at close yesterday. The index gained 6.3 percent this month. China's markets will be shut on Thursday and Friday for public holidays.

Related readings:  Chinese shares rise 1.71%, led by oil producers  Shares end down as energy firms falter  Yangtze Power shares go on roller coaster ride at bourses  Chinese shares fall slightly

The Shanghai index has posted gains every month this year for a 45 percent rally on optimism a 4-trillion-yuan stimulus package and record lending would revive growth.

The CSI 300 Index added 1.5 percent to 2,759.71.

An index of energy stocks on the CSI 300 index has jumped 71 percent this year, the most among the 10 industry groups, as crude climbed.

Shipping companies rose after the Baltic Dry Index gained 5.6 percent on signs China is still stockpiling materials including iron ore. The index tracking transport costs on international trade has advanced almost fourfold since the start of the year, recovering some of 2008's record 92 percent drop.

The Shanghai index's monthly gains this year cap the longest winning streak since the end of May 2007.

Hang Seng soars

Hong Kong stocks rose, with the benchmark index set for its highest close in more than seven months, after the government unveiled HK$16.8 billion of tax cuts, fee waivers and spending to spur growth.

The Hang Seng Index added 893.71, or 5.3 percent, to 17,885.27, its highest close since Oct 2, and its largest gain since May 4.

The benchmark Hang Seng Index has surged 57 percent from a four-month low on March 9 as investors speculated government stimulus efforts worldwide would ease the global economic slump.