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Shares vault to new high, led by commodities

(China Daily/Agencies)
Updated: 2009-06-25 07:51

The mainland stocks rose to the highest in a year, led by commodity producers, after the China News Agency said Asia's biggest iron-ore deposit was discovered in a northeastern province and raw-material prices gained.

The Shanghai Composite Index rose 29.6, or 1 percent, to 2922.3 at the close, the highest since June 18, 2008. The gauge has surged 60 percent this year. The rally has left the index trading at 29 times earnings, the most expensive since March 2008.

The CSI 300 Index added 1.2 percent to 3120.73 yesterday.

Investors opened accounts to trade equities at the fastest pace in two months last week, according to the China Securities Depository and Clearing Corp.

Baoshan Iron & Steel Co, China's biggest steelmaker, climbed 3 percent to 7.2 yuan ($1.05). Angang Steel, the No 2, rose 7.4 percent to 14.18 yuan. Maanshan Iron & Steel Co, the fourth largest, added 2.3 percent to 4.95 yuan.

The iron ore deposit was discovered near Benxi city in Liaoning province with reserves of more than 3 billion metric tons, the China News Agency reported.

Related readings:  Chinese shares end at one-year high on Wednesday  Hong Kong stocks close 2.89% down  Chinese shares fall, tracking overnight Wall Street slump  Hong Kong stocks close 0.77% higher

"The mine will help steelmakers reduce costs because they wouldn't need to import so many raw materials," said Zhang Ling, a fund manager at ICBC Credit Suisse Asset Management Co.

Jiangxi Copper Co, the nation's biggest producer of the metal, jumped by the daily 10 percent limit to 32.4 yuan. Tongling Nonferrous Metals Group Co, China's second-biggest copper producer, added 8 percent to 19.97 yuan. Yunnan Copper Industry Co, the No 3, gained 6.9 percent to 21.64 yuan.

Copper gained for a second day in Asia, after the metal's drop to the lowest in more than three weeks and the dollar's decline sparked buying interest.

HSI higher

Hong Kong stocks gained after power output rose on the mainland, stoking recovery expectations, and Sino Land Co won rights for a project in the city's Wan Chai area.

The Hang Seng Index added 353.78, or 2 percent, to 17892.15 at the close. Thirteen stocks rose for each that fell on the gauge, which is headed for a second weekly decline after rising the previous four. The Hang Seng China Enterprises Index climbed 2.4 percent to 10530.35.

The benchmark Hang Seng Index has soared 58 percent from a more than four-month low reached on March 9 on speculation government stimulus efforts worldwide will revive the global economy. Shares on the gauge are valued at 16.1 times estimated earnings, up from 10.8 times at the beginning of this year.