Stocks surge as uncertainty eases
SHANGHAI - Stocks on the Chinese mainland rose on Thursday, driving the benchmark index to a five-month high.
The Shanghai Composite Index added 0.22 percent to 3007.91 at the 3 pm close, the highest since Nov 15. The CSI 300 Index rose 0.40 percent to 3324.42.
"Investors are relieved as it may be the end of bad news with increases in interest rates and oil prices already being announced," said Wu Kan, a fund manager at Dazhong Insurance Co, which oversees $285 million. "Uncertainty has eased significantly."
A gauge of material companies rose 1 percent in the CSI 300. Anhui Conch Cement Co jumped to the highest in three years after Macquarie Group Ltd boosted its rating to "outperform". Tangshan Jidong Cement Co surged 6.04 percent to 30.01 yuan ($4.59), the highest since its debut in June 1996. Huaxin Cement Co surged 9.99 percent to 54.71 yuan.
Qingdao Haier Co rose the most since Feb 28, rising 5.05 percent to 29.10 yuan. The company said a shareholder, Qingdao Haier Venture Investment, may increase its stake in the Shanghai-listed company by as much as 1.97 percent in the next 12 months by buying shares, according to a statement to the Shanghai Stock Exchange.
Bloomberg News
(China Daily 04/08/2011 page17)
