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Shipping, metal surges boost mainland shares

(China Daily/Agencies)
Updated: 2009-07-16 09:56

The mainland stocks advanced, driving the Shanghai Composite Index to a 13-month high, as rating upgrades at Shenyin & Wanguo Securities Co spurred gains by shipping companies and metals producers climbed on higher prices.

"Strong domestic demand for commodities and expectations about a pick up in exports in the second half have prompted investors to believe shipping lines will benefit," said Wang Zheng, a fund manager at Jingxi Investment Management Co in Shanghai.

The Shanghai Composite rose 43.39, or 1.4 percent, to 3188.55 at the close, the highest close since June 2008.

The CSI 300 Index gained 1.1 percent to 3493.30.

China COSCO Holdings Co, the world's largest operator of dry-bulk ships jumped the maximum 10 percent to 16.08 yuan ($2.35). Affiliate COSCO Shipping also surged 10 percent to 12.32 yuan.

Related readings:  Chinese shares close higher on Wednesday  Chinese shares hit 13-month high, driven by strong optimism  IPO frenzy triggers hikes in interbank repo rates  Chinese shares end lower on Monday

China Shipping Container Lines Co, the nation's second-largest carrier of sea-cargo boxes, added 6.8 percent to 4.85 yuan.

Shenyin & Wanguo raised its rating on the shipping stocks to "outperform" from "neutral" in a note yesterday, citing increasing demand for iron ore.

Jiangxi Copper Co, China's biggest producer of the metal, added 8.5 percent to 35.91 yuan, capping an annual advance of 260 percent.

Tongling Nonferrous Metals Group Co, the second-biggest copper producer, climbed 7.7 percent to 21.99 yuan. Yunnan Copper Industry Co, the No 3, gained the maximum 10 percent to 24.68 yuan.

Aluminum Corp of China, the nation's biggest maker of the lightweight metal and also called Chalco, rose 5.9 percent to 13.62 yuan.

Copper climbed as much as 5 percent in Shanghai yesterday on speculation China's demand for the metal may grow further as the country's economy improved.

Hang Seng increases

Hong Kong stocks rose, lifting the benchmark index to a two-week high. Banks advanced after Goldman Sachs Group Inc reported record profit, boosting optimism earnings at financial companies will pick up.

Bank of Communications Co advanced 2.3 percent. HSBC, Europe's largest bank, added 2.4 percent.

Tsingtao Brewery Co gained 2.9 percent after brokerages lifted their recommendations on the stock.

The Hang Seng Index climbed 2.1 percent to 18258.66, its highest close since June 30. A gauge tracking financial companies accounted for 42 percent of the gains. The Hang Seng China Enterprises Index rose 2 percent to 10860.66.