Shanghai stocks conquered the 5,900 mark today as investors build bigger positions in the A-share market.

 

The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, advanced 2.46 percent, or 141.77 points, to close at 5,913.23.

 

Despite the rally on the Shanghai market, decliners outnumbered gainers by 651 to 235, and turnover reached 180 billion yuan (US$23.97 billion).

 

Airlines rebounded after several days of weak performance.

 

Shanghai Airlines jumped the daily-limit 10 percent to 18.26 yuan and Air China rose 6.83 percent to 23.78 yuan.

 

China Southern Airlines rose 4.52 percent to 23.61 yuan and Hainan Airlines added 5.07 percent to 11.82 yuan.

 

Bank of Communications jumped 7.28 percent and China Merchants Bank added 5.63 percent to 42.75 yuan.

 

China Minsheng Banking Corp, the nation's first non-state-owned bank, rose 4.2 percent to 17.38 yuan after forecasting that profit would increase 70 percent in the first nine months of this year.

 

China Life, the biggest insurer on the mainland, surged 6.01 percent to 71.12 yuan and Ping An Insurance, the second biggest, rose 2.22 percent to 144.13 yuan.

 

The non-ferrous metal sector reported widespread growth today.

 

Jiangxi Copper, China's second-largest producer of the metal, jumped 7.21 percent to 72.23 yuan.

 

Aluminum Corporation of China Ltd jumped 5.62 percent to 56 yuan and Inner Mongolia-based Baotou Aluminum Co rose 4.2 percent to 76.97 yuan.

 

China Unicom, the mainland's smaller mobile-phone operator, rose 8.59 percent to 10.24 yuan.

 

China Vanke Co, the country's largest listed developer, rose 2.91 percent to 34.27 yuan. The developer sold property worth 6.92 billion yuan in September, 10 percent more than the previous month.

 

It reported 36.79 billion yuan in property sales for the first nine months of the year as it sold apartments with a total floor area of 4.42 million square meters.

 

China Shenhua Energy Co, which jumped nearly 90 percent on its Shanghai trading debut on Monday, grew for the third straight day by 10 percent to 83.85 yuan.

 

(Shanghai Daily October 11, 2007)