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Chinese stocks climb to four-month high

(China Daily)
Updated: 2009-02-10 08:11

China's stocks climbed to a four-month high, led by China Cosco Holdings Co after the Baltic Dry Index advanced for a 14th straight day. Beijing Capital Development Co gained after home sales at China Vanke Co rose.

Related readings:  China stock market starts year on high  Stock market gives investors holiday cheer  Bond funds top stock returns

China Cosco, the world's largest operator of dry-bulk ships, rose the 10 percent limit as the Baltic Dry Index, a gauge of commodity shipping costs, advanced a 14th day, boosting prospects for rates generally. Beijing Capital, owned by the municipal government, added 5.8 percent after Vanke, the nation's biggest developer, posted its first gain in home sales in eight months.

The benchmark Shanghai Composite Index rose 43.48, or 2 percent, to 2,224.71, the highest close since Sept 26. The CSI 300 Index, which measures shares on both of China's exchanges, advanced 2.7 percent to 2,296.67.

The rebound in shipping rates is "one of the indicators" that the economy is stabilizing, said Michelle Qi, a portfolio manager at Bank of Communications Schroder Fund Management, which oversees about $790 million.

The Shanghai Composite has gained 22 percent this year, making it the best-performing stock gauge in the world, after the government announced on Nov 9 a 4 trillion yuan spending plan to boost the world's third-largest economy. The central bank has also cut the key lending rate five times since September to support industries and stem job losses.

China Cosco surged by the 10 percent limit to 10.74 yuan, taking the stock to the highest since Oct 9. Cosco Shipping Co added 6.8 percent to 10.16 yuan. China Shipping Development Co, the nation's biggest oil carrier, advanced 5.1 percent to 12.11 yuan.

The Baltic Dry Index rose 9.6 percent to 1,642 points on Feb 6, according to the Baltic Exchange, on the expectation iron ore demand will rebound.

HSI up 0.8%

Hong Kong shares rose 0.8 percent yesterday in their longest winning streak in more than two-months, helped by a sustained rally on the mainland bourse.

The benchmark Hang Seng Index HSI ended 114.02 points higher at 13,769.06.

The main index has climbed nearly 1,000 points in the four-day rally.

The China Enterprises Index HSCE of top mainland firms rose 0.7 percent to 7,754.57 as the Shanghai Composite Index marched toward an eight-month high.

Agencies