Shanghai's key stock index surged the most since March 28 today thanks to a strong rally across the board. Stocks in the raw materials sector gained after copper prices advanced and Liuzhou Iron & Steel Co reported stronger profit growth.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, jumped 4.45 percent, or 153.37 points, to 3,599.62 at 3pm. Today's gain was the biggest since March 28, when the index jumped 4.94 percent.
Gainers in the Shanghai market outnumbered losers 793 to 48, while 11 were unchanged.
The Shenzhen Composite Index, which covers the mainland's smaller stock market, was up 6.14 percent, or 61.73 points, to 1,067.63.
Jiangxi Copper, China's second-largest producer of the metal, advanced the daily cap of 10 percent, to 31.41 yuan (US$4.48). Tongling Nonferrous Metals Group Co, the country's biggest, rose 9.98 percent, to 16.97 yuan. Yunnan Copper Industry Co added 9.99 percent to 34.36 yuan.
Copper rose 1.4 percent on Friday in London as a weaker US dollar increased the appeal of metals as a hedge against further declines in the currency.
Liuzhou Steel jumped 1.38 yuan, or the 10 percent daily limit, to 15.16 yuan. The company said 2007 profit rose 32 percent from a year earlier to 998.8 million yuan ($142.6 million) on sales that increased 27 percent. The stock resumed trading today after being suspended on Thursday.
Other steel makers also rose. Baoshan Iron & Steel Co, China's biggest steel maker, rose 5.47 percent, to 12.35 yuan. Wuhan Iron & Steel Co, the fifth biggest, gained 4.90 percent to 14.99 yuan.
China Petroleum & Chemical Corp, Asia's biggest oil refiner, also known as Sinopec, advanced 4.25 percent to 12.99 yuan. The company said today that profit growth slowed last year as rising international crude oil costs and state curbs on fuel prices eroded earnings. Net income rose 5.4 percent to 56.5 billion yuan in 2007.
China Merchants Energy Shipping Co, the country's largest operator of international oil tankers, extended its surge after it increased the daily cap of 10 percent to 8.55 yuan today. The stock jumped 10 percent last Thursday, the last trading day before a three-day national holiday for the Qingming Festival.
