AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

Chinas main stock index rose for a fifth straight day in heavy trade on Friday, led by non-ferrous metal producers and oil firms after a jump by global crude oil futures. The Shanghai Composite Index was lower at noon but ended the day up 0.68 percent at 2,281.087 points, off a high of 2,294.117.
It rose 7.2 percent over the week, boosted in part by short-term speculation that has been fuelled by loose liquidity in Chinas capital markets. However, losing Shanghai A shares outnumbered gainers by 585 to 334 on Friday. Turnover in Shanghai A shares rose to 133.5 billion yuan ($19.6 billion) from Thursdays 127.3 billion yuan.
Heavily weighted PetroChina surged 4.80 percent to 11.57 yuan in its most active trade since last September, after US crude oil futures settled above $50 on Thursday for the first time in almost four months. But since PetroChina has major refining operations, high crude prices do not necessarily help its margins, so some analysts said they doubted the stocks strength could be sustained.
Non-ferrous metals continued to outperform after leading the markets gains earlier this week on the back of rising global copper prices. Jiangxi Copper jumped its 10 percent daily limit to 22.33 yuan after gaining 23 percent in the previous four days.
Zhongjin Gold also rose 10 percent, to 57.38 yuan, after advancing 6.56 percent on Thursday, as the global spot gold price rose in response to the US Federal Reserves easing of quantitative monetary policy this week.
The 2,300-point level, where the late February peak roughly coincides with the 200-day average, is seen as immediate resistance for the index by many analysts. Stronger technical resistance is believed to lie around 2,400, the February peak. "At most the index is likely to touch 2,300 points in the short term," said Qian Xiangjing, analyst at CITIC-Kington Securities.

Copyright Reuters, 2009

Comments

Comments are closed.