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China's Stocks End Higher, Track U.S. Market Gains
Dec 3,2010 09:52CST
data analysis

BEIJING, Dec. 3 -- Chinese stocks closed higher Thursday after Wall Street gained overnight on the back of good private sector job figures.

The benchmark Shanghai Composite Index rose 0.71 percent, or 20.16 points, to close at 2,843.61.

The Shenzhen Component Index added 0.80 percent, or 98.64 points, to end at 12,409.02.

Combined turnover expanded to 249.9 billion yuan (37.52 billion U.S. dollars) from Wednesday's 200.5 billion yuan.

Gainers outnumbered losers 576 to 276 in Shanghai and 698 to 384 in Shenzhen.

U.S. stocks rose overnight, with the Dow Jones Industrial Average gaining its most in three months after monthly data from payroll processing firm ADP showed a gain of 93,000 private sector jobs in the U.S. economy in November.

Also adding to the positive momentum, reports overnight showed euro-zone manufacturing activity increased to its strongest level in four months in November while British manufacturing activity accelerated to a 16-year high in the same month.

Cement and commodity stocks led the Chinese markets' rise.

Tangshan Jidong Cement Company Ltd. rose 6.15 percent to 22.26 yuan while Jiangxi Wannianqing Cement Co., Ltd. climbed 4.66 percent to 9.88 yuan.

Rising prices of non-ferrous metals pushed up the stock prices of materials companies. Xiamen Tungsten Co. Ltd. leapt 5.01 percent to 47.96 yuan while Xinjiang Joinworld Co., Ltd. jumped 4.85 percent to 24.21 yuan.

PetroChina Co. rose 1.19 percent to 11.10 yuan after oil for January delivery gained 3.1 percent to settle at 86.75 U.S. dollars a barrel on the Nymex. Sinopec shares edged 0.87 percent higher to close at 8.15 yuan.


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