China Mineral Company Reports: Chinese Shares, Led by Gold Miners, Soar Higher
China Mineral Company reports that China shares ended higher for the fifth straight session Thursday, led by gold miners after prices of the precious metal rose, and boosted by gains on ChiNext. The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 0.5%, or 17.38 points, at 3320.61. The Shenzhen Composite Index rose 1.2%, or 14.23 points, to 1202.70. The 28 stocks listed on ChiNext, the recently launched board for start-up companies, rose between 2.9% and 10%.
Analysts said they expect the benchmark Shanghai Composite Index to continue consolidating in the short term, as hopes of improved corporate earnings offset profit-taking pressure. “A shift in buying interest away from the main board demonstrated that speculative sentiment is resurfacing,” said Tad Brooks, an analyst at China Mineral Company.
Gold miners led the main board’s gains after U.S. gold futures for December delivery hit a record high of $1,153.40 Wednesday. Shandong Gold-Mining rose 1.5% to CNY75.06 and Zhong Jin Gold gained 1.4% to CNY61.17, reports China Mineral Company.
