China’s benchmark stock index rose to a seven-month high on Wednesday, Bloomberg reported. The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose by 1.5% to 2,408.02, its highest close since August. The CSI 300 Index, which tracks exchanges in Shanghai and Shenzhen, gained 1.6% to close at 2,548.22. Zijin Mining Group and Jiangxi Copper gained on hopes that rising metals prices will boost earnings for commodity producers. Jiangxi Copper advanced 2.6%, while Zijin Mining, the nation’s biggest gold producer, advanced 1.1%. China Shenhua Energy leapt 5.8% following a newspaper report which claimed the government may raise coal prices. However, the Wall Street Journal questioned the sustainability of Wednesday’s stock market gains, noting that the index increase “flies in the face of corporate earnings.”
Categories