Wen's confidence flows to market

SHANGHAI'S key stock index closed higher again today after yesterday's hike as Premier Wen Jiabao showed confidence in the nation's economy.

The Shanghai Composite Index advanced 1.04 percent, or 22.97 points, to 2,221.08 points. Turnover rose to 154.4 billion yuan (US$22.6 billion) from yesterday's 127.9 billion yuan. Gainers outnumbered losers 526 to 330 and 52 remained unchanged.

The index surged 6.1 percent yesterday, the most in four months, on speculation more stimulus measures would be announced.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.49 percent to close at 719.00 points.

Premier Wen Jiabao said in Beijing this morning that the 8 percent target was within reach and the government would increase investment to boost need in the domestic market.

Metal producers led the surge today. Yunnan Chihong Zinc & Germanium Co Ltd surged the daily limit of 10 percent to 15.58 yuan. Sino-Platinum Metals Co Ltd rallied 9.98 percent to 21.26 yuan.

Copper for May delivery on the Shanghai Futures Exchange climbed as much as 4.7 percent to 30,600 yuan a metric ton, the highest for a most-active contract since November 10. Yunnan Copper Industry Co advanced 3.35 percent to 14.19 yuan. Jiangxi Copper rose 3.65 percent to 17.34 yuan, extending yesterday's 10 percent surge.

Aluminum Corp of China, the nation's largest producer of the lightweight metal, edged up 0.52 percent to 9.66 yuan.

Heavyweights and the financial sector also extended yesterday's gain. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.83 percent to 3.90 yuan. Bank of China rallied 4.57 percent to 3.66 yuan.

China Petroleum & Chemical Corp, Asia's largest refiner, added 1.78 percent to 8.56 yuan.

Eastern Communications Co, the mobile phone maker said it will stop producing mobile phones for Motorola Inc at a venture in the city of Hangzhou. Its shares edged up 0.46 percent to 4.34 yuan.

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