Chinese stocks ends slightly higher in 2008 1st trading week

Chinese mainland share prices ended the first trading week of 2008 slightly higher, driven by the strong performance of resources stocks like metals and gold.

The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange edged up 41.71 points, or 0.78%, from Thursday to close at 5,361.57 points last Friday, which is 96.57 points higher compared with 5,265 points of last Wednesday, the first trading day of 2008 after a four-day break for the New Year Day holiday.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange rose 211.11 points, or 1.17%, to close at 18,122.4 points.

The combined turnover on the two mainland bourses edged down to RMB 224.48 billion (US$30.8 billion) from Thursday's RMB 257.8 billion.

Benefited from the soaring world gold and copper prices, resources sector stood to gain a lot.

Zhongjin Gold<600489>, China's biggest publicly traded gold miner by market value, and Shandong Gold Mining Co<600547>, the second-largest gold miner in the country, both enjoyed a daily cap of 10% for a second day. The former surged RMB 12.56 (US$1.73), to RMB 138.14 while the latter jumped RMB 19.16 to RMB 210.76.

Yunnan Copper<000878>, China's third biggest copper producer, also surged a daily limit of 10%, or RMB 5.46, to RMB 60.06. Meanwhile, Jiangxi Copper Co<600362>, the second biggest, gained 8.17%, or RMB 4.2, to RMB 55.59.

Olympics-related stocks remained strong. Yanjing Brewery<000729>, a beer company based in Beijing, rose 6.95% to RMB 25.22 per share. Beijing Quanjude Group<002186>, famous for its roasted ducks, surged the daily cap of 10% for the third consecutive day to close at RMB 78.56 last Friday.

As a whole, the Hushen 300 Index, which accounts for 60% of the nation's stock market value, was up 61.62 points, or 1.13%, to close at 5,483.65 points on the day.