Market surges at midday on strength in financial and energy shares

Shanghai’s key stock index jumped more than 4 percent in the morning session today, led by energy and financial companies as oil and metals prices jumped.

The Shanghai Composite Index hiked 4.22 percent, or 71.95 points, to 1,778.65 points at 11:30am.

Gainers outnumbered losers 819 to four while three did not change.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 3.60 percent, or 16.46 points, to 473.43 points in the morning session.

Jiangxi Copper Co, China's second-biggest producer of the metal, gained 6.97 percent to 9.06 yuan (US$1.32). China Shenhua Energy Co, the nation's largest coal producer, climbed 7.22 percent to 18.42 yuan.

Tongling Nonferrous Metals Group Co, China's biggest copper producer, added 6.86 percent to 6.23 yuan. Datong Coal Industry Co, the nation's second-largest coal company by capacity, advanced 7.33 percent to 12.16 yuan.

Crude oil for December delivery rose 10 percent to US$70.53 a barrel in New York, the biggest one-day gain since September 22. Copper added 6.4 percent, while nickel surged 8.1 percent as the US dollar weakened against global currencies.

Financial shares were also buoyed in the morning session.

China Merchants Bank Co, the nation's biggest dual-currency credit-card issuer, advanced the daily cap of 10 percent to close the session at 12.76 yuan. Industrial and Commercial Bank of China, the nation’s largest lender, climbed 4.61 percent to 3.86 yuan while Pudong Development Bank advanced 7.99 percent to 12.98 yuan.

Elsewhere, Sinochem International Corp, a unit of China's biggest chemicals trader said it held a 29.19 percent stake in Nantong Jiangshan Agrochemical & Chemicals Co, becoming the largest shareholder. Sinochem gained 5.84 percent, to 6.52 yuan. Jiangshan advanced 7.06 percent to 10.16 yuan.