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Auto and energy shares lead Shanghai market
By Lydia Chen |
April 8, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market extended gains for a fourth day today, powered on automobiles, metals and energy shares amid a thin trading that analysts warned could indicate investors refrains from chasing high.
The Shanghai Composite Index climbed 0.74 percent to 3,030.02. The index gained 2.11 percent this week. Turnover today continued to fall to 147.12 billion yuan (US$22.46 billion).
SAIC Motor Co paced gains in the automobile sector with a hike of 8.21 percent to 19.90 yuan. China's largest auto maker by sales decided to buy its parent SAIC Group's 60.10 percent stake in auto parts maker Huayu Automotive Systems Co.
Ruan Jun, an analyst with China Merchants Securities, recommended investors to pay more attention to new energy vehicles, a key industry the country is going to focus in the next five years.
"This new energy area is the only chance for China to catch up or even surpass western countries in the future," he said.
The Shanghai Composite Index climbed 0.74 percent to 3,030.02. The index gained 2.11 percent this week. Turnover today continued to fall to 147.12 billion yuan (US$22.46 billion).
SAIC Motor Co paced gains in the automobile sector with a hike of 8.21 percent to 19.90 yuan. China's largest auto maker by sales decided to buy its parent SAIC Group's 60.10 percent stake in auto parts maker Huayu Automotive Systems Co.
Ruan Jun, an analyst with China Merchants Securities, recommended investors to pay more attention to new energy vehicles, a key industry the country is going to focus in the next five years.
"This new energy area is the only chance for China to catch up or even surpass western countries in the future," he said.
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