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Market almost unchanged in morning
By Lydia Chen |
July 27, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI stock market barely changed in the morning session today, thanks to rallies among gold producers and military related shares.
Gold producers climbed higher after gold futures in world markets surged to an all-time high as investors sought to protect their wealth against a possible US default that may come as soon as next week.
The Shanghai Composite Index edged up 0.06 percent to 2,704.72. Turnover declined to 43.65 billion yuan (US$6.77 billion).
Shandong Gold climbed 1.03 percent to 49.85 yuan. Zijin Mining jumped 3.45 percent to 5.69 yuan.
The December-delivery contract gained as much as 0.5 percent to US$1,626.90 an ounce on the Comex, beating the previous peak of US$1,626.30 set on July 25, before trading at US$1,624.80 at 10:35 am in Singapore. Spot bullion rose as much as 0.3 percent to US$1,624.02, compared to the record US$1,624.07.
Gains by oil producers helped the market to stay in positive territory as oil price nears US$100 per barrel amid US debt talks.
PetroChina extended its gains after yesterday's rally. The biggest Chinese oil producer added 0.38 percent to 10.64 yuan.
Gold producers climbed higher after gold futures in world markets surged to an all-time high as investors sought to protect their wealth against a possible US default that may come as soon as next week.
The Shanghai Composite Index edged up 0.06 percent to 2,704.72. Turnover declined to 43.65 billion yuan (US$6.77 billion).
Shandong Gold climbed 1.03 percent to 49.85 yuan. Zijin Mining jumped 3.45 percent to 5.69 yuan.
The December-delivery contract gained as much as 0.5 percent to US$1,626.90 an ounce on the Comex, beating the previous peak of US$1,626.30 set on July 25, before trading at US$1,624.80 at 10:35 am in Singapore. Spot bullion rose as much as 0.3 percent to US$1,624.02, compared to the record US$1,624.07.
Gains by oil producers helped the market to stay in positive territory as oil price nears US$100 per barrel amid US debt talks.
PetroChina extended its gains after yesterday's rally. The biggest Chinese oil producer added 0.38 percent to 10.64 yuan.
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