Related News
Air, oil and metal counters power Shanghai index
By Lydia Chen |
July 26, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock index rebounded from yesterday's drop on strength of market heavyweights such as oil and metal producers while air carriers rallied from rail woes.
The Shanghai Composite Index climbed 0.53 percent to 2,703.03. Turnover fell sharply to 79.5 billion yuan (US$12.32 billion), compared with yesterday's 120.86 billion yuan.
Rising oil producers helped the market recover from its morning losses in the afternoon session with PetroChina, one of the biggest heavyweights, advanced 2.32 percent to 10.60 yuan.
Oil is expected to rise further if the United States defaults on its debt, analysts said.
"If there's a default, everyone is going to be dumping dollars," said Rice University professor Ken Medlock, who has studied the historic relationship between oil and the dollar. "You should see massive inflation" for any commodity priced in dollars. That includes oil.
China International Capital Corp said in a report today that it expects net profit of PetroChina, the country's largest oil producer, would climb slightly higher in the second quarter to 34.8 billion yuan.
But the leading investment company remained its rating on PetroChina at "neutral."
Commodities also benefited from the expectation with the non-ferrous sector jumping 1.29 percent today.
Anhui Xinke New Material Co hiked 8.42 percent to 12.11 yuan.
Domestic airlines also helped push the index higher because travelers may turn to the air as a safer option following the devastating train accident in Wenzhou, Zhejiang Province on Saturday.
China Eastern Airlines rallied the daily cap of 10 percent to 5.60 yuan while China Southern Airlines rose 9.18 percent to 8.68 yuan.
The rally among airliners contrasted tumbles among rail-related shares, which extended their huge losses for a second day following the fatal accident that so far has killed at least 39 people.
Jinxi Axle Co Ltd shed the daily cap of 10 percent to 14.3 yuan while CSR ltd, the builder of the train in the Saturday crash, lost 3.64 percent to 5.82 yuan.
The Shanghai Composite Index climbed 0.53 percent to 2,703.03. Turnover fell sharply to 79.5 billion yuan (US$12.32 billion), compared with yesterday's 120.86 billion yuan.
Rising oil producers helped the market recover from its morning losses in the afternoon session with PetroChina, one of the biggest heavyweights, advanced 2.32 percent to 10.60 yuan.
Oil is expected to rise further if the United States defaults on its debt, analysts said.
"If there's a default, everyone is going to be dumping dollars," said Rice University professor Ken Medlock, who has studied the historic relationship between oil and the dollar. "You should see massive inflation" for any commodity priced in dollars. That includes oil.
China International Capital Corp said in a report today that it expects net profit of PetroChina, the country's largest oil producer, would climb slightly higher in the second quarter to 34.8 billion yuan.
But the leading investment company remained its rating on PetroChina at "neutral."
Commodities also benefited from the expectation with the non-ferrous sector jumping 1.29 percent today.
Anhui Xinke New Material Co hiked 8.42 percent to 12.11 yuan.
Domestic airlines also helped push the index higher because travelers may turn to the air as a safer option following the devastating train accident in Wenzhou, Zhejiang Province on Saturday.
China Eastern Airlines rallied the daily cap of 10 percent to 5.60 yuan while China Southern Airlines rose 9.18 percent to 8.68 yuan.
The rally among airliners contrasted tumbles among rail-related shares, which extended their huge losses for a second day following the fatal accident that so far has killed at least 39 people.
Jinxi Axle Co Ltd shed the daily cap of 10 percent to 14.3 yuan while CSR ltd, the builder of the train in the Saturday crash, lost 3.64 percent to 5.82 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
