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Bank and gold miners pace decline in Shanghai
By Feng Jianmin |
May 30, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for the first time in eight days, led by banks and gold miners.
The benchmark Shanghai Composite Index was up 0.47 percent to 2,722.78. Turnover dropped to 37.6 billion yuan (US$5.8 billion) from last Friday's 55.2 billion yuan.
Gold miners led the gainers after bullion price rose 0.9 percent to a three-week high of US$1,536.30 per ounce last Friday. Shandong Gold Mining Co rose 1.7 percent to 44.69 yuan. Zhongjin Mining Co added 0.6 percent to 12.61 yuan.
Banks were strong. Industrial and Commercial Bank of China gained 1.6 percent to 4.46 yuan. Agricultural Bank of China climbed 1.8 percent to 2.83 yuan.
Property developers dropped after media reports cited experts as predicting on a real estate forum in Beijing that home prices will fell as much as 10 percent this year due to money shortage of property developers. China Vanke fell 1 percent to 7.82 yuan. Poly Real Estate Co lost 0.8 percent to 9.75 yuan.
The benchmark Shanghai Composite Index was up 0.47 percent to 2,722.78. Turnover dropped to 37.6 billion yuan (US$5.8 billion) from last Friday's 55.2 billion yuan.
Gold miners led the gainers after bullion price rose 0.9 percent to a three-week high of US$1,536.30 per ounce last Friday. Shandong Gold Mining Co rose 1.7 percent to 44.69 yuan. Zhongjin Mining Co added 0.6 percent to 12.61 yuan.
Banks were strong. Industrial and Commercial Bank of China gained 1.6 percent to 4.46 yuan. Agricultural Bank of China climbed 1.8 percent to 2.83 yuan.
Property developers dropped after media reports cited experts as predicting on a real estate forum in Beijing that home prices will fell as much as 10 percent this year due to money shortage of property developers. China Vanke fell 1 percent to 7.82 yuan. Poly Real Estate Co lost 0.8 percent to 9.75 yuan.
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