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Banks fuel 1% gain in local index
By Feng Jianmin |
November 16, 2010, Tuesday
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Print Edition
Print Edition
SHANGHAI'S key stock index closed higher as gains made by banks and pharmaceutical firms more than offset drops among commodity producers.
The benchmark Shanghai Composite Index climbed 1 percent, or 29 points, to close at 3,014.4 points. Turnover dropped to 197 billion yuan (US$29.7 billion) from last Friday's 297 billion yuan.
Non-cyclical industries such as food and pharmaceuticals are often favored by investors when the economic outlook is unclear, analysts said.
Pharmaceutical companies led gains in small and medium caps. Shanghai Pharmaceuticals Holding Co climbed 8.3 percent to 24.73 yuan. Anhui Anke Biotechnology Group Co surged its daily limit of 10 percent to 24.98 yuan. Guizhou Yibai Pharmaceutical Co also jumped 10 percent to 20.15 yuan.
Banks closed higher with Industrial and Commercial Bank of China, the second biggest component of the Shanghai Composite Index based on market capitalization, jumping 6.8 percent to 5 yuan. Trading of its shares will be suspended from tomorrow to next Tuesday for a rights issue. Bank of China climbed 1.8 percent to 3.44 yuan. China Construction Bank rose 2 percent to close at 5.93 yuan.
Commodity prices remained low as worries about the European debt crisis pushed the US Dollar Index to above 78, the same level before the dollar started to drop due to the US Federal Reserve's plan to print more money.
"Further growth in the metals sector will be very limited because of low confidence," said Sang Yongliang, an analyst with Guotai Junan Securities. "The market will trade in a narrow range until signs of liquidity tightening or easing are released."
Jiangxi Copper Co shed 3.7 percent to 40.01 yuan. Aluminum Corp of China fell 1.7 percent to 11.35 yuan.
The benchmark Shanghai Composite Index climbed 1 percent, or 29 points, to close at 3,014.4 points. Turnover dropped to 197 billion yuan (US$29.7 billion) from last Friday's 297 billion yuan.
Non-cyclical industries such as food and pharmaceuticals are often favored by investors when the economic outlook is unclear, analysts said.
Pharmaceutical companies led gains in small and medium caps. Shanghai Pharmaceuticals Holding Co climbed 8.3 percent to 24.73 yuan. Anhui Anke Biotechnology Group Co surged its daily limit of 10 percent to 24.98 yuan. Guizhou Yibai Pharmaceutical Co also jumped 10 percent to 20.15 yuan.
Banks closed higher with Industrial and Commercial Bank of China, the second biggest component of the Shanghai Composite Index based on market capitalization, jumping 6.8 percent to 5 yuan. Trading of its shares will be suspended from tomorrow to next Tuesday for a rights issue. Bank of China climbed 1.8 percent to 3.44 yuan. China Construction Bank rose 2 percent to close at 5.93 yuan.
Commodity prices remained low as worries about the European debt crisis pushed the US Dollar Index to above 78, the same level before the dollar started to drop due to the US Federal Reserve's plan to print more money.
"Further growth in the metals sector will be very limited because of low confidence," said Sang Yongliang, an analyst with Guotai Junan Securities. "The market will trade in a narrow range until signs of liquidity tightening or easing are released."
Jiangxi Copper Co shed 3.7 percent to 40.01 yuan. Aluminum Corp of China fell 1.7 percent to 11.35 yuan.
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