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Banks gain on earnings report, steel makers slump
By Feng Jianmin |
January 18, 2011, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index edged up as concerns for liquidity eased. Banks gained while steel makers dropped.
The benchmark Shanghai Composite Index added 0.09 percent to 2,708.98 points. Turnover dropped to 68.8 billion yuan (US$10.4 billion) from yesterday's 104.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.3 percent to 1,183.48 points.
China's central bank halted regular bill sales in open-market operation this week after raising lenders' reserve requirements for a fourth time in two months last Friday.
Some analysts suspect the suspension is an effort to ensure market liquidity before the Chinese New Year, while others suggest that the central bank may be mulling another round of interest rate hike as commercial banks require higher yielding.
Banks gained on positive earnings report. China Everbright Bank added 0.3 percent to 3.79 yuan after saying 2010 profit rose 66 percent from a year earlier. Industrial Bank went up 1.9 percent to 25.56 yuan after it said 2010 profit was 40 percent higher than previous year. China Construction Bank grew 0.9 percent to 4.75 yuan.
Steel makers dropped on concerns that government's efforts to cool inflation will slow economic growth and curb demand. Baoshan Iron & Steel Co fell 0.5 percent to 6.50 yuan. Angang Steel Co lost 1 percent to 7.61 yuan.
Metal producers and gold miners were mixed. Jiangxi Copper Co rose 1.7 percent to 37.66 yuan. Shenzhen Zhongjin Lingnan Nonfemet Co dropped 1.9 percent to 19.75 yuan. Zijin Mining Co, China's largest gold miner, dipped 0.3 percent to 7.20 yuan.
The benchmark Shanghai Composite Index added 0.09 percent to 2,708.98 points. Turnover dropped to 68.8 billion yuan (US$10.4 billion) from yesterday's 104.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.3 percent to 1,183.48 points.
China's central bank halted regular bill sales in open-market operation this week after raising lenders' reserve requirements for a fourth time in two months last Friday.
Some analysts suspect the suspension is an effort to ensure market liquidity before the Chinese New Year, while others suggest that the central bank may be mulling another round of interest rate hike as commercial banks require higher yielding.
Banks gained on positive earnings report. China Everbright Bank added 0.3 percent to 3.79 yuan after saying 2010 profit rose 66 percent from a year earlier. Industrial Bank went up 1.9 percent to 25.56 yuan after it said 2010 profit was 40 percent higher than previous year. China Construction Bank grew 0.9 percent to 4.75 yuan.
Steel makers dropped on concerns that government's efforts to cool inflation will slow economic growth and curb demand. Baoshan Iron & Steel Co fell 0.5 percent to 6.50 yuan. Angang Steel Co lost 1 percent to 7.61 yuan.
Metal producers and gold miners were mixed. Jiangxi Copper Co rose 1.7 percent to 37.66 yuan. Shenzhen Zhongjin Lingnan Nonfemet Co dropped 1.9 percent to 19.75 yuan. Zijin Mining Co, China's largest gold miner, dipped 0.3 percent to 7.20 yuan.
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