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Banks lead Shanghai index up
By Lydia Chen |
December 30, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed higher for a second day today thanks to gains among market heavyweights such as banks and copper producers.
The Shanghai Composite Index was up 0.29 percent, or 8.05 points, to 2,759.57. Turnover rose to 86.06 billion yuan(US$13 billion) from 76.20 billion yuan Wednesday.
Bank giants such as Industrial & Commercial Bank of China and Agricultural Bank of China helped the market recover from morning session losses.
ICBC hiked 3.16 percent to 4.24 yuan while AgBank gained 0.78 percent to 2.60 yuan.
Chinese central bank announced on the Christmas Day the second raise in the country's lending and deposit rates since mid-October.
"As the new year draws near, banks will soon get their annual loan quota," said Yuan Jianxin, an analyst with Changjiang Securities. "Usually they will tend to front load the loans in early months, which enable them to make big profits faster than other industries."
He regarded prices of these banks were undervalued after having been on the downhill for a long time.
Copper producers cheered on record metal prices in London and New York. Jiangxi Copper Co, the nation's biggest maker of the metal, gained 3.53 percent to 41.59 yuan, the most in two weeks.
But developers remained gloomy as China reiterated that the country will continue its tough stance against asset bubbles and will not loosen curbs on the property market next year, according to 21st Business Herald.
China Vanke Co. lost 1.81 percent to 8.15 yuan while Shanghai Shimao Co dived 4.65 percent to 13.34 yuan.
The Shanghai Composite Index was up 0.29 percent, or 8.05 points, to 2,759.57. Turnover rose to 86.06 billion yuan(US$13 billion) from 76.20 billion yuan Wednesday.
Bank giants such as Industrial & Commercial Bank of China and Agricultural Bank of China helped the market recover from morning session losses.
ICBC hiked 3.16 percent to 4.24 yuan while AgBank gained 0.78 percent to 2.60 yuan.
Chinese central bank announced on the Christmas Day the second raise in the country's lending and deposit rates since mid-October.
"As the new year draws near, banks will soon get their annual loan quota," said Yuan Jianxin, an analyst with Changjiang Securities. "Usually they will tend to front load the loans in early months, which enable them to make big profits faster than other industries."
He regarded prices of these banks were undervalued after having been on the downhill for a long time.
Copper producers cheered on record metal prices in London and New York. Jiangxi Copper Co, the nation's biggest maker of the metal, gained 3.53 percent to 41.59 yuan, the most in two weeks.
But developers remained gloomy as China reiterated that the country will continue its tough stance against asset bubbles and will not loosen curbs on the property market next year, according to 21st Business Herald.
China Vanke Co. lost 1.81 percent to 8.15 yuan while Shanghai Shimao Co dived 4.65 percent to 13.34 yuan.
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