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Brokerages,steel makers push index higher at midday
By Feng Jianmin |
October 18, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly higher in the morning session, led by brokerages and steel makers, while gold and non-ferrous metal miners retreated as commodity prices declined from previous highs.
The benchmark Shanghai Composite Index edged up 0.5 percent, or 13.7 points, to close at 2,984.9. Turnover surged to 189.7 fell to billion yuan (US$28.5 billion) from last Friday morning's 120.4 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, was almost unchanged at 12,771.5.
Brokerages went up. CITIC Securities Co, China's largest brokerage, added 3.61 percent to 15.50 yuan. Haitong Securities Co gained 3.75 percent to 11.90 yuan. GF Securities Co advanced 3.34 percent to 49.50 yuan.
Steel makers led the gainers despite several firms, including Baoshan Iron and Steel Co, reported a drop in profit in the third quarter for high iron ore prices. Inner Mongolian Baotou Steel Union jumped by the daily limit of 10 percent to 3.91 yuan. Beijing Shougang Co surged 9.95 percent to 4.75 yuan. Baoshan Iron and Steel Co gained 2.9 percent to 7.75 yuan.
Gold miners led the losers as bullion price closed 1 percent lower in New York market yesterday to US$1359 per ounce. Zhongjin Gold Co fell 4.63 percent to 44.45 yuan. Shandong Gold Mining Co dropped 4.47 percent to 61.40 yuan. Zijin Mining Group Co, China's largest bullion producer, lost 3.21 percent to 9.94 yuan.
Metal producers went mixed. Yunnan Copper Co dipped 0.64 percent to 27.93 yuan. Aluminum Corp of China rose 3.87 percent to 12.87 yuan. Tongling Nonferrous Metals Co declined 2.6 percent to 23.10 yuan.
The benchmark Shanghai Composite Index edged up 0.5 percent, or 13.7 points, to close at 2,984.9. Turnover surged to 189.7 fell to billion yuan (US$28.5 billion) from last Friday morning's 120.4 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, was almost unchanged at 12,771.5.
Brokerages went up. CITIC Securities Co, China's largest brokerage, added 3.61 percent to 15.50 yuan. Haitong Securities Co gained 3.75 percent to 11.90 yuan. GF Securities Co advanced 3.34 percent to 49.50 yuan.
Steel makers led the gainers despite several firms, including Baoshan Iron and Steel Co, reported a drop in profit in the third quarter for high iron ore prices. Inner Mongolian Baotou Steel Union jumped by the daily limit of 10 percent to 3.91 yuan. Beijing Shougang Co surged 9.95 percent to 4.75 yuan. Baoshan Iron and Steel Co gained 2.9 percent to 7.75 yuan.
Gold miners led the losers as bullion price closed 1 percent lower in New York market yesterday to US$1359 per ounce. Zhongjin Gold Co fell 4.63 percent to 44.45 yuan. Shandong Gold Mining Co dropped 4.47 percent to 61.40 yuan. Zijin Mining Group Co, China's largest bullion producer, lost 3.21 percent to 9.94 yuan.
Metal producers went mixed. Yunnan Copper Co dipped 0.64 percent to 27.93 yuan. Aluminum Corp of China rose 3.87 percent to 12.87 yuan. Tongling Nonferrous Metals Co declined 2.6 percent to 23.10 yuan.
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