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Brokers and metal firms power Shanghai index
By Feng Jianmin |
November 24, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher in the morning session as losses made by heavyweights pared gains of metal producers and brokerages.
The benchmark Shanghai Composite Index edged up 0.26 percent, or 7.4 points, to close at 2,835.7 points. Turnover fell to 78.1 billion yuan (US$12.1 billion) from yesterday morning's 80.5 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was up 1 percent to 1,313.6 points.
Market sentiment got a boost on news that the central government is mulling raising its target of inflation for 2011, easing expectations for a tighter monetary policy.
But the growth was restrained by worries over instability in the Korean peninsula and Europe as major indexes in the US and Europe shed more than 1 percent overnight.
Shanghai's key index was weighed by declines of Industrial and Commercial Bank of China, the second largest heavy weight on the market. The shares tumbled 9 percent to 4.47 yuan as it resumed trading today after one week's suspension for a rights issue. The key index dropped 6 percent during the same period.
China Construction Bank grew 2.4 percent to 4.71 yuan. Agricultural Bank of China edged up 0.4 percent to 2.63 yuan.
Brokerages led the gainers. China Merchants Securities rose 2.1 percent to 20.85 yuan. CITIC Securities Co, China's largest brokerage by market value, jumped 4.5 percent to 13.07 yuan. GF Securities climbed 4.8 percent to 48.40 yuan.
Metal producers gained after futures prices of copper and aluminum rose around 1 percent on the London market. Gold bullion prices also rose to above US$1,370 per ounce.
Jiangxi Copper Co added 1.1 percent to 34.57 yuan. Aluminum Corp of China edged up 0.8 percent to 10.28 yuan. Shandong Gold Mining Co rose 0.5 percent to 55.57 yuan.
The benchmark Shanghai Composite Index edged up 0.26 percent, or 7.4 points, to close at 2,835.7 points. Turnover fell to 78.1 billion yuan (US$12.1 billion) from yesterday morning's 80.5 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was up 1 percent to 1,313.6 points.
Market sentiment got a boost on news that the central government is mulling raising its target of inflation for 2011, easing expectations for a tighter monetary policy.
But the growth was restrained by worries over instability in the Korean peninsula and Europe as major indexes in the US and Europe shed more than 1 percent overnight.
Shanghai's key index was weighed by declines of Industrial and Commercial Bank of China, the second largest heavy weight on the market. The shares tumbled 9 percent to 4.47 yuan as it resumed trading today after one week's suspension for a rights issue. The key index dropped 6 percent during the same period.
China Construction Bank grew 2.4 percent to 4.71 yuan. Agricultural Bank of China edged up 0.4 percent to 2.63 yuan.
Brokerages led the gainers. China Merchants Securities rose 2.1 percent to 20.85 yuan. CITIC Securities Co, China's largest brokerage by market value, jumped 4.5 percent to 13.07 yuan. GF Securities climbed 4.8 percent to 48.40 yuan.
Metal producers gained after futures prices of copper and aluminum rose around 1 percent on the London market. Gold bullion prices also rose to above US$1,370 per ounce.
Jiangxi Copper Co added 1.1 percent to 34.57 yuan. Aluminum Corp of China edged up 0.8 percent to 10.28 yuan. Shandong Gold Mining Co rose 0.5 percent to 55.57 yuan.
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