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Cement and metal producers power Shanghai index
By Lydia Chen |
June 28, 2011, Tuesday
|
Online Edition
Online Edition
A RALLY among cement makers and non-ferrous metal producers helped Shanghai stock market extend gains for a sixth day, the longest gaining streak in nearly four months.
The Shanghai Composite Index edged up 0.04 percent to 2,759.20. Turnover fell slightly to 104 billion yuan.
Cement makers made a surprise rebound in the last hour of today's trading, turning from worst performers to the most bullish and closed with a climb of 1.89 percent for the sector.
Xishui Strong Year Co Ltd Inner Mongolia hiked the daily cap of 10 percent to close at 12.53 yuan. Fujian Cement added 5.25 percent to 12.63 yuan.
The sector is among the beneficiaries from China's 10 million units of affordable housing projects, along with steel makers and construction-related shares, SWS MU Fund Management Co said in a report today.
The Ministry of Housing and Urban Development said construction of all the units have to start by November this year while the National Development and Reform Commission also gave nod to developers to allow them issue bonds to fund the massive projects.
The Shanghai-based SWS MU fund firm also highlighted cyclical stocks as it believed that these shares can outperform the market in an expected rebound in the second half of this year when China starts to ease its monetary tightening.
Non-ferrous metal producers were among the top three best performers with an advance of 1.69 percent for the sector.
Rising Nonferrous Metals Share Co rose 7.33 percent to 72.92 yuan.
The Shanghai Composite Index edged up 0.04 percent to 2,759.20. Turnover fell slightly to 104 billion yuan.
Cement makers made a surprise rebound in the last hour of today's trading, turning from worst performers to the most bullish and closed with a climb of 1.89 percent for the sector.
Xishui Strong Year Co Ltd Inner Mongolia hiked the daily cap of 10 percent to close at 12.53 yuan. Fujian Cement added 5.25 percent to 12.63 yuan.
The sector is among the beneficiaries from China's 10 million units of affordable housing projects, along with steel makers and construction-related shares, SWS MU Fund Management Co said in a report today.
The Ministry of Housing and Urban Development said construction of all the units have to start by November this year while the National Development and Reform Commission also gave nod to developers to allow them issue bonds to fund the massive projects.
The Shanghai-based SWS MU fund firm also highlighted cyclical stocks as it believed that these shares can outperform the market in an expected rebound in the second half of this year when China starts to ease its monetary tightening.
Non-ferrous metal producers were among the top three best performers with an advance of 1.69 percent for the sector.
Rising Nonferrous Metals Share Co rose 7.33 percent to 72.92 yuan.
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