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Coal and power chips drive the Shanghai index up
By Lydia Chen |
May 17, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock index closed higher today, helped by energy-related shares following previous hefty losses over volatility in world commodity markets.
The Shanghai Composite Index edged up 0.13 percent to 2,852.77. Turnover stood at 109.80 billion yuan (US$).
Coal producers were the strongest plays today, rebounding over expectations that prices of the energy resource will continue to rally as China will face a grim electricity supply shortage in summer.
China Shenhua Energy Co, the nation's largest coal producer, surged 2.28 percent to 28.27 yuan. Shanxi Guoyang New Energy Co hiked the 10 percent cap of 10 percent to 23.78 yuan.
China may face a summer shortage of 30 gigawatts of power as supply lags behind demand growth, the China Electricity Council said last month.
The shortage fear, however, made investors to rush to sell most electricity producers. The sector was the worst performer with a shed of 2.60 percent.
Guangxi Guidu Electric Power Co lost 6.86 percent to 20.37 yuan. Sichuan Minjiang Hydropower Co tumbled 5.56 percent to 10.53 yuan.
China Jianyin Investment Securities expected the market will remain weak around 2,700-2,800 points while Citic Securities reminded investors to be cautious in the second quarter as economy is expected to slow while inflation may continue stay high.
Haitong Securities said in a report today that inflation will hit the highest level this year in May and June as food, especially vegetables, are getting more and more expensive.
The consumer product index, a main gauge for inflation, may hit 5.5 percent in May and 5.9 percent in June, the local brokerage warned.
The central bank will probably raise the interest rate again in June and July, it added.
The Shanghai Composite Index edged up 0.13 percent to 2,852.77. Turnover stood at 109.80 billion yuan (US$).
Coal producers were the strongest plays today, rebounding over expectations that prices of the energy resource will continue to rally as China will face a grim electricity supply shortage in summer.
China Shenhua Energy Co, the nation's largest coal producer, surged 2.28 percent to 28.27 yuan. Shanxi Guoyang New Energy Co hiked the 10 percent cap of 10 percent to 23.78 yuan.
China may face a summer shortage of 30 gigawatts of power as supply lags behind demand growth, the China Electricity Council said last month.
The shortage fear, however, made investors to rush to sell most electricity producers. The sector was the worst performer with a shed of 2.60 percent.
Guangxi Guidu Electric Power Co lost 6.86 percent to 20.37 yuan. Sichuan Minjiang Hydropower Co tumbled 5.56 percent to 10.53 yuan.
China Jianyin Investment Securities expected the market will remain weak around 2,700-2,800 points while Citic Securities reminded investors to be cautious in the second quarter as economy is expected to slow while inflation may continue stay high.
Haitong Securities said in a report today that inflation will hit the highest level this year in May and June as food, especially vegetables, are getting more and more expensive.
The consumer product index, a main gauge for inflation, may hit 5.5 percent in May and 5.9 percent in June, the local brokerage warned.
The central bank will probably raise the interest rate again in June and July, it added.
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