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Commodity and pesticide counters lead gain
By Lydia Chen |
July 27, 2011, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock gauge jumped for a second day today, led by pesticides producers, while commodity shares extended rallies amid United States debt concerns.
The Shanghai Composite Index added 0.76 percent to 2,723.49. Turnover climbed slightly to 92.1 billion yuan (US$14.28 billion) from yesterday's 79.5 billion yuan.
Pesticide producers led the gaining sectors today in the Shanghai market after China released a five-year development blueprint for the industry.
Zhejiang Xinan Chemical Industrial Group Co hiked the daily cap of 10 percent to 11.54 yuan.
China Crop Protection Industry Association said in the industry plan that output value from the pesticides industry is expected to rise an average 7.7 percent in the next five years to 230 billion yuan while net profit may jump at a pace of 9.6 percent to 15 billion yuan.
The country will also reconstruct the whole industry and eliminate those small ones with the number of pesticides producers expected to be slashed by 30 percent by 2015 from the current level, the association added.
Gold producers climbed after gold futures in world markets surged to an all-time high as investors sought to protect their wealth against the possibility of a US default that may come as soon as next week.
Shandong Gold climbed 1.01 percent to 49.84 yuan. Zijin Mining jumped 3.64 percent to 5.70 yuan.
UBS said in a report today that it expected price of gold can further rise to US$1,800 an ounce as sovereign debt problems in Europe and the US along with high inflation in emerging markets keep the structural outlook for the precious metal bright.
European politicians haven't solved the fundamental problems of their debt crisis, while other than the stalled debt crisis, US may still face disappointing economic data, which means the Fed could keep real interests in a deeply negative territory for a longer period.
The leading global investment bank increased its 12-month forecast for gold from US$1,650 per ounce to US$1800 per ounce but said a move to US$2000 is a bit too early.
The Shanghai Composite Index added 0.76 percent to 2,723.49. Turnover climbed slightly to 92.1 billion yuan (US$14.28 billion) from yesterday's 79.5 billion yuan.
Pesticide producers led the gaining sectors today in the Shanghai market after China released a five-year development blueprint for the industry.
Zhejiang Xinan Chemical Industrial Group Co hiked the daily cap of 10 percent to 11.54 yuan.
China Crop Protection Industry Association said in the industry plan that output value from the pesticides industry is expected to rise an average 7.7 percent in the next five years to 230 billion yuan while net profit may jump at a pace of 9.6 percent to 15 billion yuan.
The country will also reconstruct the whole industry and eliminate those small ones with the number of pesticides producers expected to be slashed by 30 percent by 2015 from the current level, the association added.
Gold producers climbed after gold futures in world markets surged to an all-time high as investors sought to protect their wealth against the possibility of a US default that may come as soon as next week.
Shandong Gold climbed 1.01 percent to 49.84 yuan. Zijin Mining jumped 3.64 percent to 5.70 yuan.
UBS said in a report today that it expected price of gold can further rise to US$1,800 an ounce as sovereign debt problems in Europe and the US along with high inflation in emerging markets keep the structural outlook for the precious metal bright.
European politicians haven't solved the fundamental problems of their debt crisis, while other than the stalled debt crisis, US may still face disappointing economic data, which means the Fed could keep real interests in a deeply negative territory for a longer period.
The leading global investment bank increased its 12-month forecast for gold from US$1,650 per ounce to US$1800 per ounce but said a move to US$2000 is a bit too early.
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