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Commodity counters lead Shanghai index up
By Feng Jianmin |
February 1, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock index rose for the fifth day, but gains of commodity producers were partly offset by concerns about slower industry output and faster inflation.
The Shanghai Composite Index added 0.3 percent to 2,798.96. Turnover fell to 90.7 billion yuan (US$13.7 billion) from yesterday's 107.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was almost unchanged at 1,198.19.
China's official Purchasing Managers' Index, which is weighed on large domestic industrial companies, fell to 52.9 from 53.9 in December, the second consecutive monthly decline. A measure for new orders fell while manufacturers' input costs rose.
Meanwhile, the HSBC China Manufacturing Purchasing Managers' Index held relatively steady. It was 54.5 in January, up slightly from 54.4 in December, which indicated better conditions in private companies.
China's stock market will be closed from February 2 to 8 for the Chinese New Year holiday.
Manufacturers led the decliners. China Shipbuilding Industry Co dropped 2.6 percent to 13.73 yuan. CNR, a major railcar builder, lost 1.8 percent to 9.44 yuan.
Commodity producers gained after oil and copper prices continue to rise in London. PetroChina Co, the largest heavy weight, rose 2.2 percent to 11.67 yuan. Jiangxi Copper Co, the largest producer of the metal, added 1.6 percent to 39.79 yuan.
The Shanghai Composite Index added 0.3 percent to 2,798.96. Turnover fell to 90.7 billion yuan (US$13.7 billion) from yesterday's 107.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was almost unchanged at 1,198.19.
China's official Purchasing Managers' Index, which is weighed on large domestic industrial companies, fell to 52.9 from 53.9 in December, the second consecutive monthly decline. A measure for new orders fell while manufacturers' input costs rose.
Meanwhile, the HSBC China Manufacturing Purchasing Managers' Index held relatively steady. It was 54.5 in January, up slightly from 54.4 in December, which indicated better conditions in private companies.
China's stock market will be closed from February 2 to 8 for the Chinese New Year holiday.
Manufacturers led the decliners. China Shipbuilding Industry Co dropped 2.6 percent to 13.73 yuan. CNR, a major railcar builder, lost 1.8 percent to 9.44 yuan.
Commodity producers gained after oil and copper prices continue to rise in London. PetroChina Co, the largest heavy weight, rose 2.2 percent to 11.67 yuan. Jiangxi Copper Co, the largest producer of the metal, added 1.6 percent to 39.79 yuan.
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