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Commodity firms and developers rise in Shanghai
By Feng Jianmin |
January 4, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for the fourth day on expectations that liquidity pressure may ease and exports may remain robust in the new year.
The Shanghai Composite Index added 1.6 percent, or 44.57 points, to 2,852.65. Turnover rose to 147 billion yuan (US$22.3 billion) from last Friday's 108.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.6 percent at 1,311.33.
Growth of turnover indicated that the market is relieved from a tight liquidity as banks get their annual loan quotas, market watchers said.
Sentiment is also lifted on better-than-expected industrial output data of Europe, Japan and the US amid hopes that China may benefit from stronger economic growth in these areas.
China's official PMI, a comprehensive gauge of industrial activities across the country, was at 53.9 percent in December from November's 55.2 percent, the China Federation of Logistics and Purchasing said on January 1.
Commodity producers gained as copper prices rose in London and oil price remained above US$91 a barrel in New York. Jiangxi Copper Co rose 1.7 percent to 45.94 yuan. PetroChina Co added 1.5 percent to 11.39 yuan. Aluminum Corp of China grew 2.5 percent to 10.39 yuan.
Property developers rallied after media reported that the central government may further postpone the implementation of a property tax as it is studying to levy the new tax with a new focus on improving the tax system rather than curbing house prices. China Vanke jumped 7 percent to 8.80 yuan. Gemdale Corp, China's fourth largest developer, surged by the daily limit of 10 percent to 6.80 yuan.
The Shanghai Composite Index added 1.6 percent, or 44.57 points, to 2,852.65. Turnover rose to 147 billion yuan (US$22.3 billion) from last Friday's 108.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.6 percent at 1,311.33.
Growth of turnover indicated that the market is relieved from a tight liquidity as banks get their annual loan quotas, market watchers said.
Sentiment is also lifted on better-than-expected industrial output data of Europe, Japan and the US amid hopes that China may benefit from stronger economic growth in these areas.
China's official PMI, a comprehensive gauge of industrial activities across the country, was at 53.9 percent in December from November's 55.2 percent, the China Federation of Logistics and Purchasing said on January 1.
Commodity producers gained as copper prices rose in London and oil price remained above US$91 a barrel in New York. Jiangxi Copper Co rose 1.7 percent to 45.94 yuan. PetroChina Co added 1.5 percent to 11.39 yuan. Aluminum Corp of China grew 2.5 percent to 10.39 yuan.
Property developers rallied after media reported that the central government may further postpone the implementation of a property tax as it is studying to levy the new tax with a new focus on improving the tax system rather than curbing house prices. China Vanke jumped 7 percent to 8.80 yuan. Gemdale Corp, China's fourth largest developer, surged by the daily limit of 10 percent to 6.80 yuan.
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