Commodity firms bring smiles to investors
By Pan Xiaoyi |
December 11, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rebounded from the two-month low, paring the week's loss, as stronger commodity producers gave jittery investors a reason to smile as they awaited a top economic planning meeting that would point the direction for China's economy.
The Shanghai Composite Index rose 1.07 percent to 2,841.04. Turnover shrank to 98.2 billion yuan (US$14.7 billion) from 108.7 billion yuan on Thursday.
Shares opened lower as investor sentiment was dampened on talk the central bank may announce another interest-rate hike.
China will adjust monetary policy according to new economic situations, Zhou Xiaochuan, governor of the People's Bank of China, said in a statement on the central bank's website.
There are expectations the Consumer Price Index, a general gauge of inflation, will rise 5 percent in November and put pressure on policy makers. Data on inflation and other economic activities are expected to be unveiled at the weekend.
"While the broad market was generally sluggish amid the expected new tightened monetary stance, individual shares were active and offered good investment opportunities," said Yang Jianbo, an analyst at Sinolink Securities Co.
Commodity firms led gains, with Western Mining Co up 6.1 percent to 18.82 yuan and Minmetals Development Co surging 6.4 percent to 26.91 yuan. PetroChina, the biggest component of the index, rose 0.6 percent to 11.45 yuan.
The Shanghai Composite Index rose 1.07 percent to 2,841.04. Turnover shrank to 98.2 billion yuan (US$14.7 billion) from 108.7 billion yuan on Thursday.
Shares opened lower as investor sentiment was dampened on talk the central bank may announce another interest-rate hike.
China will adjust monetary policy according to new economic situations, Zhou Xiaochuan, governor of the People's Bank of China, said in a statement on the central bank's website.
There are expectations the Consumer Price Index, a general gauge of inflation, will rise 5 percent in November and put pressure on policy makers. Data on inflation and other economic activities are expected to be unveiled at the weekend.
"While the broad market was generally sluggish amid the expected new tightened monetary stance, individual shares were active and offered good investment opportunities," said Yang Jianbo, an analyst at Sinolink Securities Co.
Commodity firms led gains, with Western Mining Co up 6.1 percent to 18.82 yuan and Minmetals Development Co surging 6.4 percent to 26.91 yuan. PetroChina, the biggest component of the index, rose 0.6 percent to 11.45 yuan.
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