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Commodity firms pull key index higher
By Pan Xiaoyi |
November 19, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed higher yesterday, led by commodity producers, after the market dived about 9 percent over the previous four trading days.
The Shanghai Composite Index added 0.94 percent, or 26.6 points, to close at 2,865.45 points. Turnover fell to 127 billion yuan (US$8 billion) from yesterday's 159 billion yuan.
Commodity prices climbed as the European Union and Ireland agreed to discuss the fiscal crisis facing Irish banks, easing concerns that the debt crisis might deteriorate.
"The valuation of the commodity sector has been relatively low after previous plunges, and the rebound in commodity prices boosted producers," said Wang Yifeng, an analyst at Huatai Securities Co.
But the shrinking turnover reflected "cautious sentiment among investors over the economic prospects both home and abroad," Wang added.
Gold firms rebounded after gold rose for the first time in five days following the World Gold Council's comment that global demand shone 12 percent in the third quarter.
Zhongjin Gold Corp gained 8.1 percent to 40.37 yuan, Zijin Mining Group Co increased 5.9 percent to 8.75 yuan, and Shandong Gold Mining Co rose 6.5 percent to 55.28 yuan.
Coal miners led gains on talk winter would boost coal use. Datong Coal Industry Co surged 7.7 percent to 21.54 yuan and Yanzhou Coal Mining Co climbed 2.8 percent to close at 26.5 yuan.
The Shanghai Composite Index added 0.94 percent, or 26.6 points, to close at 2,865.45 points. Turnover fell to 127 billion yuan (US$8 billion) from yesterday's 159 billion yuan.
Commodity prices climbed as the European Union and Ireland agreed to discuss the fiscal crisis facing Irish banks, easing concerns that the debt crisis might deteriorate.
"The valuation of the commodity sector has been relatively low after previous plunges, and the rebound in commodity prices boosted producers," said Wang Yifeng, an analyst at Huatai Securities Co.
But the shrinking turnover reflected "cautious sentiment among investors over the economic prospects both home and abroad," Wang added.
Gold firms rebounded after gold rose for the first time in five days following the World Gold Council's comment that global demand shone 12 percent in the third quarter.
Zhongjin Gold Corp gained 8.1 percent to 40.37 yuan, Zijin Mining Group Co increased 5.9 percent to 8.75 yuan, and Shandong Gold Mining Co rose 6.5 percent to 55.28 yuan.
Coal miners led gains on talk winter would boost coal use. Datong Coal Industry Co surged 7.7 percent to 21.54 yuan and Yanzhou Coal Mining Co climbed 2.8 percent to close at 26.5 yuan.
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