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Developers and banks lead rally in Shanghai
By Feng Jianmin |
January 21, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rallied today led by property developers and banks. Metal producers were weak.
The benchmark Shanghai Composite Index went up 1.41 percent to 2,715.29 points. Turnover rose to 104.6 billion yuan (US$15.9 billion) from yesterday's 96 billion yuan.
The index has declined 2.72 percent this week, the largest weekly loss in two months, on tight market liquidity and concerns for more strict monetary policies.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.66 percent at 1,178.16 points.
Banks grew after media reports said that the central bank yesterday injected 50 billion yuan to banks with liquidity problems. A total of 249 billion yuan has been added to the financial system this week, the reports said.
Bank of China rose 1.3 percent to 3.21 yuan. Industrial and Commercial Bank of China went up 2 percent to 4.23 yuan. China Citic Bank jumped 2.2 percent to 5.16 yuan after it said 2010 profit was more than 50 percent higher than the previous year.
Property developers were strong despite that the Ministry of Land and Resources said yesterday that it will step up regulations on land uses.
A Merchants Securities report said that annual growth of investment in the property sector may be lower in 2011 but may still remain around 25 percent.
China Vanke, China's largest property developer, climbed 3 percent to 8.38 yuan. Gemdale Corp surged by 6.5 percent to 7.19 yuan.
Metal producers underperformed after commodity prices dropped on overseas markets overnight on concerns that China's tighter monetary policy may harm demand. Zhongjin Gold Corp lost 1.3 percent to 33.12 yuan. Tongling Nonferrous Metals Co fell 1.6 percent to 27.30 yuan. Jiangxi Copper Co slipped 0.7 percent to 36.71 yuan.
The benchmark Shanghai Composite Index went up 1.41 percent to 2,715.29 points. Turnover rose to 104.6 billion yuan (US$15.9 billion) from yesterday's 96 billion yuan.
The index has declined 2.72 percent this week, the largest weekly loss in two months, on tight market liquidity and concerns for more strict monetary policies.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.66 percent at 1,178.16 points.
Banks grew after media reports said that the central bank yesterday injected 50 billion yuan to banks with liquidity problems. A total of 249 billion yuan has been added to the financial system this week, the reports said.
Bank of China rose 1.3 percent to 3.21 yuan. Industrial and Commercial Bank of China went up 2 percent to 4.23 yuan. China Citic Bank jumped 2.2 percent to 5.16 yuan after it said 2010 profit was more than 50 percent higher than the previous year.
Property developers were strong despite that the Ministry of Land and Resources said yesterday that it will step up regulations on land uses.
A Merchants Securities report said that annual growth of investment in the property sector may be lower in 2011 but may still remain around 25 percent.
China Vanke, China's largest property developer, climbed 3 percent to 8.38 yuan. Gemdale Corp surged by 6.5 percent to 7.19 yuan.
Metal producers underperformed after commodity prices dropped on overseas markets overnight on concerns that China's tighter monetary policy may harm demand. Zhongjin Gold Corp lost 1.3 percent to 33.12 yuan. Tongling Nonferrous Metals Co fell 1.6 percent to 27.30 yuan. Jiangxi Copper Co slipped 0.7 percent to 36.71 yuan.
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