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Developers and financial shares power Shanghai index
By Lydia Chen |
January 11, 2011, Tuesday
|
Online Edition
Online Edition
A RALLY among developers and financial shares pushed Shanghai-listed shares higher today, lifting the key index back above the 2,800-point mark.
The Shanghai Composite Index traded 0.44 percent higher to 2,804.05. But turnover remained sluggish to drop to 94.49 billion yuan (US$14.32 billion) from yesterday's 110.8 billion yuan.
The market rise was largely due to a bullish performance among developers and financial shares, which had been weak since China revealed several monetary tightening policies to rein in inflation and asset bubbles late last year.
China Vanke, the biggest developer, jumped 3.32 percent to 9.03 yuan. Industrial &Commercial Bank of China gained 0.47 percent to 4.26 yuan. China Pacific Insurance Group Co added 1.21 percent to 22.50 yuan.
Developers, banks and insurers were considered worth buying by some analysts as most of the stocks have been hovering around low prices for a long time while their earning reports are promising.
"The market will continue fluctuations for now," said Tong Bin, an analyst with Guotai Jun'an. "Blue chips and shares with high-growth potentials will take turns to lead the market gradually higher."
The Shanghai Composite Index traded 0.44 percent higher to 2,804.05. But turnover remained sluggish to drop to 94.49 billion yuan (US$14.32 billion) from yesterday's 110.8 billion yuan.
The market rise was largely due to a bullish performance among developers and financial shares, which had been weak since China revealed several monetary tightening policies to rein in inflation and asset bubbles late last year.
China Vanke, the biggest developer, jumped 3.32 percent to 9.03 yuan. Industrial &Commercial Bank of China gained 0.47 percent to 4.26 yuan. China Pacific Insurance Group Co added 1.21 percent to 22.50 yuan.
Developers, banks and insurers were considered worth buying by some analysts as most of the stocks have been hovering around low prices for a long time while their earning reports are promising.
"The market will continue fluctuations for now," said Tong Bin, an analyst with Guotai Jun'an. "Blue chips and shares with high-growth potentials will take turns to lead the market gradually higher."
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