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Developers and miners lead Shanghai index
By Feng Jianmin |
December 21, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in a week after North Korea's silent reaction over South Korea's drills, and central bank officials cautioned that an interest rate hike may harm economic recovery.
The benchmark Shanghai Composite Index added 1.8 percent, or 51.20 points, to 2,904.11. Turnover fell to 138.9 billion yuan (US$20.8 billion) from Monday's 149 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 1.3 percent to 1,349.14.
Fears over conflicts on the Korean Peninsula waned after North Korea said yesterday that it would not react to the military drills by the South, despite an early threat.
Concerns over interest rate hikes also eased after Zhu Weiliang and Wu Xiaoguang, two officials with China's central bank, said on a magazine that increasing interest rates will slow down economic growth and will add to the debt pressure of financial institutions.
The property sector led the gainers after statistics from China Index Academy showed that land transactions in 20 major cities has grew more than 20 percent from a year earlier, and some lands were auctioned at record prices.
A report by TX Investment Consultant Co said today that sales in 2011 will remain on the same level as in 2010, and focus of policies will be shifted to boost supplies.
China Vanke, China's largest property developer, jumped by the daily limit of 10 percent to 9.13 yuan. Poly Real Estate Co similarly surged 10 percent to 13.51 yuan.
Coal miners gained. China Shenhua Energy Co, China's largest coal producer, climbed 6 percent to 25.77 yuan after it released plan to invest 8.7 billion yuan to buy assets and equities from parent. Datong Coal Industry Co rose 2.5 percent to 22.20 yuan.
The military industry retreated from yesterday's rally. Aerospace Hi-Tech Holdings dropped 1.2 percent to 18.06 yuan. Changchun Yidong Clutch Co slid 2.6 percent to 15.20 yuan.
The benchmark Shanghai Composite Index added 1.8 percent, or 51.20 points, to 2,904.11. Turnover fell to 138.9 billion yuan (US$20.8 billion) from Monday's 149 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 1.3 percent to 1,349.14.
Fears over conflicts on the Korean Peninsula waned after North Korea said yesterday that it would not react to the military drills by the South, despite an early threat.
Concerns over interest rate hikes also eased after Zhu Weiliang and Wu Xiaoguang, two officials with China's central bank, said on a magazine that increasing interest rates will slow down economic growth and will add to the debt pressure of financial institutions.
The property sector led the gainers after statistics from China Index Academy showed that land transactions in 20 major cities has grew more than 20 percent from a year earlier, and some lands were auctioned at record prices.
A report by TX Investment Consultant Co said today that sales in 2011 will remain on the same level as in 2010, and focus of policies will be shifted to boost supplies.
China Vanke, China's largest property developer, jumped by the daily limit of 10 percent to 9.13 yuan. Poly Real Estate Co similarly surged 10 percent to 13.51 yuan.
Coal miners gained. China Shenhua Energy Co, China's largest coal producer, climbed 6 percent to 25.77 yuan after it released plan to invest 8.7 billion yuan to buy assets and equities from parent. Datong Coal Industry Co rose 2.5 percent to 22.20 yuan.
The military industry retreated from yesterday's rally. Aerospace Hi-Tech Holdings dropped 1.2 percent to 18.06 yuan. Changchun Yidong Clutch Co slid 2.6 percent to 15.20 yuan.
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