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Drug and metal firms lead Shanghai shares
By Lydia Chen |
June 7, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks traded higher today, led by blue chips such as non-ferrous metal and drug counters in thin volumes ahead of the expected release of May trade figures on Friday.
The Shanghai Composite Index added 0.60 percent to 2,744.30. Turnover fell to 79.14 billion yuan (US$12.18 billion).
"June will be the best month for investors to decide where they should put their money," Huang Dongsheng, an analyst with Guodu Securities.
"Valuations of most blue chips are now 50 percent lower than their previous highs as all the economic data for the first half year will be released soon, "Huang said. "These data can offer a better picture of inflation, earnings growth and which direction China will turn to in the next half year."
Market players today continued to buy into domestic plays seen as more certain bets in a volatile market, with banks, industrials, particularly pharmaceuticals, steel and metal producers, being the favorites.
Among the non-ferrous sector, rare earth producers paced the rally. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co hiked 7.2 percent to 78.01 yuan.
The Inner Mongolia Autonomous Region government has issued a paper to overhaul the rare earth industry in the northwestern region. Baotou Steel Rare-Earth is the only firm that has been approved to run upper-reach rare earth business in northern China, according to the paper.
Pharmaceuticals ran higher as investors saw the ongoing E. coli outbreak in Europe as incentive news for drug makers.
Shandong Lukang Pharmaceutical Co jumped the daily cap of 10 percent to 8.75 yuan.
The Shanghai Composite Index added 0.60 percent to 2,744.30. Turnover fell to 79.14 billion yuan (US$12.18 billion).
"June will be the best month for investors to decide where they should put their money," Huang Dongsheng, an analyst with Guodu Securities.
"Valuations of most blue chips are now 50 percent lower than their previous highs as all the economic data for the first half year will be released soon, "Huang said. "These data can offer a better picture of inflation, earnings growth and which direction China will turn to in the next half year."
Market players today continued to buy into domestic plays seen as more certain bets in a volatile market, with banks, industrials, particularly pharmaceuticals, steel and metal producers, being the favorites.
Among the non-ferrous sector, rare earth producers paced the rally. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co hiked 7.2 percent to 78.01 yuan.
The Inner Mongolia Autonomous Region government has issued a paper to overhaul the rare earth industry in the northwestern region. Baotou Steel Rare-Earth is the only firm that has been approved to run upper-reach rare earth business in northern China, according to the paper.
Pharmaceuticals ran higher as investors saw the ongoing E. coli outbreak in Europe as incentive news for drug makers.
Shandong Lukang Pharmaceutical Co jumped the daily cap of 10 percent to 8.75 yuan.
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