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Gains offset ICBC's 10% drop
By Feng Jianmin and Ding Yining |
November 25, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rose the most in more than two weeks as gains made by metal producers and brokerages overshadowed the Industrial and Commercial Bank of China's slump of 10 percent.
The Shanghai Composite Index grew 1.1 percent, or 31.7 points, to close at 2,859.9, the biggest gain since November 5. Turnover fell to 116 billion yuan (US$17.6 billion) from Tuesday's 148 billion yuan.
"After the sharp fall last week, the market is adjusting and investors are taking a wait-and-see attitude," Yintai Securities wrote in a note. The brokerage predicted the index to fluctuate between 2,800 and 2,900 points over the next few days.
"The shrinking turnover suggested overall sentiment of investors is rather low," said Teng Guoping, analyst at Shanghai Jinhui Investment.
The central government is studying to hike the inflation target to 4 percent for 2011, the China Business News reported, citing an unidentified person close to the matter.
Metal producers rebounded after prices of copper and aluminum futures rose 1 percent on the London market. Gold bullion prices also climbed to over US$1,370 per ounce.
Jiangxi Copper Co added 2.5 percent to 35.03 yuan, Aluminum Corp of China gained 1.8 percent to 10.38 yuan, and Shandong Gold Mining Co rose 1.1 percent to 55.94 yuan.
CITIC Securities Co, China's largest brokerage by market value, jumped 6 percent to 13.25 yuan, and China Merchants Securities increased 2.4 percent to 20.90 yuan.
ICBC plunged by the daily limit of 10 percent to 4.42 yuan as it resumed trading after a one-week suspension for a rights issue.
The Shanghai Composite Index grew 1.1 percent, or 31.7 points, to close at 2,859.9, the biggest gain since November 5. Turnover fell to 116 billion yuan (US$17.6 billion) from Tuesday's 148 billion yuan.
"After the sharp fall last week, the market is adjusting and investors are taking a wait-and-see attitude," Yintai Securities wrote in a note. The brokerage predicted the index to fluctuate between 2,800 and 2,900 points over the next few days.
"The shrinking turnover suggested overall sentiment of investors is rather low," said Teng Guoping, analyst at Shanghai Jinhui Investment.
The central government is studying to hike the inflation target to 4 percent for 2011, the China Business News reported, citing an unidentified person close to the matter.
Metal producers rebounded after prices of copper and aluminum futures rose 1 percent on the London market. Gold bullion prices also climbed to over US$1,370 per ounce.
Jiangxi Copper Co added 2.5 percent to 35.03 yuan, Aluminum Corp of China gained 1.8 percent to 10.38 yuan, and Shandong Gold Mining Co rose 1.1 percent to 55.94 yuan.
CITIC Securities Co, China's largest brokerage by market value, jumped 6 percent to 13.25 yuan, and China Merchants Securities increased 2.4 percent to 20.90 yuan.
ICBC plunged by the daily limit of 10 percent to 4.42 yuan as it resumed trading after a one-week suspension for a rights issue.
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