Gold keeps Shanghai stocks on the level
By Feng Jianmin |
August 4, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index was almost unchanged yesterday as gains in the gold sector were offset by losses among insurers.
The Shanghai Composite Index edged down 0.03 percent to 2,678.49, the lowest close in six weeks.
Shanghai's stock market opened low following a fall in the Dow Jones Index on concerns over the US economy. But sentiment lifted after Li Pumin, spokesman for the National Development and Reform Commission, indicated confidence that China's economy will not experience a "double-dip."
He said: "We are facing great challenges both domestically and from overseas.
But we still have advantages such as accelerated adjustment of economic structure and great consumer demand." He said China's potential for economic growth remains high.
Damo Investment said: "The market is cautious ahead of the official release of economic data on August 9."
Insurers dropped after the regulator said insurance penetration in China is less than half of the world's average. China Pacific Insurance was down 1 percent at 20.80 yuan. Ping An Insurance edged down 0.7 percent to 44.05 yuan.
Gold producers advanced after bullion prices climbed to a record. Zijin Mining Group, China's biggest gold producer, rose 2.2 percent to 5.63 yuan. Zhongjin Gold Corp, the second-largest, climbed 2.8 percent to 28.89 yuan.
The Shanghai Composite Index edged down 0.03 percent to 2,678.49, the lowest close in six weeks.
Shanghai's stock market opened low following a fall in the Dow Jones Index on concerns over the US economy. But sentiment lifted after Li Pumin, spokesman for the National Development and Reform Commission, indicated confidence that China's economy will not experience a "double-dip."
He said: "We are facing great challenges both domestically and from overseas.
But we still have advantages such as accelerated adjustment of economic structure and great consumer demand." He said China's potential for economic growth remains high.
Damo Investment said: "The market is cautious ahead of the official release of economic data on August 9."
Insurers dropped after the regulator said insurance penetration in China is less than half of the world's average. China Pacific Insurance was down 1 percent at 20.80 yuan. Ping An Insurance edged down 0.7 percent to 44.05 yuan.
Gold producers advanced after bullion prices climbed to a record. Zijin Mining Group, China's biggest gold producer, rose 2.2 percent to 5.63 yuan. Zhongjin Gold Corp, the second-largest, climbed 2.8 percent to 28.89 yuan.
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