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Gold miners and brokers rise in Shanghai
By Feng Jianmin |
December 6, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed higher as expectations for more easing plans from the United States overshadowed worries about China's monetary tightening policies. Blue chips gained while small and medium caps declined.
The Shanghai Composite Index rose 0.5 percent, or 14.75 points, to 2,857.18. Turnover was 110.8 billion yuan (US$ 16.6 billion), slightly higher than last Friday's 105.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 1.1 percent to 1,287.37 points.
Chinese leaders said last Friday that China would end the relatively loose monetary policy to cool inflation and maintain a proactive fiscal policy to sustain economic growth.
Meanwhile, Ben Bernanke, head of the US Federal Reserve, said that US may print more money to buy government bonds. It added to expectations for an increase in market liquidity.
Gold miners led the gainers after gold bullion prices grew to a nearly three week high of above US$1,410 per ounce. Shandong Gold Mining Co went up 3 percent to 55.10 yuan. Zhongjin Gold Corp added 2.6 percent to 40.16 yuan. Zijin Mining Group Co, China's largest gold producer, rose 1.7 percent to 8.42 yuan.
Brokerages were strong as turnover of stock market continued to be high. China Merchants Securities was up 3 percent to 21.18 yuan. GF Securities jumped by daily limit of 10 percent to 50.09 yuan. CITIC Securities grew 4.4 percent to 13.74 yuan.
Growing enterprises led the decliners after analysts warned of high prices against corporate profit. Shandong Uroica Automatic Equipment Co tumbled 6.2 percent to 104 yuan. Wuhan Zhongyuan Huadian Science & Technology Co similarly lost 5.7 percent to 23.60 yuan.
The Shanghai Composite Index rose 0.5 percent, or 14.75 points, to 2,857.18. Turnover was 110.8 billion yuan (US$ 16.6 billion), slightly higher than last Friday's 105.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 1.1 percent to 1,287.37 points.
Chinese leaders said last Friday that China would end the relatively loose monetary policy to cool inflation and maintain a proactive fiscal policy to sustain economic growth.
Meanwhile, Ben Bernanke, head of the US Federal Reserve, said that US may print more money to buy government bonds. It added to expectations for an increase in market liquidity.
Gold miners led the gainers after gold bullion prices grew to a nearly three week high of above US$1,410 per ounce. Shandong Gold Mining Co went up 3 percent to 55.10 yuan. Zhongjin Gold Corp added 2.6 percent to 40.16 yuan. Zijin Mining Group Co, China's largest gold producer, rose 1.7 percent to 8.42 yuan.
Brokerages were strong as turnover of stock market continued to be high. China Merchants Securities was up 3 percent to 21.18 yuan. GF Securities jumped by daily limit of 10 percent to 50.09 yuan. CITIC Securities grew 4.4 percent to 13.74 yuan.
Growing enterprises led the decliners after analysts warned of high prices against corporate profit. Shandong Uroica Automatic Equipment Co tumbled 6.2 percent to 104 yuan. Wuhan Zhongyuan Huadian Science & Technology Co similarly lost 5.7 percent to 23.60 yuan.
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