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Gold miners are winners as fears for inflation grow
By Feng Jianmin |
August 9, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market rose today, led by gold and agriculture-related firms, on inflation expectation and central government's plans to further remove overcapacity.
The benchmark Shanghai Composite Index added 0.53 percent, or 14.14 points, to close at 2,672.53 points. Turnover stood at 128.4 billion yuan (US$19 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, went up 1.78 percent to close at 1,122.32 points.
Inflation resistant stocks led the gainers.
Gold miners gained on rising bullion prices against inflation pressure. Shandong Gold Mining Co climbed 6.64 percent to 39.69 yuan. Zhongjin Gold Co surged 9.89 percent to 3.15 yuan. Zijin Mining Co, a major gold producer, advanced 4.87 percent to 6.46 yuan.
Agriculture related stocks went up on speculation of rising crop prices. Hefei Fengle Seed Co advanced 4.85 percent to 15.99 yuan. Xinjiang Guannong Fruit & Antler Group Co jumped 6.04 percent to 21.26 yuan. Shandong Denghai Seeds Co climbed 5.56 percent to 62.48 yuan.
Elsewhere, a total of 2,087 companies in 18 industries including cement, paper, coal and steel have been ordered to stop operation before the end of September because of their excessive energy consumption and pollution, the Ministry of Industry and Information Technology said yesterday.
Large cement providers gained on the prospect that the plan may boost healthy development for the industries. Anhui Conch Cement Co rose 1.77 percent to 20.20 yuan. Tangshan Jidong Cement Co climbed 3.56 percent to 18.96 yuan. Gansu Qilianshan Cement Group Co went up 1.68 percent to 16.96 yuan.
Banks were weak after lending for third homes is banned in Shanghai, Beijing and Shenzhen. Bank of China fell 0.57 percent to 3.50 yuan. Industrial and Commercial Bank of China was 0.47 percent lower to 4.24 yuan. Bank of Communications dropped 0.92 percent to 6.48 yuan. China Construction Bank lost 0.41 percent to 4.85 yuan.
The benchmark Shanghai Composite Index added 0.53 percent, or 14.14 points, to close at 2,672.53 points. Turnover stood at 128.4 billion yuan (US$19 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, went up 1.78 percent to close at 1,122.32 points.
Inflation resistant stocks led the gainers.
Gold miners gained on rising bullion prices against inflation pressure. Shandong Gold Mining Co climbed 6.64 percent to 39.69 yuan. Zhongjin Gold Co surged 9.89 percent to 3.15 yuan. Zijin Mining Co, a major gold producer, advanced 4.87 percent to 6.46 yuan.
Agriculture related stocks went up on speculation of rising crop prices. Hefei Fengle Seed Co advanced 4.85 percent to 15.99 yuan. Xinjiang Guannong Fruit & Antler Group Co jumped 6.04 percent to 21.26 yuan. Shandong Denghai Seeds Co climbed 5.56 percent to 62.48 yuan.
Elsewhere, a total of 2,087 companies in 18 industries including cement, paper, coal and steel have been ordered to stop operation before the end of September because of their excessive energy consumption and pollution, the Ministry of Industry and Information Technology said yesterday.
Large cement providers gained on the prospect that the plan may boost healthy development for the industries. Anhui Conch Cement Co rose 1.77 percent to 20.20 yuan. Tangshan Jidong Cement Co climbed 3.56 percent to 18.96 yuan. Gansu Qilianshan Cement Group Co went up 1.68 percent to 16.96 yuan.
Banks were weak after lending for third homes is banned in Shanghai, Beijing and Shenzhen. Bank of China fell 0.57 percent to 3.50 yuan. Industrial and Commercial Bank of China was 0.47 percent lower to 4.24 yuan. Bank of Communications dropped 0.92 percent to 6.48 yuan. China Construction Bank lost 0.41 percent to 4.85 yuan.
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