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Gold miners move Shanghai stock index up
By Feng Jianmin |
April 20, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was slightly higher in the morning session led by gold miners while banks were weak on concerns about a possible decline in property prices.
The benchmark Shanghai Composite Index was up 0.32 percent, or 0.72 points, to close at 3008.76. Turnover was 80.5 billion yuan (US$ 12.3 billion).
Gold miners rallied after gold bullion prices hit a record US$1,499.2 per ounce in New York overnight.
Zhongjin Gold Mining Group Co jumped 3.3 percent to 38.98 yuan. Zijin Mining Co was up 1.9 percent to 8.09 yuan.
Banks were mixed after Liu Mingkang, head of China Banking Regulatory Commission, yesterday ordered banks to conduct another round of stress test on real estate loans to gauge the impact of a decline in housing prices.
China Merchants Bank dropped 1.3 percent to 14.64 yuan. Industrial and Commercial Bank of China edged up 0.44 percent to 4.58 yuan.
The property sector fell. China Vanke, China's largest property developer, was down 1 percent to 8.69 yuan. Poly Real Estate Co shed 3.3 percent to 13.87 yuan.
The benchmark Shanghai Composite Index was up 0.32 percent, or 0.72 points, to close at 3008.76. Turnover was 80.5 billion yuan (US$ 12.3 billion).
Gold miners rallied after gold bullion prices hit a record US$1,499.2 per ounce in New York overnight.
Zhongjin Gold Mining Group Co jumped 3.3 percent to 38.98 yuan. Zijin Mining Co was up 1.9 percent to 8.09 yuan.
Banks were mixed after Liu Mingkang, head of China Banking Regulatory Commission, yesterday ordered banks to conduct another round of stress test on real estate loans to gauge the impact of a decline in housing prices.
China Merchants Bank dropped 1.3 percent to 14.64 yuan. Industrial and Commercial Bank of China edged up 0.44 percent to 4.58 yuan.
The property sector fell. China Vanke, China's largest property developer, was down 1 percent to 8.69 yuan. Poly Real Estate Co shed 3.3 percent to 13.87 yuan.
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