Index closes at 5-month high
By Lydia Chen |
April 8, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI stocks managed to hold onto previous gains and edged up to a five-month high at the close yesterday, led by cement makers which gained from the sales boom in the industry.
The Shanghai Composite Index added 0.22 percent to 3,007.91, the highest since November 15. Turnover contracted slightly to 153 billion yuan (US$23 billion) from Wednesday's 176 billion yuan.
Analysts at Xiangcai Securities Co and Guotai Junan Securities Co said the market will probably fluctuate around 3,000 points over the short term.
Cement makers led the increase among all sectors with a jump of 5.97 percent as analysts at Shanxi Securities Co said sales of cement in most parts of China are now entering the annual peak season amid the country's massive affordable housing projects.
Huaxin Cement Co jumped by the daily cap of 10 percent to 54.71 yuan. Anhui Conch Cement Co climbed 4.9 percent to 42.83 yuan.
Prices of cement across the country jumped by an average weekly 1.2 percent this week.
In Beijing and Tianjin as well as Hunan and Zhejiang provinces, prices of cement have increased from 40 yuan to 100 yuan per ton since Monday, industry officials said.
The Shanghai Composite Index added 0.22 percent to 3,007.91, the highest since November 15. Turnover contracted slightly to 153 billion yuan (US$23 billion) from Wednesday's 176 billion yuan.
Analysts at Xiangcai Securities Co and Guotai Junan Securities Co said the market will probably fluctuate around 3,000 points over the short term.
Cement makers led the increase among all sectors with a jump of 5.97 percent as analysts at Shanxi Securities Co said sales of cement in most parts of China are now entering the annual peak season amid the country's massive affordable housing projects.
Huaxin Cement Co jumped by the daily cap of 10 percent to 54.71 yuan. Anhui Conch Cement Co climbed 4.9 percent to 42.83 yuan.
Prices of cement across the country jumped by an average weekly 1.2 percent this week.
In Beijing and Tianjin as well as Hunan and Zhejiang provinces, prices of cement have increased from 40 yuan to 100 yuan per ton since Monday, industry officials said.
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