Index ends up on talk 2011 may be better
By Lydia Chen |
January 1, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended the last trading day of 2010 higher in anticipation of a more upbeat market sentiment for 2011.
The Shanghai Composite Index added 1.76 percent, or 48.5, to close at 2,808.08. Turnover climbed to 108.44 billion yuan (US$16.46 billion) from 86.06 billion yuan on Thursday.
The gain for a third day narrowed the benchmark's decline for this year to 14 percent, but it was still one of the worst markets in the world.
Conditions are expected to turn for the better this year, analysts said.
The Shanghai market will enjoy a pleasant January given that market pressures from tightened liquidity will be eased when banks get their annual loan quota, said Huang Dongsheng, an analyst with Guodu Securities.
Chen Kaiwei, an analyst at Changjiang Securities, agreed: "January will be the best chance to buy on the dip as the market is about to head upward."
Jiangxi Copper Co, China's largest maker of the metal, jumped 7.6 percent to 45.17 yuan after copper prices rose to an all-time record in London.
Airlines gained after the yuan rose to an intraday high of 6.5896 against the US dollar yesterday, the strongest level since 1993, trimming the carriers' dollar-based debt costs. China Southern Airlines advanced 2.1 percent to 9.74 yuan.
The local market will reopen next Tuesday after the New Year break.
The Shanghai Composite Index added 1.76 percent, or 48.5, to close at 2,808.08. Turnover climbed to 108.44 billion yuan (US$16.46 billion) from 86.06 billion yuan on Thursday.
The gain for a third day narrowed the benchmark's decline for this year to 14 percent, but it was still one of the worst markets in the world.
Conditions are expected to turn for the better this year, analysts said.
The Shanghai market will enjoy a pleasant January given that market pressures from tightened liquidity will be eased when banks get their annual loan quota, said Huang Dongsheng, an analyst with Guodu Securities.
Chen Kaiwei, an analyst at Changjiang Securities, agreed: "January will be the best chance to buy on the dip as the market is about to head upward."
Jiangxi Copper Co, China's largest maker of the metal, jumped 7.6 percent to 45.17 yuan after copper prices rose to an all-time record in London.
Airlines gained after the yuan rose to an intraday high of 6.5896 against the US dollar yesterday, the strongest level since 1993, trimming the carriers' dollar-based debt costs. China Southern Airlines advanced 2.1 percent to 9.74 yuan.
The local market will reopen next Tuesday after the New Year break.
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