Index rises on surge in cement, commods
By Feng Jianmin and Ding Yining |
August 10, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks rose to a two-and-a-half-month high yesterday on a surge in commodity shares and a strong performance by large cement producers after the central government pledged to further eliminate outdated industrial capacity.
The benchmark Shanghai Composite Index added 0.53 percent, or 14.14 points, to close at 2,672.53, the highest since May 24. Turnover stood at 128.4 billion yuan (US$19 billion).
A total of 2,087 companies in 18 industries, including cement, paper, coal and steel, have been ordered to shut inefficient and polluting facilities by the end of September, the Ministry of Industry and Information Technology said in a statement over the weekend.
Large cement providers gained on prospects the plan may boost healthy development of the industry. Anhui Conch Cement Co rose 1.77 percent to 20.20 yuan. Tangshan Jidong Cement Co climbed 3.56 percent to 18.96 yuan.
"Metal producers and other related sectors will climb in the short term as investors want to shield inflation speculation but the market will remain in fluctuation, waiting for further update on macroeconomic policies," Hongyuan Securities said in a research note.
Gold miners gained on rising bullion prices against inflation pressure. Shandong Gold Mining Co climbed 6.64 percent to 39.69 yuan.
Agriculture companies also went north on speculation of rising crop prices, with Hefei Fengle Seed Co advancing 4.85 percent to 15.99 yuan.
The benchmark Shanghai Composite Index added 0.53 percent, or 14.14 points, to close at 2,672.53, the highest since May 24. Turnover stood at 128.4 billion yuan (US$19 billion).
A total of 2,087 companies in 18 industries, including cement, paper, coal and steel, have been ordered to shut inefficient and polluting facilities by the end of September, the Ministry of Industry and Information Technology said in a statement over the weekend.
Large cement providers gained on prospects the plan may boost healthy development of the industry. Anhui Conch Cement Co rose 1.77 percent to 20.20 yuan. Tangshan Jidong Cement Co climbed 3.56 percent to 18.96 yuan.
"Metal producers and other related sectors will climb in the short term as investors want to shield inflation speculation but the market will remain in fluctuation, waiting for further update on macroeconomic policies," Hongyuan Securities said in a research note.
Gold miners gained on rising bullion prices against inflation pressure. Shandong Gold Mining Co climbed 6.64 percent to 39.69 yuan.
Agriculture companies also went north on speculation of rising crop prices, with Hefei Fengle Seed Co advancing 4.85 percent to 15.99 yuan.
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