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Key index climbs nearly 2%
By Feng Jianmin |
December 22, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose the most in a week after Chinese central bank officials cautioned that interest-rate hikes may harm economic recovery and concerns were eased when North Korea said it would not react to South Korea's military drills.
The Shanghai Composite Index added 1.8 percent, or 51.2 points, to 2,904.11. Turnover fell to 138.9 billion yuan (US$20.8 billion) from Monday's 149 billion yuan.
Fears over an escalation in conflict on the Korean Peninsula waned after North Korea said on Monday that it would not react to the military drills by the South Korea.
Concerns over interest-rate hikes also eased after Zhu Weiliang and Wu Xiaoguang, two officials with the People's Bank of China, said in a magazine article that raising interest rates will slow economic growth and will increase the debt pressure of financial institutions.
However, investors in general continued to be cautious, Sinolink Securities wrote in a research note. The brokerage suggested that metal, coal and new-energy sectors may have bright prospects in the short term.
Property shares led gainers after data from China Index Academy, the research center of real estate website Soufun.com, showed more than 80 percent of the 35 major Chinese cities tracked by the center reported a rise in property transactions last week from the previous one.
Poly Real Estate Co surged 10 percent to 13.51 yuan. Gemdale Corp jumped 8.6 percent to 6.34 yuan.
Coal miners gained on speculation that demand may increase in winter as oil prices remain high. China Shenhua Energy Co, the listed unit of the country's biggest coal producer, climbed 6 percent to 25.77 yuan after it said it plans to invest 8.7 billion yuan to buy assets and equities from its parent. Datong Coal Industry Co rose 2.5 percent to 22.20 yuan.
The Shanghai Composite Index added 1.8 percent, or 51.2 points, to 2,904.11. Turnover fell to 138.9 billion yuan (US$20.8 billion) from Monday's 149 billion yuan.
Fears over an escalation in conflict on the Korean Peninsula waned after North Korea said on Monday that it would not react to the military drills by the South Korea.
Concerns over interest-rate hikes also eased after Zhu Weiliang and Wu Xiaoguang, two officials with the People's Bank of China, said in a magazine article that raising interest rates will slow economic growth and will increase the debt pressure of financial institutions.
However, investors in general continued to be cautious, Sinolink Securities wrote in a research note. The brokerage suggested that metal, coal and new-energy sectors may have bright prospects in the short term.
Property shares led gainers after data from China Index Academy, the research center of real estate website Soufun.com, showed more than 80 percent of the 35 major Chinese cities tracked by the center reported a rise in property transactions last week from the previous one.
Poly Real Estate Co surged 10 percent to 13.51 yuan. Gemdale Corp jumped 8.6 percent to 6.34 yuan.
Coal miners gained on speculation that demand may increase in winter as oil prices remain high. China Shenhua Energy Co, the listed unit of the country's biggest coal producer, climbed 6 percent to 25.77 yuan after it said it plans to invest 8.7 billion yuan to buy assets and equities from its parent. Datong Coal Industry Co rose 2.5 percent to 22.20 yuan.
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