Key index ends day highest for 3 months
By Pan Xiaoyi |
April 15, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market extended rallies yesterday to end at a three-month high as rises in commodity producers outpaced losses in the property sector, which was weighed down by concerns over more forceful measures after housing prices surged by a record last month.
The benchmark Shanghai Composite Index rose 0.16 percent, or 4.93 points, to close at 3,166.18. Turnover shrank to 137.9 billion yuan (US$20.3 billion) from 184.6 billion yuan.
Gold producers led the gainers.
Zhongjin Gold Corp, the second-biggest by market value, soared 8.1 percent to 56.43 yuan. Shandong Gold Mining Co surged 4.6 percent to 79.51 yuan. Zijin Mining Group Co, the country's largest gold producer, jumped 2.9 percent to 8.85 yuan.
"The demand for the precious metal will be boosted as it is a safe haven from asset bubbles and a stable investment tools amid fluctuations in the foreign exchange rate," Haitong Securities Co wrote in a note.
Wuhan Iron and Steel Co edged up 0.8 percent to 6.72 yuan after the Ministry of Commerce announced anti-dumping taxes against Russian and US silicon steel. Baoshan Iron & Steel went up 0.7 percent to 7.76 yuan.
Bucking the upward trend, Poly Real Estate Group fell 0.8 percent to 18.79 yuan. Shanghai-based Shimao was down 0.7 percent to 14.69 yuan.
"Housing prices kept strong despite a string of measures taken by the government to crack down on speculation in the housing market, raising concerns the property market will remain under pressure from tightening policies for a long time," said Yu Wei, a Shiji Investment analyst.
The benchmark Shanghai Composite Index rose 0.16 percent, or 4.93 points, to close at 3,166.18. Turnover shrank to 137.9 billion yuan (US$20.3 billion) from 184.6 billion yuan.
Gold producers led the gainers.
Zhongjin Gold Corp, the second-biggest by market value, soared 8.1 percent to 56.43 yuan. Shandong Gold Mining Co surged 4.6 percent to 79.51 yuan. Zijin Mining Group Co, the country's largest gold producer, jumped 2.9 percent to 8.85 yuan.
"The demand for the precious metal will be boosted as it is a safe haven from asset bubbles and a stable investment tools amid fluctuations in the foreign exchange rate," Haitong Securities Co wrote in a note.
Wuhan Iron and Steel Co edged up 0.8 percent to 6.72 yuan after the Ministry of Commerce announced anti-dumping taxes against Russian and US silicon steel. Baoshan Iron & Steel went up 0.7 percent to 7.76 yuan.
Bucking the upward trend, Poly Real Estate Group fell 0.8 percent to 18.79 yuan. Shanghai-based Shimao was down 0.7 percent to 14.69 yuan.
"Housing prices kept strong despite a string of measures taken by the government to crack down on speculation in the housing market, raising concerns the property market will remain under pressure from tightening policies for a long time," said Yu Wei, a Shiji Investment analyst.
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