Key index ends up on hopes of robust exports
By Feng Jianmin |
January 5, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed higher yesterday on expectations that liquidity pressure may ease and China's exports may remain robust in 2011.
The Shanghai Composite Index added 1.6 percent, or 44.57 points, to end at 2,852.65. Turnover rose to 147 billion yuan (US$22.3 billion) from last Friday's 108.4 billion yuan.
The growth in turnover indicated that the market felt a sense of relief after banks received their annual loan quota for the new year, market watchers said.
Sentiment was also boosted by better-than-expected industrial output of Japan, the United States and European nations which may help China to benefit from stronger economic growth in these countries.
China's official Purchasing Managers' Index, a comprehensive gauge of industrial activities across the country, stood at 53.9 percent in December from November's 55.2 percent, the China Federation of Logistics and Purchasing said last Saturday.
"Domestic demand was shrinking but strong economic output in other countries may help lift China's exports and domestic industrial expansion," Northeast Securities Co wrote in a note.
Commodity producers gained as copper prices rose in London and oil prices stood above US$91 a barrel in New York. Jiangxi Copper Co gained 1.7 percent to 45.94 yuan. PetroChina Co added 1.5 percent to 11.39 yuan.
Property developers rallied after media said the central government may delay the implementation of a property tax. Poly Real Estate Group Co, China's second-biggest listed developer, jumped 9.9 percent to 13.96 yuan. Gemdale Corp, the fourth largest, surged by the daily limit of 10 percent to 6.80 yuan.
The Shanghai Composite Index added 1.6 percent, or 44.57 points, to end at 2,852.65. Turnover rose to 147 billion yuan (US$22.3 billion) from last Friday's 108.4 billion yuan.
The growth in turnover indicated that the market felt a sense of relief after banks received their annual loan quota for the new year, market watchers said.
Sentiment was also boosted by better-than-expected industrial output of Japan, the United States and European nations which may help China to benefit from stronger economic growth in these countries.
China's official Purchasing Managers' Index, a comprehensive gauge of industrial activities across the country, stood at 53.9 percent in December from November's 55.2 percent, the China Federation of Logistics and Purchasing said last Saturday.
"Domestic demand was shrinking but strong economic output in other countries may help lift China's exports and domestic industrial expansion," Northeast Securities Co wrote in a note.
Commodity producers gained as copper prices rose in London and oil prices stood above US$91 a barrel in New York. Jiangxi Copper Co gained 1.7 percent to 45.94 yuan. PetroChina Co added 1.5 percent to 11.39 yuan.
Property developers rallied after media said the central government may delay the implementation of a property tax. Poly Real Estate Group Co, China's second-biggest listed developer, jumped 9.9 percent to 13.96 yuan. Gemdale Corp, the fourth largest, surged by the daily limit of 10 percent to 6.80 yuan.
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