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Key index gains after prices of metals rise
By Jane Feng |
November 29, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index edged up yesterday after metal prices rebounded, while property shares fell following tough remarks by a vice premier that strict action to curb speculation the real estate market would not be relaxed.
The Shanghai Composite Index rose 0.1 percent to end at 2,383.03 points.
Metal producers rose following a rebound of metal prices in Shanghai as the US dollar weakened.
The price of the widely-traded copper futures added 0.8 percent and aluminum prices gained 0.2 percent yesterday.
Jiangxi Copper Co edged up 0.7 percent to 25.44 yuan (US$3.98).
Sinohydro Group, the nation's biggest builder of dams, rose 1.6 percent to 4.60 yuan after the China Securities Journal reported, citing an unidentified person from the Ministry of Water Resources, that the central government plans to invest at least 80 billion yuan annually over five years to develop water-saving irrigation projects.
China Gezhouba Group Co increased 1.9 percent to 8.65 yuan. Anhui Water Resources Development Co climbed 3.4 percent to 14.29 yuan.
Property developers continued to fall after Vice Premier Li Keqiang said last Friday that the central government was determined to maintain the stringent measures to control the excessive rise in home prices.
He also said the government would ramp up construction of affordable housing and homes for the public to rent next year.
Gemdale Corp edged down 0.2 percent to close at 4.48 yuan yesterday.
The Shanghai Composite Index rose 0.1 percent to end at 2,383.03 points.
Metal producers rose following a rebound of metal prices in Shanghai as the US dollar weakened.
The price of the widely-traded copper futures added 0.8 percent and aluminum prices gained 0.2 percent yesterday.
Jiangxi Copper Co edged up 0.7 percent to 25.44 yuan (US$3.98).
Sinohydro Group, the nation's biggest builder of dams, rose 1.6 percent to 4.60 yuan after the China Securities Journal reported, citing an unidentified person from the Ministry of Water Resources, that the central government plans to invest at least 80 billion yuan annually over five years to develop water-saving irrigation projects.
China Gezhouba Group Co increased 1.9 percent to 8.65 yuan. Anhui Water Resources Development Co climbed 3.4 percent to 14.29 yuan.
Property developers continued to fall after Vice Premier Li Keqiang said last Friday that the central government was determined to maintain the stringent measures to control the excessive rise in home prices.
He also said the government would ramp up construction of affordable housing and homes for the public to rent next year.
Gemdale Corp edged down 0.2 percent to close at 4.48 yuan yesterday.
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