Key index rises to 2-week high
By Feng Jianmin |
February 1, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose to the highest in two weeks, powered by water firms and metal producers.
The Shanghai Composite Index added 1.4 percent to 2,790.69. Turnover rose to 107.7 billion yuan (US$16.3 billion) from 98.5 billion yuan last Friday.
The barometer dipped 0.6 percent in January as concerns over tighter monetary policies lingered.
The People's Bank of China, the central bank, said on Sunday that M2, the broadest measure of money supply, was set to grow 16 percent in 2011. The target was in line with market expectations and helped ease concerns about over-tightening, according to Shanghai Securities News.
"Risks have been eased after previous declines, and corporate earnings may power a rebound," said Qin Xiaobin, an analyst at Galaxy Securities. "But as consumer prices in January are likely to exceed last year's highest, and as political turmoil in Egypt may continue to affect global markets, we suggest investors to be cautions before the Spring Festival break."
The market will be closed tomorrow and reopen on February 9.
Water firms made a splash after the State Council, China's Cabinet, last Saturday announced plans to double its annual investment in water conservancy in the next 10 years by as much as 4 trillion yuan, said market watchers.
Qian Jiang Water Resources Development Co rose by the 10 percent daily limit to 18.15 yuan. China Gezhouba Group Co, a dam builder, also added 10 percent to 15.71 yuan.
Metal producers gained after Jiangxi Copper Co, China's largest producer of the metal, forecast its 2010 profit could grow annual 90-110 percent. Its shares added 1.6 percent to 39.18 yuan.
Gold miners also shone after bullion prices rose in New York from a four-month low as investors bought the metal to hedge against risks from the Egyptian crisis. Zijin Mining Co, China's largest gold miner, rose 4 percent to 7.24 yuan. Shandong Gold Mining Co gained 7.5 percent to close at 46 yuan.
The Shanghai Composite Index added 1.4 percent to 2,790.69. Turnover rose to 107.7 billion yuan (US$16.3 billion) from 98.5 billion yuan last Friday.
The barometer dipped 0.6 percent in January as concerns over tighter monetary policies lingered.
The People's Bank of China, the central bank, said on Sunday that M2, the broadest measure of money supply, was set to grow 16 percent in 2011. The target was in line with market expectations and helped ease concerns about over-tightening, according to Shanghai Securities News.
"Risks have been eased after previous declines, and corporate earnings may power a rebound," said Qin Xiaobin, an analyst at Galaxy Securities. "But as consumer prices in January are likely to exceed last year's highest, and as political turmoil in Egypt may continue to affect global markets, we suggest investors to be cautions before the Spring Festival break."
The market will be closed tomorrow and reopen on February 9.
Water firms made a splash after the State Council, China's Cabinet, last Saturday announced plans to double its annual investment in water conservancy in the next 10 years by as much as 4 trillion yuan, said market watchers.
Qian Jiang Water Resources Development Co rose by the 10 percent daily limit to 18.15 yuan. China Gezhouba Group Co, a dam builder, also added 10 percent to 15.71 yuan.
Metal producers gained after Jiangxi Copper Co, China's largest producer of the metal, forecast its 2010 profit could grow annual 90-110 percent. Its shares added 1.6 percent to 39.18 yuan.
Gold miners also shone after bullion prices rose in New York from a four-month low as investors bought the metal to hedge against risks from the Egyptian crisis. Zijin Mining Co, China's largest gold miner, rose 4 percent to 7.24 yuan. Shandong Gold Mining Co gained 7.5 percent to close at 46 yuan.
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