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Lenders, property lead big rally
By Feng Jianmin |
January 21, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rallied in the morning session led by property developers and banks. Metal producers fell.
The benchmark Shanghai Composite Index went up 1.85 percent to 2,727.17 points. Turnover rose to 63.3 billion yuan (US$9.6 billion) from yesterday morning's 47 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 1.2 percent at 1,184.72 points.
Banks grew after media reported that the central bank yesterday has injected 50 billion yuan to banks with liquidity problems. A total of 249 billion yuan has been added to the financial system this week, reports said.
Bank of China rose 1.3 percent to 3.21 yuan. Industrial and Commercial Bank of China went up 2 percent to 4.23 yuan. China Citic Bank jumped 3.2 percent to 5.21 yuan after it said 2010 profit was more than 50 percent higher than the previous year.
Property developers were strong despite Ministry of Land and Resources said yesterday to step up regulations on land uses.
A Merchants Securities report said that annual growth of investment in the property sector may be lower in 2011 but may still maintain at around 25 percent.
China Vanke, China's largest property developer, climbed 4.6 percent to 8.51 yuan. Gemdale Corp surged by 8.7 percent to 7.34 yuan.
Metal producers underperformed after commodity prices dropped on overseas markets overnight on concerns that China's tighter monetary policy may harm demand. Zhongjin Gold Corp fell 0.8 percent to 33.29 yuan. Tongling Nonferrous Metals Co dipped 0.1 percent to 17.70 yuan. Jiangxi Copper Co edged up 0.5 percent to 37.13 yuan.
The benchmark Shanghai Composite Index went up 1.85 percent to 2,727.17 points. Turnover rose to 63.3 billion yuan (US$9.6 billion) from yesterday morning's 47 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 1.2 percent at 1,184.72 points.
Banks grew after media reported that the central bank yesterday has injected 50 billion yuan to banks with liquidity problems. A total of 249 billion yuan has been added to the financial system this week, reports said.
Bank of China rose 1.3 percent to 3.21 yuan. Industrial and Commercial Bank of China went up 2 percent to 4.23 yuan. China Citic Bank jumped 3.2 percent to 5.21 yuan after it said 2010 profit was more than 50 percent higher than the previous year.
Property developers were strong despite Ministry of Land and Resources said yesterday to step up regulations on land uses.
A Merchants Securities report said that annual growth of investment in the property sector may be lower in 2011 but may still maintain at around 25 percent.
China Vanke, China's largest property developer, climbed 4.6 percent to 8.51 yuan. Gemdale Corp surged by 8.7 percent to 7.34 yuan.
Metal producers underperformed after commodity prices dropped on overseas markets overnight on concerns that China's tighter monetary policy may harm demand. Zhongjin Gold Corp fell 0.8 percent to 33.29 yuan. Tongling Nonferrous Metals Co dipped 0.1 percent to 17.70 yuan. Jiangxi Copper Co edged up 0.5 percent to 37.13 yuan.
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