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Local stocks trading flat as investors await stimulus plans
By Ye Zhen |
July 4, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stock market traded flat this morning, but coal and non-ferrous metals producers gained as commodity prices surged on speculations that central banks across the world will take stimulus measures.
The key composite index remained unchanged at 2,229.30 points by midday. Turnover stood at 28 billion yuan (US$4.4 billion).
Commodity prices advanced yesterday amid expectations the European Central Bank and the People's Bank of China will ease monetary control to stimulate economic growth.
China's central bank will cut both the benchmark interest rate and the reserve requirement ratio for commercial banks after the release of the June economic data, said Sheng Hongqing, chief analyst at the Everbright Bank.
Analysts predict the European Central Bank will cut its key interest rate to an all-time low at a meeting tomorrow.
Benchmark US crude oil jumped 4.7 percent to close at US$87.66 per barrel in New York yesterday, the highest level since May 30. Gold futures for August delivery added 1.5 percent to settle at US$1,621.80 per ounce on the Comex in New York yesterday.
Shanxi Lanhua Sci-Tech Venture Co paced an advance for coal miners in Shanghai trading, jumping 2.9 percent to 18.53 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 1.3 percent to 22.39 yuan. Shanxi Lu'an Environmental Energy Development Co added 1.9 percent to 21.19 yuan.
Inner Mongolia Baotou Steel Rare-earth Hi-tech Co, a producer of rare earth materials, edged up 0.4 percent to 40.47 yuan. Jiangxi Copper, China's biggest producer of the metal, gained 0.9 percent to 24.07 yuan. Zijin Mining Group Co, China's largest gold producer, rose 05 percent to 3.91 yuan.
The key composite index remained unchanged at 2,229.30 points by midday. Turnover stood at 28 billion yuan (US$4.4 billion).
Commodity prices advanced yesterday amid expectations the European Central Bank and the People's Bank of China will ease monetary control to stimulate economic growth.
China's central bank will cut both the benchmark interest rate and the reserve requirement ratio for commercial banks after the release of the June economic data, said Sheng Hongqing, chief analyst at the Everbright Bank.
Analysts predict the European Central Bank will cut its key interest rate to an all-time low at a meeting tomorrow.
Benchmark US crude oil jumped 4.7 percent to close at US$87.66 per barrel in New York yesterday, the highest level since May 30. Gold futures for August delivery added 1.5 percent to settle at US$1,621.80 per ounce on the Comex in New York yesterday.
Shanxi Lanhua Sci-Tech Venture Co paced an advance for coal miners in Shanghai trading, jumping 2.9 percent to 18.53 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 1.3 percent to 22.39 yuan. Shanxi Lu'an Environmental Energy Development Co added 1.9 percent to 21.19 yuan.
Inner Mongolia Baotou Steel Rare-earth Hi-tech Co, a producer of rare earth materials, edged up 0.4 percent to 40.47 yuan. Jiangxi Copper, China's biggest producer of the metal, gained 0.9 percent to 24.07 yuan. Zijin Mining Group Co, China's largest gold producer, rose 05 percent to 3.91 yuan.
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