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Market regains lost ground in morning
By Joyce Pan |
February 2, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock rebounded from the lowest close in 3.5 month in the morning session, on speculation previous losses were excessive.
The benchmark Shanghai Composite Index added 1.05 percent, or 30.96 points, to close at 2,972.32 points. Turnover stood at 53.1 billion yuan (US$7.8 billion) yuan. Gainers outnumbered losers 643 to 228 and 24 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.81 percent to close at 1,111.66 points.
The key index tumbled 1.6 percent yesterday after losing 8.8 percent in January.
"Shares were undervalued after continuous drops and the stronger surrounding market spurred investor enthusiasm," Shouzheng Securities Co wrote in a research note.
Gold producers led the rebound on the higher bullion price. Zijin Mining Group Co, the country's largest gold producer, surged 7.8 percent to 8.67 yuan. Zhongjin Gold Corp, the second biggest by market value, jumped 4.9 percent to 50.20 yuan. Shandong Gold Mining Co soared 6.9 percent to 67.47 yuan.
Bank of China was up 2 percent to 4.11 yuan. China Merchants Bank advanced 2.6 percent to 15.68 yuan. China Construction Bank Corp edged up 0.9 percent to 5.64 yuan. Industrial and Commercial Bank of China gained 1 percent to 4.85 yuan.
Aluminum Corp of China climbed 2.9 percent to 12.52 yuan. Jiangxi Copper Co increased 3.7 percent to 34.09 yuan. Baoshan Iron & Steel Co rose 1.3 percent to 7.59 yuan. Angang Steel Co expanded 2.4 percent to 11.57 yuan and Wuhan Iron & Steel Co was up 1.7 percent to 6.65 yuan.
The benchmark Shanghai Composite Index added 1.05 percent, or 30.96 points, to close at 2,972.32 points. Turnover stood at 53.1 billion yuan (US$7.8 billion) yuan. Gainers outnumbered losers 643 to 228 and 24 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.81 percent to close at 1,111.66 points.
The key index tumbled 1.6 percent yesterday after losing 8.8 percent in January.
"Shares were undervalued after continuous drops and the stronger surrounding market spurred investor enthusiasm," Shouzheng Securities Co wrote in a research note.
Gold producers led the rebound on the higher bullion price. Zijin Mining Group Co, the country's largest gold producer, surged 7.8 percent to 8.67 yuan. Zhongjin Gold Corp, the second biggest by market value, jumped 4.9 percent to 50.20 yuan. Shandong Gold Mining Co soared 6.9 percent to 67.47 yuan.
Bank of China was up 2 percent to 4.11 yuan. China Merchants Bank advanced 2.6 percent to 15.68 yuan. China Construction Bank Corp edged up 0.9 percent to 5.64 yuan. Industrial and Commercial Bank of China gained 1 percent to 4.85 yuan.
Aluminum Corp of China climbed 2.9 percent to 12.52 yuan. Jiangxi Copper Co increased 3.7 percent to 34.09 yuan. Baoshan Iron & Steel Co rose 1.3 percent to 7.59 yuan. Angang Steel Co expanded 2.4 percent to 11.57 yuan and Wuhan Iron & Steel Co was up 1.7 percent to 6.65 yuan.
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