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Metal and broker firms shine in Shanghai
By Feng Jianmin |
November 24, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in more than two weeks led by metal producers and brokerages. Industrial and Commercial Ban of China declined as it resumed trading after a rights offer.
The benchmark Shanghai Composite Index grew 1.1 percent, or 31.7 points, to close at 2,859.9 points. Turnover fell to 150.6 billion yuan (US$22.6 billion) from yesterday's 148 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was up 2.6 percent to 1,333.7 points.
Market sentiment was lifted on news that the central government is mulling an increase of inflation target for 2011, easing worries for a tighter monetary policy.
The People's Daily published a commentator's note today saying that the stock market will not be a sacrifice under country's measures to rein in inflation.
Elsewhere, South Korea vowed today to inject sufficient liquidity to the local financial system if the market should be shaken by the country's conflicts with North Korea, according to a government statement.
The decline of Industrial and Commercial Bank of China, the second largest heavy weight on market, weighed down Shanghai's key index. The bank's shares tumbled by the daily limit of 10 percent to 4.42 yuan as it resumed trading today after one week's suspension for a rights issue. The key index dropped 5.2 percent during the same period.
Other banks gained. China Construction Bank grew 2.4 percent to 4.71 yuan. Agricultural Bank of China edged up 0.8 percent to 2.64 yuan.
Metal producers rebounded after futures prices of copper and aluminum rose around 1 percent on the London market. Gold bullion prices also rose to above US$1370 per ounce.
Jiangxi Copper Co added 2.5 percent to 35.03 yuan. Aluminum Corp of China gained 1.8 percent to 10.38 yuan. Shandong Gold Mining Co rose 1.1 percent to 55.94 yuan.
Brokerages rallied. China Merchants Securities rose 2.4 percent to 20.90 yuan. CITIC Securities Co, China's largest brokerage by market value, jumped 6 percent to 13.25 yuan. GF Securities climbed 5.2 percent to 48.56 yuan.
The benchmark Shanghai Composite Index grew 1.1 percent, or 31.7 points, to close at 2,859.9 points. Turnover fell to 150.6 billion yuan (US$22.6 billion) from yesterday's 148 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was up 2.6 percent to 1,333.7 points.
Market sentiment was lifted on news that the central government is mulling an increase of inflation target for 2011, easing worries for a tighter monetary policy.
The People's Daily published a commentator's note today saying that the stock market will not be a sacrifice under country's measures to rein in inflation.
Elsewhere, South Korea vowed today to inject sufficient liquidity to the local financial system if the market should be shaken by the country's conflicts with North Korea, according to a government statement.
The decline of Industrial and Commercial Bank of China, the second largest heavy weight on market, weighed down Shanghai's key index. The bank's shares tumbled by the daily limit of 10 percent to 4.42 yuan as it resumed trading today after one week's suspension for a rights issue. The key index dropped 5.2 percent during the same period.
Other banks gained. China Construction Bank grew 2.4 percent to 4.71 yuan. Agricultural Bank of China edged up 0.8 percent to 2.64 yuan.
Metal producers rebounded after futures prices of copper and aluminum rose around 1 percent on the London market. Gold bullion prices also rose to above US$1370 per ounce.
Jiangxi Copper Co added 2.5 percent to 35.03 yuan. Aluminum Corp of China gained 1.8 percent to 10.38 yuan. Shandong Gold Mining Co rose 1.1 percent to 55.94 yuan.
Brokerages rallied. China Merchants Securities rose 2.4 percent to 20.90 yuan. CITIC Securities Co, China's largest brokerage by market value, jumped 6 percent to 13.25 yuan. GF Securities climbed 5.2 percent to 48.56 yuan.
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