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Metal and drug producers lift Shanghai index
By Lydia Chen |
June 7, 2011, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index edged up in the morning trading after a three-day holiday on strength of non-ferrous metal producers and drug makers.
The Shanghai Composite Index rose 0.11 percent to 2,730.95.
Non-ferrous metal producers led the market higher as a report by Guotai Junan Securities overweighed the sector, especially gold producers.
Zhuzhou Smelter Group Co jumped 2.84 percent to 16.65 yuan (US$2.57). Zhongjin Gold Co added 1.14 percent to 33.82 yuan.
China International Capital Corp said in a report today that it expected the price of aluminum to rise in a short term on anticipation that a power shortage across the country this summer may force factories to reduce production.
Defensive plays such as pharmaceutical shares climbed in early trading. Analysts with Everbright Securities Co said previous falls among drug makers were already excessive.
Shandong Lukang Pharma advanced the daily cap of 10 percent to 8.75 yuan.
The Shanghai Composite Index rose 0.11 percent to 2,730.95.
Non-ferrous metal producers led the market higher as a report by Guotai Junan Securities overweighed the sector, especially gold producers.
Zhuzhou Smelter Group Co jumped 2.84 percent to 16.65 yuan (US$2.57). Zhongjin Gold Co added 1.14 percent to 33.82 yuan.
China International Capital Corp said in a report today that it expected the price of aluminum to rise in a short term on anticipation that a power shortage across the country this summer may force factories to reduce production.
Defensive plays such as pharmaceutical shares climbed in early trading. Analysts with Everbright Securities Co said previous falls among drug makers were already excessive.
Shandong Lukang Pharma advanced the daily cap of 10 percent to 8.75 yuan.
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