Metal firms lead 1% rise in key index
By Ding Yining |
May 28, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S market added more than 1 percent yesterday after metal producers benefited from investors being less concerned about possible tightening measures.
The benchmark Shanghai Composite Index rose 1.15 percent, or 30.13 points, to close at 2,655.92. Turnover was 96.5 billion yuan (US$14 billion).
Metal producers ended higher with Zhongjin Gold Mining Co rallying 3.35 percent to 60.14 yuan. Yunnan Copper rose 2.98 percent to 22.43 yuan. Aluminum Corporation of China Ltd was up 3.13 percent to 10.55 yuan.
"The strong performance of metal producers will not last very long and adjustment will continue in the near future," GF Securities wrote in a research note.
Property shares also rebounded. Poly Real Estate Group edged up 0.26 percent to 11.73 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co added 1.34 percent to 18.95 yuan.
"The recent adjustment may lead to slight rebounds but the overall market sentiment is still weak with the debt crisis in the Europe," said Haitong Securities' Zhang Qi.
The Bank of Beijing said shareholders had approved its plan to raise up to 30 billion yuan by issuing bonds. The stock rose 0.59 percent to 13.56 yuan.
China South Locomotive and Rolling Stock Corp said it would invest 10 billion yuan in the next five years to develop the rail-equipment manufacturing industry in Hunan Province. Its shares added 1.41 percent to 5.03 yuan.
The benchmark Shanghai Composite Index rose 1.15 percent, or 30.13 points, to close at 2,655.92. Turnover was 96.5 billion yuan (US$14 billion).
Metal producers ended higher with Zhongjin Gold Mining Co rallying 3.35 percent to 60.14 yuan. Yunnan Copper rose 2.98 percent to 22.43 yuan. Aluminum Corporation of China Ltd was up 3.13 percent to 10.55 yuan.
"The strong performance of metal producers will not last very long and adjustment will continue in the near future," GF Securities wrote in a research note.
Property shares also rebounded. Poly Real Estate Group edged up 0.26 percent to 11.73 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co added 1.34 percent to 18.95 yuan.
"The recent adjustment may lead to slight rebounds but the overall market sentiment is still weak with the debt crisis in the Europe," said Haitong Securities' Zhang Qi.
The Bank of Beijing said shareholders had approved its plan to raise up to 30 billion yuan by issuing bonds. The stock rose 0.59 percent to 13.56 yuan.
China South Locomotive and Rolling Stock Corp said it would invest 10 billion yuan in the next five years to develop the rail-equipment manufacturing industry in Hunan Province. Its shares added 1.41 percent to 5.03 yuan.
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