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Metal stocks lead Shanghai index higher
By Ye Zhen |
January 31, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning, bolstered by non-ferrous metal and mining stocks, offsetting the decline of property developers.
The key Shanghai Composite Index added 0.1 percent to 2,384.87 points by midday, with a turnover of 68.3 billion yuan (US$11 billion).
Gold stocks gained among non-ferrous metal producers as gold prices posted the biggest gains in nearly three weeks after a report showed the US economy unexpectedly contracted in the fourth quarter, raising the metal's safe-haven appeal to investors.
Zijin Mining Group Co, the nation's largest gold producer, rose 1.6 percent to 3.87 yuan. Shandong Gold Mining Co increased 1.4 percent to 37.51 yuan. Zhongjin Gold Corp climbed 1.6 percent to 16.35 yuan.
Coal producers also advanced after the Ministry of Housing and Urban-Rural Development said that China should gradually develop warm supply facilities in a decentralized way in the southern part of the country.
Shanxi Lanhua Sci-Tech Venture Co added 1.3 percent to 22.24 yuan. Yang Quan Coal Industry (Group) Co rose 3.8 percent to 15.85 yuan. Shanxi Lu'an Environmental Energy Development Co increased 2.7 percent to 23.17 yuan.
Property developers lost the most after the China Times reported that the Beijing government will introduce the property tax as early as the first half of this year, citing an unnamed source close to Beijing's local taxation bureau, although the bureau this morning denied the news on Sina Weibo.
China Vanke, the nation's biggest developer, dropped 3.2 percent to 12.26 yuan. Poly Real Estate, the second largest developer, slumped 4.3 percent to 13.48 yuan. Gemdale Corporation decreased 4.6 percent to 7.48 yuan.
The key Shanghai Composite Index added 0.1 percent to 2,384.87 points by midday, with a turnover of 68.3 billion yuan (US$11 billion).
Gold stocks gained among non-ferrous metal producers as gold prices posted the biggest gains in nearly three weeks after a report showed the US economy unexpectedly contracted in the fourth quarter, raising the metal's safe-haven appeal to investors.
Zijin Mining Group Co, the nation's largest gold producer, rose 1.6 percent to 3.87 yuan. Shandong Gold Mining Co increased 1.4 percent to 37.51 yuan. Zhongjin Gold Corp climbed 1.6 percent to 16.35 yuan.
Coal producers also advanced after the Ministry of Housing and Urban-Rural Development said that China should gradually develop warm supply facilities in a decentralized way in the southern part of the country.
Shanxi Lanhua Sci-Tech Venture Co added 1.3 percent to 22.24 yuan. Yang Quan Coal Industry (Group) Co rose 3.8 percent to 15.85 yuan. Shanxi Lu'an Environmental Energy Development Co increased 2.7 percent to 23.17 yuan.
Property developers lost the most after the China Times reported that the Beijing government will introduce the property tax as early as the first half of this year, citing an unnamed source close to Beijing's local taxation bureau, although the bureau this morning denied the news on Sina Weibo.
China Vanke, the nation's biggest developer, dropped 3.2 percent to 12.26 yuan. Poly Real Estate, the second largest developer, slumped 4.3 percent to 13.48 yuan. Gemdale Corporation decreased 4.6 percent to 7.48 yuan.
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