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Paper and commodity firms lead Shanghai index up
By Lydia Chen |
February 23, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI stock market showed signs of recovery from yesterday's plunge as the key stock index closed slightly higher on strength of paper producers and commodity shares.
But the gains among these sectors were partly offset by market heavyweights such as oil makers whose production is likely to be disturbed by the worsening revolt in Libya and Middle East.
The Shanghai Composite Index edged up 0.25 percent to 2,862.63. Turnover fell sharply to 137.63 billion yuan (US$20.95 billion) from yesterday's 192 billion yuan.
Analysts regarded the momentum in the paper-making industry was reasonable as these firms have long been neglected by investors and stayed inactive during this month's rebound.
Fujian Nanzhi Co added 3.74 percent to 5.82 yuan. Yueyang Paper Co gained 3.63 percent to 9.43 yuan.
Commodities continued to outperform the market as investors look for safety on intensifying unrest in the Middle East.
Zhongjin Gold climbed 4.81 percent while Shandong Gold Co soared 5.17 percent.
Gold topped US$1,400 an ounce in New York while silver hiked to the highest in 30 years amid the unrest in Libya.
"Commodities such as gold, copper, non-ferrous metals are good investments in face of instability," said Hu Jia, an analyst with Orient Securities Co. "Investors can also seek to preserve their wealth against rising inflation when they have some precious metals at hand."
But the gains among these sectors were partly offset by market heavyweights such as oil makers whose production is likely to be disturbed by the worsening revolt in Libya and Middle East.
The Shanghai Composite Index edged up 0.25 percent to 2,862.63. Turnover fell sharply to 137.63 billion yuan (US$20.95 billion) from yesterday's 192 billion yuan.
Analysts regarded the momentum in the paper-making industry was reasonable as these firms have long been neglected by investors and stayed inactive during this month's rebound.
Fujian Nanzhi Co added 3.74 percent to 5.82 yuan. Yueyang Paper Co gained 3.63 percent to 9.43 yuan.
Commodities continued to outperform the market as investors look for safety on intensifying unrest in the Middle East.
Zhongjin Gold climbed 4.81 percent while Shandong Gold Co soared 5.17 percent.
Gold topped US$1,400 an ounce in New York while silver hiked to the highest in 30 years amid the unrest in Libya.
"Commodities such as gold, copper, non-ferrous metals are good investments in face of instability," said Hu Jia, an analyst with Orient Securities Co. "Investors can also seek to preserve their wealth against rising inflation when they have some precious metals at hand."
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