Pesticide, gold producers keep stocks up
By Lydia Chen |
July 28, 2011, Thursday
|
Print Edition
Print Edition
THE Shanghai stock market yesterday rose by the most in two weeks, riding on gains led by pesticide producers while commodity shares extended their rally on US debt concerns.
The Shanghai Composite Index added 0.8 percent to 2,723.49, the biggest gain since July 13.
The pesticide production sector lead gains in the Shanghai market yesterday after China released a five-year development blueprint for the industry.
Zhejiang Xinan Chemical Industrial Group Co jumped by the daily limit of 10 percent to 11.54 yuan (US$1.80).
The China Crop Protection Industry Association said it expected the pesticide sector's output value to rise by an average of 7.7 percent annually over the next five years to 230 billion yuan while net profit may jump at a pace of 9.6 percent to 15 billion yuan.
The country will also restructure and consolidate the industry. As a result, the number of pesticide producers will be slashed by 30 percent up to 2015 from the current level, the association added.
Meanwhile, gold producers climbed higher after gold futures in world markets surged to an all-time high as investors sought to protect their wealth against the possibility of a US default.
Zijin Mining, China's biggest gold producer, jumped 3.64 percent to 5.70 yuan. Shandong Gold climbed 1 percent to 49.84 yuan.
UBS said yesterday it expected the gold price to rise to US$1,800 an ounce as sovereign debt problems in Europe and the US along with high inflation in emerging markets kept the outlook for the precious metal bright.
The Shanghai Composite Index added 0.8 percent to 2,723.49, the biggest gain since July 13.
The pesticide production sector lead gains in the Shanghai market yesterday after China released a five-year development blueprint for the industry.
Zhejiang Xinan Chemical Industrial Group Co jumped by the daily limit of 10 percent to 11.54 yuan (US$1.80).
The China Crop Protection Industry Association said it expected the pesticide sector's output value to rise by an average of 7.7 percent annually over the next five years to 230 billion yuan while net profit may jump at a pace of 9.6 percent to 15 billion yuan.
The country will also restructure and consolidate the industry. As a result, the number of pesticide producers will be slashed by 30 percent up to 2015 from the current level, the association added.
Meanwhile, gold producers climbed higher after gold futures in world markets surged to an all-time high as investors sought to protect their wealth against the possibility of a US default.
Zijin Mining, China's biggest gold producer, jumped 3.64 percent to 5.70 yuan. Shandong Gold climbed 1 percent to 49.84 yuan.
UBS said yesterday it expected the gold price to rise to US$1,800 an ounce as sovereign debt problems in Europe and the US along with high inflation in emerging markets kept the outlook for the precious metal bright.
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