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PetroChina leads Shanghai index up on earnings
By Feng Jianmin |
March 18, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning on the central bank's effective liquidity control measures this week and positive earnings of the market's largest heavyweight.
The Shanghai Composite Index added 0.56 percent to 2,913.59. Turnover fell to 68.4 billion yuan (US$14.7 billion) from yesterday morning's 96.6 billion yuan.
China's central bank has withdrawn 49 billion yuan through open market operations this week, and the monetary policies would enter an observatory period after the Japan earthquake, China Securities Journal reported today.
Oil producers lifted the index after PetroChina, China's largest oil producer, rose 0.7 percent to 11.72 yuan after saying its 2010 profits jumped 35 percent from a year earlier to 140 billion yuan, beating market expectations. Sinopec, Asia's largest refiner, edged up 0.1 percent at 8.58 yuan.
Gold miners led the gainers after gold bullion prices rose to as high as US$1,413 during after-hour electronic trading in New York. Zhongjin Gold Corp rose 0.9 percent to 35.66 yuan. Zijin Mining Group Co went up 0.7 percent to 7.68 yuan.
Salt-related companies tumbled after a rally yesterday on a boom of demand from speculation that salt could help prevent impact of nuclear radiation. Yunnan Salt and Chemical Co dropped 7 percent to 14.05 yuan. Chongqing Fuling Zhacai Group Co, a pickle maker, lost 3.4 percent to 24.51 yuan.
The Shanghai Composite Index added 0.56 percent to 2,913.59. Turnover fell to 68.4 billion yuan (US$14.7 billion) from yesterday morning's 96.6 billion yuan.
China's central bank has withdrawn 49 billion yuan through open market operations this week, and the monetary policies would enter an observatory period after the Japan earthquake, China Securities Journal reported today.
Oil producers lifted the index after PetroChina, China's largest oil producer, rose 0.7 percent to 11.72 yuan after saying its 2010 profits jumped 35 percent from a year earlier to 140 billion yuan, beating market expectations. Sinopec, Asia's largest refiner, edged up 0.1 percent at 8.58 yuan.
Gold miners led the gainers after gold bullion prices rose to as high as US$1,413 during after-hour electronic trading in New York. Zhongjin Gold Corp rose 0.9 percent to 35.66 yuan. Zijin Mining Group Co went up 0.7 percent to 7.68 yuan.
Salt-related companies tumbled after a rally yesterday on a boom of demand from speculation that salt could help prevent impact of nuclear radiation. Yunnan Salt and Chemical Co dropped 7 percent to 14.05 yuan. Chongqing Fuling Zhacai Group Co, a pickle maker, lost 3.4 percent to 24.51 yuan.
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