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Policy fears fail to rattle index
By Feng Jianmin |
November 12, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI stocks finished higher yesterday despite declines by most companies on concerns over tighter monetary policies.
The key Shanghai Composite Index rose 1 percent, or 32.4 points, to close at 3,147.7. Turnover grew to 287 billion yuan (US$43.2 billion) from Wednesday's 248.9 billion yuan.
''The market is worried about more tightening measures since the consumer price index for October rose higher than expected,' said GF Securities in a note.
Metal producers were mixed after tumbling late yesterday. Aluminum Corp of China and Yunnan Copper Co both edged up 0.4 percent to 12.56 yuan and 29.56 yuan respectively. Shenzhen Zhongjin Lingnan Nonfemet Co dropped 2.63 percent to 24.78 yuan.
PetroChina Co surged 7.7 percent to 12.74 yuan and China Petroleum and Chemical Corp jumped 5.2 percent to 9.49 yuan after oil prices rose above US$88 a barrel on the New York market.
The key Shanghai Composite Index rose 1 percent, or 32.4 points, to close at 3,147.7. Turnover grew to 287 billion yuan (US$43.2 billion) from Wednesday's 248.9 billion yuan.
''The market is worried about more tightening measures since the consumer price index for October rose higher than expected,' said GF Securities in a note.
Metal producers were mixed after tumbling late yesterday. Aluminum Corp of China and Yunnan Copper Co both edged up 0.4 percent to 12.56 yuan and 29.56 yuan respectively. Shenzhen Zhongjin Lingnan Nonfemet Co dropped 2.63 percent to 24.78 yuan.
PetroChina Co surged 7.7 percent to 12.74 yuan and China Petroleum and Chemical Corp jumped 5.2 percent to 9.49 yuan after oil prices rose above US$88 a barrel on the New York market.
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