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Retail and commodity firms push index up
By Lydia Chen |
December 30, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index increased for the first time in six trading days as investors took a shine to retail and commodity shares.
Retailers rallied on speculation that recent declines have been excessive.
A higher international gold price drove up commodity shares while rare earth producers climbed after China cut next year's export quotas for the materials used to produce high-tech products.
The Shanghai Composite Index gained 0.68 percent, or 18.54 points, to 2,751.53. Despite the gains, turnover declined to 76.20 billion yuan (US$12.25 billion) from 96.99 billion yuan on Tuesday.
Analysts said stocks may buck the downward trend next month.
"There's no need to be depressed about the market," said Chen Kaiwei, an analyst at Changjiang Securities. "Things will improve in January and now it's time to buy on the dip."
"Real estate developers could be good investments because they've been on the losing side for a long time and are cheap now," he said.
Shanghai Bailian climbed 3.44 percent to 15.05 yuan. Beijing Wangfujing Department Store gained 1.24 percent to 47.48 yuan.
Zhongjin Gold Co and Zijin Mining Group Co, the country's two biggest gold producers, both rose after spot gold hit a two-week high and closed up 1.57 percent at US$1,406.75 an ounce on Tuesday in the US.
Retailers rallied on speculation that recent declines have been excessive.
A higher international gold price drove up commodity shares while rare earth producers climbed after China cut next year's export quotas for the materials used to produce high-tech products.
The Shanghai Composite Index gained 0.68 percent, or 18.54 points, to 2,751.53. Despite the gains, turnover declined to 76.20 billion yuan (US$12.25 billion) from 96.99 billion yuan on Tuesday.
Analysts said stocks may buck the downward trend next month.
"There's no need to be depressed about the market," said Chen Kaiwei, an analyst at Changjiang Securities. "Things will improve in January and now it's time to buy on the dip."
"Real estate developers could be good investments because they've been on the losing side for a long time and are cheap now," he said.
Shanghai Bailian climbed 3.44 percent to 15.05 yuan. Beijing Wangfujing Department Store gained 1.24 percent to 47.48 yuan.
Zhongjin Gold Co and Zijin Mining Group Co, the country's two biggest gold producers, both rose after spot gold hit a two-week high and closed up 1.57 percent at US$1,406.75 an ounce on Tuesday in the US.
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