Shanghai gains in stock market
By Lydia Chen |
March 10, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S benchmark stock index yesterday gained for a fourth day and closed above the 3,000-point mark for the first time in four months, as easing concerns about monetary tightening boosted confidence.
The Shanghai Composite Index edged up 0.1 percent to stand at 3,002.15, the first 3,000-plus level since November 15, 2010. Turnover slipped a little to 165.32 billion yuan (US$25.16 billion) from Tuesday's 168.66 billion yuan.
Jim O'Neill, chairman of Goldman Sachs Asset Management, said a new bull was taking shape. The market is likely to see a gain of 15 percent this year, O'Neill said.
Shipyards were part of the cross-sector rally, led by China CSSC Holdings Ltd, a unit of the country's biggest shipbuilder, with a jump of 6 percent to 84.39 yuan.
Shipbuilding is one of the key industries to be developed in China's massive economic plan by 2015. Rotations between sectors now reign in the market on back of supportive government policies.
Huang Dongsheng, an analyst at Guodu Securities Co, suggested clients pay attention to coal and nonferrous metals as prices of these commodities are still rising amid the upheaval in the Middle East.
Banks recovered from previous flat performances on speculation that China's tightening may ease following lower inflation in February. Analysts forecast February's CPI growth may be lower than January's 4.9 percent.
The Industrial and -Commercial Bank of China added 0.23 percent to stand at 4.42 yuan while the Bank of China climbed 2.10 percent to 3.41 yuan.
The Shanghai Composite Index edged up 0.1 percent to stand at 3,002.15, the first 3,000-plus level since November 15, 2010. Turnover slipped a little to 165.32 billion yuan (US$25.16 billion) from Tuesday's 168.66 billion yuan.
Jim O'Neill, chairman of Goldman Sachs Asset Management, said a new bull was taking shape. The market is likely to see a gain of 15 percent this year, O'Neill said.
Shipyards were part of the cross-sector rally, led by China CSSC Holdings Ltd, a unit of the country's biggest shipbuilder, with a jump of 6 percent to 84.39 yuan.
Shipbuilding is one of the key industries to be developed in China's massive economic plan by 2015. Rotations between sectors now reign in the market on back of supportive government policies.
Huang Dongsheng, an analyst at Guodu Securities Co, suggested clients pay attention to coal and nonferrous metals as prices of these commodities are still rising amid the upheaval in the Middle East.
Banks recovered from previous flat performances on speculation that China's tightening may ease following lower inflation in February. Analysts forecast February's CPI growth may be lower than January's 4.9 percent.
The Industrial and -Commercial Bank of China added 0.23 percent to stand at 4.42 yuan while the Bank of China climbed 2.10 percent to 3.41 yuan.
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