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Shanghai gauge up on stronger cement firms
By Lydia Chen |
April 7, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI stock market managed to hold on previous gains today thanks to a rally among cement makers over the industry's sales boom amid its annual peak season.
The Shanghai Composite Index moved 0.22 percent higher to 3,007.91. Turnover contracted slightly to 152.94 billion yuan (US$23.35 billion) from yesterday's 176 billion yuan.
Cement makers paced increases among all sectors with a jump of 5.97 percent for the sector as analysts at Shanxi Securities said sales of cement in most parts of China are now entering their annual peak seasons amid the country's massive affordable housing projects.
Huaxin Cement Co jumped the daily cap of 10 percent to 54.71 yuan. Anhui Conch Cement Co climbed 4.9 percent to 42.83 yuan.
Prices of cement in across the country jumped an average week-on-week of 1.2 percent this week. In Beijing, Tianjin, Hunan and Zhejiang provinces, the product has gained a price hike ranging from 40 yuan to 100 yuan per ton since this Monday.
The Shanghai Composite Index moved 0.22 percent higher to 3,007.91. Turnover contracted slightly to 152.94 billion yuan (US$23.35 billion) from yesterday's 176 billion yuan.
Cement makers paced increases among all sectors with a jump of 5.97 percent for the sector as analysts at Shanxi Securities said sales of cement in most parts of China are now entering their annual peak seasons amid the country's massive affordable housing projects.
Huaxin Cement Co jumped the daily cap of 10 percent to 54.71 yuan. Anhui Conch Cement Co climbed 4.9 percent to 42.83 yuan.
Prices of cement in across the country jumped an average week-on-week of 1.2 percent this week. In Beijing, Tianjin, Hunan and Zhejiang provinces, the product has gained a price hike ranging from 40 yuan to 100 yuan per ton since this Monday.
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