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Shanghai index ends flat as US election closes
By Ye Zhen |
November 7, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended flat in cautious trading today even though US President Barack Obama's re-election boosted gold stocks.
The key Shanghai Composite Index inched down a tiny 0.01 percent to 2,105.73 points. Daily turnover retreated to 47.2 billion yuan (US$7.6 billion yuan) from yesterday's 53.7 billion yuan.
Commodity-related stocks in Shanghai and Shenzhen markets rose an average 1.6 percent on speculation the US will take additional stimulus measures to spur economic growth after Obama won re-election.
Zijin Mining Group Co, the nation's largest gold producer, added 1.3 percent to 3.92 yuan. Shandong Gold Mining Co rose 3.4 percent to 38.89 yuan. Zhongjin Gold Corp climbed 3 percent to 16.53 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, advanced 4.2 percent to 33.32 yuan. Rising Nonferrous Metals Share Co gained 2.7 percent to 43.24 yuan.
Low interest rates and a loose monetary policy will continue in the US after Obama's re-election, which will give a boost to gold and other commodities, said China Minzu Securities.
Brokerages were the biggest losers. CITIC Securities, China's biggest listed brokerage, lost 1.2 percent to 11.13 yuan. Sinolink Securities Co shed 2.2 percent to 15.97 yuan. Founder Securities Co fell 2.3 percent to 4.25 yuan.
The key Shanghai Composite Index inched down a tiny 0.01 percent to 2,105.73 points. Daily turnover retreated to 47.2 billion yuan (US$7.6 billion yuan) from yesterday's 53.7 billion yuan.
Commodity-related stocks in Shanghai and Shenzhen markets rose an average 1.6 percent on speculation the US will take additional stimulus measures to spur economic growth after Obama won re-election.
Zijin Mining Group Co, the nation's largest gold producer, added 1.3 percent to 3.92 yuan. Shandong Gold Mining Co rose 3.4 percent to 38.89 yuan. Zhongjin Gold Corp climbed 3 percent to 16.53 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, advanced 4.2 percent to 33.32 yuan. Rising Nonferrous Metals Share Co gained 2.7 percent to 43.24 yuan.
Low interest rates and a loose monetary policy will continue in the US after Obama's re-election, which will give a boost to gold and other commodities, said China Minzu Securities.
Brokerages were the biggest losers. CITIC Securities, China's biggest listed brokerage, lost 1.2 percent to 11.13 yuan. Sinolink Securities Co shed 2.2 percent to 15.97 yuan. Founder Securities Co fell 2.3 percent to 4.25 yuan.
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