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Shanghai index extends gains despite weaker developers
By Lydia Chen |
January 27, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index held onto its previous gain today as strong rebounds among almost all sectors offset negative impacts made by falling developers.
The Shanghai Composite Index ended up 1.49 percent at 2,749.15 with turnover unexpectedly picking up to 115.25 billion yuan (US$108.67 billion) from Wednesday's 67.3 billion yuan, suggesting investors were buying into rallies.
Machinery producers were the heaviest invested shares with total capital of nearly 2.48 billion yuan flooding into the sector. Jinxi Axle Co Ltd hiked 7.6 percent to 19.10 yuan. XCMG Construction Machinery Co also gained nearly 7 percent.
The machinery producers have long been the apple in the eyes of investors after China listed the industry as one of the key sectors in the country's economic restructure plan in the next five years.
Drug makers were the next biggest beneficiaries from the plan. China International Capital Corp suggested in a note today that investors see more opportunities in the sector in a short term.
The leading Chinese investment firm overweighed Kunming Pharmaceutical Corp in the note. The share gained 1.86 percent today.
Developers were the only ones on the losing side, faltering over China's latest tightened property policies.
RiseSun Real Estate Development Co tumbled 6.05 percent. Poly Real Estate Group shed 4.34 percent.
The Shanghai Composite Index ended up 1.49 percent at 2,749.15 with turnover unexpectedly picking up to 115.25 billion yuan (US$108.67 billion) from Wednesday's 67.3 billion yuan, suggesting investors were buying into rallies.
Machinery producers were the heaviest invested shares with total capital of nearly 2.48 billion yuan flooding into the sector. Jinxi Axle Co Ltd hiked 7.6 percent to 19.10 yuan. XCMG Construction Machinery Co also gained nearly 7 percent.
The machinery producers have long been the apple in the eyes of investors after China listed the industry as one of the key sectors in the country's economic restructure plan in the next five years.
Drug makers were the next biggest beneficiaries from the plan. China International Capital Corp suggested in a note today that investors see more opportunities in the sector in a short term.
The leading Chinese investment firm overweighed Kunming Pharmaceutical Corp in the note. The share gained 1.86 percent today.
Developers were the only ones on the losing side, faltering over China's latest tightened property policies.
RiseSun Real Estate Development Co tumbled 6.05 percent. Poly Real Estate Group shed 4.34 percent.
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