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Shanghai index hits a two-week high
By Feng Jianmin |
January 31, 2011, Monday
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Online Edition
Online Edition
SHANGHAI'S stock index rose to the highest in two weeks, powered by water firms and metal producers.
The Shanghai Composite Index added 1.38 percent to 2,790.69. Turnover rose to 107.7 billion yuan (US$16.3 billion) from last Friday's 98.5 billion yuan.
The gauge has dipped 0.62 percent in January as concerns on tighter monetary policies lingered.
China's central bank announced yesterday that the target growth for M2, the broadest measure of money supply, was set at 16 percent in 2011. The figure was in line with market expectations and eased concerns about over-tightening, according to Shanghai Securities News.
Water firms rallied after China's State Council last Saturday announced plans to double its annual investment in water conservancy in the next 10 years. Market watchers said that a total of 4 trillion yuan will be invested in the sector in the next ten years.
Qianjiang Water Resources Development Co surged by the daily limit of 10 percent to 18.15 yuan. China Gezhouba Co, a dam builder, similarly hiked by 10 percent to 15.71 yuan.
Metal producers gained after Jiangxi Copper Co, the largest producer of the metal in China, said that it expected 2010 profit to grow between 90 and 110 percent from last year. Its shares added 1.6 percent to 39.18 yuan. Yunnan Copper Co rose 1.3 percent to 26.76 yuan.
Gold miners rose after gold bullion prices rebounded in New York from a four month low as more investors are buying the metal to hedge against risks brought by the Egypt turmoil.
Zijin Mining Co, China's largest gold producer, went up 4 percent to 7.24 yuan. Shandong Gold Mining Co jumped 7.5 percent to 46 yuan.
The Shanghai Composite Index added 1.38 percent to 2,790.69. Turnover rose to 107.7 billion yuan (US$16.3 billion) from last Friday's 98.5 billion yuan.
The gauge has dipped 0.62 percent in January as concerns on tighter monetary policies lingered.
China's central bank announced yesterday that the target growth for M2, the broadest measure of money supply, was set at 16 percent in 2011. The figure was in line with market expectations and eased concerns about over-tightening, according to Shanghai Securities News.
Water firms rallied after China's State Council last Saturday announced plans to double its annual investment in water conservancy in the next 10 years. Market watchers said that a total of 4 trillion yuan will be invested in the sector in the next ten years.
Qianjiang Water Resources Development Co surged by the daily limit of 10 percent to 18.15 yuan. China Gezhouba Co, a dam builder, similarly hiked by 10 percent to 15.71 yuan.
Metal producers gained after Jiangxi Copper Co, the largest producer of the metal in China, said that it expected 2010 profit to grow between 90 and 110 percent from last year. Its shares added 1.6 percent to 39.18 yuan. Yunnan Copper Co rose 1.3 percent to 26.76 yuan.
Gold miners rose after gold bullion prices rebounded in New York from a four month low as more investors are buying the metal to hedge against risks brought by the Egypt turmoil.
Zijin Mining Co, China's largest gold producer, went up 4 percent to 7.24 yuan. Shandong Gold Mining Co jumped 7.5 percent to 46 yuan.
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