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Shanghai index recovers from 4-month low
By Lydia Chen |
January 26, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index bounced back from a four-month low as shares gained over speculations that the previous losses might have been excessive.
The Shanghai Composite Index added 0.53 percent to 2,691.55. Despite being the first rise in three days, turnover continued to fall to 33.02 billion (US$5.02 billion) from yesterday morning's 42.76 billion.
Shares in irrigation works and water conservancy sectors were the best performers this morning, buoyed by a regulation released yesterday which details fund sources for irrigation infrastructure in the next 10 years.
Chongqing Three Gorges Water Conservancy & Electric Power Co jumped the daily cap of 10 percent to 14.29 yuan, followed by Qiangjiang Water Resources Development Co's 9.01 percent and Anhui Water Resources Development Co's 6.41 percent. The three were the strongest performers this morning.
Kweichow Moutai Co and Wuliangye Yibin Co, two biggest makers of baijiu liquor, both jumped as investors put their money into consumer shares over expectations that the upcoming Chinese Lunar New Year holidays will boost food prices.
Freezing weather in China's southern region and an ongoing drought crisis in the North have pushed farm-produce prices by last Sunday from the previous seven days, the Ministry of Commerce said. It's the fourth consecutive increase for the gauge.
The Shanghai Composite Index added 0.53 percent to 2,691.55. Despite being the first rise in three days, turnover continued to fall to 33.02 billion (US$5.02 billion) from yesterday morning's 42.76 billion.
Shares in irrigation works and water conservancy sectors were the best performers this morning, buoyed by a regulation released yesterday which details fund sources for irrigation infrastructure in the next 10 years.
Chongqing Three Gorges Water Conservancy & Electric Power Co jumped the daily cap of 10 percent to 14.29 yuan, followed by Qiangjiang Water Resources Development Co's 9.01 percent and Anhui Water Resources Development Co's 6.41 percent. The three were the strongest performers this morning.
Kweichow Moutai Co and Wuliangye Yibin Co, two biggest makers of baijiu liquor, both jumped as investors put their money into consumer shares over expectations that the upcoming Chinese Lunar New Year holidays will boost food prices.
Freezing weather in China's southern region and an ongoing drought crisis in the North have pushed farm-produce prices by last Sunday from the previous seven days, the Ministry of Commerce said. It's the fourth consecutive increase for the gauge.
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