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Shanghai index rises as developers gain
By Feng Jianmin |
November 8, 2010, Monday
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Online Edition
Online Edition
SHANGHAI'S stock market rose today among strong performance of property developers and agriculture-related stocks, while metal producers declined.
The benchmark Shanghai Composite Index rose 1 percent, or 30 points, to close at 3,159.5 0points. Turnover grew to 259.2 billion yuan (US$ 38.9 billion) from last Friday's 212 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.8 percent at 1,376.29 points.
Property developers gained after Guotai Junan Securities said that China's housing transaction volume last week rose 7 percent from the previous week, while home prices were 4 percent lower.
"Outlook on property policies is uncertain because of unclear economic growth," said Sun Jianping, an analyst with the Guotai Junan Securities. "The property sector may rise on difficulties of levying a property tax."
China Vanke Co rose 1.6 percent to 9.90 yuan. Poly Real Estate Co added 2.2 percent to 15.09 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co climbed 4.8 percent to 22.70 yuan.
Agricultural companies went up as futures climbed on a weaker dollar and high demand while output shrank. Prices of cotton futures for 2011 May delivery jumped 7 percent to a record high of 31,235 yuan per ton on China's Zhengzhou market last Friday. Sugar prices also stood at above 30 US cents a pound on the New York market.
Market watchers expect China's inflation in October may exceed 4 percent in October, and the trend will last until first half in 2011.
Hefei Fengle Seed Co soared by the daily limit of 10 percent to 20.77 yuan. Gansu Yasheng Industrial Group Co also jumped 10 percent to 6.47 yuan. Shandong Denghai Seeds Co climbed 8.4 percent to 76.93 yuan.
Metal producers retreated on concerns that the US dollar may rebound in the short term, driving metal prices lower.
"The metal sector's growth is limited in the future because of its high price and a possible stronger US dollar after Federal Reserve's meeting last week," said Zhang Zhuo, an analyst with Minsheng Securities.
Jiangxi Copper Co, China's largest producer of the metal, fell 2.3 percent to 44.30 yuan. Zijin Mining Group Co, China's largest gold producer, fell 0.7 percent to 10.24 yuan. Aluminum Corp of China lost 0.6 percent to 12.52 yuan.
PetroChina, the largest oil producer and biggest heavyweight in the market, rose 1.25 percent to 12.14 yuan after its 157.5 billion non-tradable shares were unlocked today. The shares were worth around 1.9 trillion yuan, about 10 percent of the market capitalization of the A shares listed on Shanghai and Shenzhen bourse. Shares in 29 firms worth about 2 trillion yuan will be unlocked this week, raising concerns about investors' profit taking.
The benchmark Shanghai Composite Index rose 1 percent, or 30 points, to close at 3,159.5 0points. Turnover grew to 259.2 billion yuan (US$ 38.9 billion) from last Friday's 212 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.8 percent at 1,376.29 points.
Property developers gained after Guotai Junan Securities said that China's housing transaction volume last week rose 7 percent from the previous week, while home prices were 4 percent lower.
"Outlook on property policies is uncertain because of unclear economic growth," said Sun Jianping, an analyst with the Guotai Junan Securities. "The property sector may rise on difficulties of levying a property tax."
China Vanke Co rose 1.6 percent to 9.90 yuan. Poly Real Estate Co added 2.2 percent to 15.09 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co climbed 4.8 percent to 22.70 yuan.
Agricultural companies went up as futures climbed on a weaker dollar and high demand while output shrank. Prices of cotton futures for 2011 May delivery jumped 7 percent to a record high of 31,235 yuan per ton on China's Zhengzhou market last Friday. Sugar prices also stood at above 30 US cents a pound on the New York market.
Market watchers expect China's inflation in October may exceed 4 percent in October, and the trend will last until first half in 2011.
Hefei Fengle Seed Co soared by the daily limit of 10 percent to 20.77 yuan. Gansu Yasheng Industrial Group Co also jumped 10 percent to 6.47 yuan. Shandong Denghai Seeds Co climbed 8.4 percent to 76.93 yuan.
Metal producers retreated on concerns that the US dollar may rebound in the short term, driving metal prices lower.
"The metal sector's growth is limited in the future because of its high price and a possible stronger US dollar after Federal Reserve's meeting last week," said Zhang Zhuo, an analyst with Minsheng Securities.
Jiangxi Copper Co, China's largest producer of the metal, fell 2.3 percent to 44.30 yuan. Zijin Mining Group Co, China's largest gold producer, fell 0.7 percent to 10.24 yuan. Aluminum Corp of China lost 0.6 percent to 12.52 yuan.
PetroChina, the largest oil producer and biggest heavyweight in the market, rose 1.25 percent to 12.14 yuan after its 157.5 billion non-tradable shares were unlocked today. The shares were worth around 1.9 trillion yuan, about 10 percent of the market capitalization of the A shares listed on Shanghai and Shenzhen bourse. Shares in 29 firms worth about 2 trillion yuan will be unlocked this week, raising concerns about investors' profit taking.
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