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Shanghai index rises on stronger banks and drug firms
By Feng Jianmin |
November 15, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed higher after fluctuations as gains made by banks and pharmaceutical firms more than offset drops in commodity producers on lower commodity prices.
The benchmark Shanghai Composite Index grew 1 percent, or 29 points, to close at 3,014.4 points. Turnover dropped to 197 billion yuan(US$29.7 billion) from last Friday's 297 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, grew 2.4 percent to 1,328 points.
Commodity prices remained weak as the US Dollar Index stood at above 78, the same level before the dollar started to devalue on the US Federal Reserve's plan to print more money.
Low prices were also due to concerns that China's inflation may drive up interest rates, and thus hurt the country's economic growth and demand for the metals.
Jiangxi Copper Co shed 3.7 percent to 40.01 yuan. Yunnan Copper Co tumbled 9.8 percent to 26.66 yuan. Aluminum Corp of China fell 1.7 percent to 11.35 yuan.
Gold miners declined after gold prices fell to below US$1,370 per ounce. Shandong Gold Mining Group Co slid 4.2 percent to 58.28 yuan. Zijin Mining Co, China's largest gold producer, dropped 4.2 percent to 9.12 yuan.
Banks rebounded in the afternoon, lifting Shanghai's key index from losses. Industrial and Commercial Bank of China led the banks by jumping 6.8 percent to 5 yuan. Trading of its shares will be suspended from tomorrow through next Tuesday for a rights issue. Bank of China grew 1.8 percent to 3.44 yuan. China Construction Bank rose 2 percent to 5.93 yuan.
Pharmaceutical companies led the gainers in small and medium caps. Shanghai Pharmaceuticals Holding Co climbed 8.3 percent to 24.73 yuan. Anhui Anke Biotechnology Group Co surged by daily limit of 10 percent to 24.98 yuan. Guizhou Yibai Pharmaceutical Co also jumped 10 percent to 20.15 yuan.
Property developers gained modestly after tumbling for two days, despite that media reported China's four biggest banks have stopped offering new loans to developers for the rest of the year as quotas were used up.
Poly Real Estate Co, China's second largest property developer, added 0.2 percent to 12.95 yuan. Gemdale Corp edged up 0.7 percent to 6.18 yuan. China Merchants Property Development Co added 0.5 percent to 16.82 yuan.
The benchmark Shanghai Composite Index grew 1 percent, or 29 points, to close at 3,014.4 points. Turnover dropped to 197 billion yuan(US$29.7 billion) from last Friday's 297 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, grew 2.4 percent to 1,328 points.
Commodity prices remained weak as the US Dollar Index stood at above 78, the same level before the dollar started to devalue on the US Federal Reserve's plan to print more money.
Low prices were also due to concerns that China's inflation may drive up interest rates, and thus hurt the country's economic growth and demand for the metals.
Jiangxi Copper Co shed 3.7 percent to 40.01 yuan. Yunnan Copper Co tumbled 9.8 percent to 26.66 yuan. Aluminum Corp of China fell 1.7 percent to 11.35 yuan.
Gold miners declined after gold prices fell to below US$1,370 per ounce. Shandong Gold Mining Group Co slid 4.2 percent to 58.28 yuan. Zijin Mining Co, China's largest gold producer, dropped 4.2 percent to 9.12 yuan.
Banks rebounded in the afternoon, lifting Shanghai's key index from losses. Industrial and Commercial Bank of China led the banks by jumping 6.8 percent to 5 yuan. Trading of its shares will be suspended from tomorrow through next Tuesday for a rights issue. Bank of China grew 1.8 percent to 3.44 yuan. China Construction Bank rose 2 percent to 5.93 yuan.
Pharmaceutical companies led the gainers in small and medium caps. Shanghai Pharmaceuticals Holding Co climbed 8.3 percent to 24.73 yuan. Anhui Anke Biotechnology Group Co surged by daily limit of 10 percent to 24.98 yuan. Guizhou Yibai Pharmaceutical Co also jumped 10 percent to 20.15 yuan.
Property developers gained modestly after tumbling for two days, despite that media reported China's four biggest banks have stopped offering new loans to developers for the rest of the year as quotas were used up.
Poly Real Estate Co, China's second largest property developer, added 0.2 percent to 12.95 yuan. Gemdale Corp edged up 0.7 percent to 6.18 yuan. China Merchants Property Development Co added 0.5 percent to 16.82 yuan.
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