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Shanghai index rises on stronger metal firms
By Pan Xiaoyi and Wang Yanlin |
December 10, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended more than 1 percent higher today, paring this week's loss, as stronger commodity producers cheered jittery market investors when a top economic planning meeting is set to detail China's prudent monetary policy stance.
The benchmark Shanghai Composite Index rose 1.07 percent to 2,841.04 points. Turnover shrank to 98.2 billion yuan (US$14.7 billion) from 108.7 billion yuan on Thursday.
Shares opened lower, awaiting the central bank to announce another interest rate hike or rise in reserve requirement ratio.
China will timely adjust the monetary policy in accordance with new economic situations, Zhou Xiaochuan, governor of the People's Bank of China, said in a statement on the central bank's website.
Inflation level and other economic data will be unveiled at the weekend. Market has expected the consumer price index to rise 5 percent, adding to pressure on policy makers.
Commodity shares led the gainers on speculation the monetary easing plans across the globe to boost economies will boost metal prices. Western Mining Co surged 6.1 percent to 18.82 yuan. Minmetals Development Co advanced 6.4 percent to 26.91 yuan. PetroChina, the biggest component of the index, edged up 0.6 percent to 11.45 yuan.
Construction companies were also on the gaining side amid news that an annual investment of 700 billion yuan (US$105.2 billion) will be used to propel China's construction of high-speed railway in the next five years.
China's imports grew strongly in November, making trade surplus fall 15 percent from that in October, the General Administration of Customs said today.
Imports in November jumped 37.7 percent from a year earlier to US$130.4 billion, and settled surplus at US$22.9 billion.
The benchmark Shanghai Composite Index rose 1.07 percent to 2,841.04 points. Turnover shrank to 98.2 billion yuan (US$14.7 billion) from 108.7 billion yuan on Thursday.
Shares opened lower, awaiting the central bank to announce another interest rate hike or rise in reserve requirement ratio.
China will timely adjust the monetary policy in accordance with new economic situations, Zhou Xiaochuan, governor of the People's Bank of China, said in a statement on the central bank's website.
Inflation level and other economic data will be unveiled at the weekend. Market has expected the consumer price index to rise 5 percent, adding to pressure on policy makers.
Commodity shares led the gainers on speculation the monetary easing plans across the globe to boost economies will boost metal prices. Western Mining Co surged 6.1 percent to 18.82 yuan. Minmetals Development Co advanced 6.4 percent to 26.91 yuan. PetroChina, the biggest component of the index, edged up 0.6 percent to 11.45 yuan.
Construction companies were also on the gaining side amid news that an annual investment of 700 billion yuan (US$105.2 billion) will be used to propel China's construction of high-speed railway in the next five years.
China's imports grew strongly in November, making trade surplus fall 15 percent from that in October, the General Administration of Customs said today.
Imports in November jumped 37.7 percent from a year earlier to US$130.4 billion, and settled surplus at US$22.9 billion.
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