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Shanghai index up on ample liquidity outlook against Fed's money printing
By Ding Yining |
November 5, 2010, Friday
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Online Edition
Online Edition
SHANGHAI'S market added more than 1 percent to close above 3,100 points in the morning session among strong performance of gold producers and property developers.
The benchmark Shanghai Composite Index rose 1.27 percent, or 39.32 points, to close at 3,126.26 0points. Turnover was 153.7 billion yuan(US$23.3 billion). A total of 642 shares rose while 227 fell and 50 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.21 percent at 1,351.85 points.
Commodity shares rallied as gold price surged to a record US$1,393.40 an ounce after the US Federal Reserve said it will by an extra US$600 billion of Treasuries to boost growth.
Zijin Mining rallied 5.88 percent to 10.45 yuan. Shandong Gold Mining Co jumped 4.93 percent to 64.70 yuan. Yunnan Copper Co hiked 4.84 percent to 29.48 yuan.
Property sector also pushed up the index. Shanghai AJ Corporation advanced 3.01 percent to 10.60 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd surged 6.91 percent to 21.05 yuan. Shanghai Jielong Industry Group Co hiked 4.89 percent to 15.65 yuan.
Brokerages were also among the gainers. GF Securities advanced 6.34 percent to 62.05 yuan. Changjiang Securities jumped 2.97 percent to 15.59 yuan. Industrial Securities hiked 6.05 percent to 23.48 yuan.
The benchmark Shanghai Composite Index rose 1.27 percent, or 39.32 points, to close at 3,126.26 0points. Turnover was 153.7 billion yuan(US$23.3 billion). A total of 642 shares rose while 227 fell and 50 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.21 percent at 1,351.85 points.
Commodity shares rallied as gold price surged to a record US$1,393.40 an ounce after the US Federal Reserve said it will by an extra US$600 billion of Treasuries to boost growth.
Zijin Mining rallied 5.88 percent to 10.45 yuan. Shandong Gold Mining Co jumped 4.93 percent to 64.70 yuan. Yunnan Copper Co hiked 4.84 percent to 29.48 yuan.
Property sector also pushed up the index. Shanghai AJ Corporation advanced 3.01 percent to 10.60 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd surged 6.91 percent to 21.05 yuan. Shanghai Jielong Industry Group Co hiked 4.89 percent to 15.65 yuan.
Brokerages were also among the gainers. GF Securities advanced 6.34 percent to 62.05 yuan. Changjiang Securities jumped 2.97 percent to 15.59 yuan. Industrial Securities hiked 6.05 percent to 23.48 yuan.
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