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Shanghai index up on expectations of a better year
By Lydia Chen |
December 31, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index gained ground in the last trading day of 2010 as shares rallied amid upbeat market sentiments for trading in a new year.
The Shanghai Composite Index added 1.76 percent, or 48.50, to 2808.08. Turnover climbed to 108.44 billion yuan(US$17.44 billion) from Thursday's 86.06 biilion yuan.
The Shanghai index lost 1.24 percent this week and wrapped up 2010 with a 15 percent annual loss, making it one of the worst markets in the world.
The Chinese mainland markets will be closed till January 3 for the New Year's holiday.
Jiangxi Copper Co and Yunnan Copper Industry Co hiked more than 7 percent after copper prices advanced to an all-time record in London. Airline carriers gained the most in three weeks after the yuan strengthened beyond 6.6 per dollar, the strongest level since 1993, reducing Chinese carrier's dollar-based debt costs.
The Shanghai index tumbled to a low of around 2,300 points in July, surged 37 percent to a peak of 3,186 points in November, then slumped about 13 percent in the remainder of the year.
The rollercoaster performance was at odds with China's economy which is the only one that still enjoys bullish growth amid a global recession.
But next year, things will turn better, according to analysts.
The Shanghai market will enjoy a pleasant January given that market pressures from tightened liquidity will be eased when banks get their annual loan quota, Huang Dongsheng, an analyst with Guodu Securities, said.
Plus, the government is unlikely to release any more inflation-targeted polices next month after recent moves, Huang added.
Chen Kaiwei, an analyst with Changjiang Securities, agreed but cautioned the market will struggle upward amid fluctuation in January thanks to lower inflation rate.
The Shanghai Composite Index added 1.76 percent, or 48.50, to 2808.08. Turnover climbed to 108.44 billion yuan(US$17.44 billion) from Thursday's 86.06 biilion yuan.
The Shanghai index lost 1.24 percent this week and wrapped up 2010 with a 15 percent annual loss, making it one of the worst markets in the world.
The Chinese mainland markets will be closed till January 3 for the New Year's holiday.
Jiangxi Copper Co and Yunnan Copper Industry Co hiked more than 7 percent after copper prices advanced to an all-time record in London. Airline carriers gained the most in three weeks after the yuan strengthened beyond 6.6 per dollar, the strongest level since 1993, reducing Chinese carrier's dollar-based debt costs.
The Shanghai index tumbled to a low of around 2,300 points in July, surged 37 percent to a peak of 3,186 points in November, then slumped about 13 percent in the remainder of the year.
The rollercoaster performance was at odds with China's economy which is the only one that still enjoys bullish growth amid a global recession.
But next year, things will turn better, according to analysts.
The Shanghai market will enjoy a pleasant January given that market pressures from tightened liquidity will be eased when banks get their annual loan quota, Huang Dongsheng, an analyst with Guodu Securities, said.
Plus, the government is unlikely to release any more inflation-targeted polices next month after recent moves, Huang added.
Chen Kaiwei, an analyst with Changjiang Securities, agreed but cautioned the market will struggle upward amid fluctuation in January thanks to lower inflation rate.
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