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Shanghai index up on stronger power chips
By Lydia Chen |
May 3, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock market rose for a second day on stronger utility and power-related shares as investors expect the country may face a power shortage soon as summer approaches.
The Shanghai Composite Index added 0.71 percent to 2,932.19. Turnover remained thin at 102.71 billion yuan (US$15.83 billion), indicating investors were still cautious about future directions.
Electricity producers were among gainers today. Huaneng Power International Co jumped 5.09 percent to 6.40 yuan.
China may face a power shortage of 30 million kilowatts this summer as supply lags behind demand growth, the China Electricity Council warned last week
The expected power shortage, however, brought good news to coal producers in the market. China Shenhua Energy Co, the country's biggest coal producer, edged up 0.54 percent to 29.81 yuan while Yanzhou Coal Mining Co climbed 0.79 percent to 35.68 yuan.
Power-station coal prices at the a benchmark Qinhuangdao port rose to a record in two and a half years of 805 yuan to 815 yuan a metric ton, according Shanghai Security News. Coal prices in China are still nearly 100 yuan cheaper than imported ones, the paper added.
Losses in financial plays kept a lid on gains on the benchmark today as inflation concerns still spooked jittery investors although an anticipated rise of banks' required reserves did not occur during the holiday.
China Construction Bank dipped 0.19 percent to 5.20 yuan.
Xia Lijun, an analyst with Hexun.com, China's leading financial analyst website, said a rise of the banks' required reserves is bound to happen early this month.
A total of 870 billion yuan in central bank bills and repos matured in April, and another 549 billion yuan comes due this month.
Plus, China's foreign reserve may add another 400 billion yuan last month, which means the central bank has to rely on the rise to drain excessive liquidity out of the market, Xia added.
The Shanghai Composite Index added 0.71 percent to 2,932.19. Turnover remained thin at 102.71 billion yuan (US$15.83 billion), indicating investors were still cautious about future directions.
Electricity producers were among gainers today. Huaneng Power International Co jumped 5.09 percent to 6.40 yuan.
China may face a power shortage of 30 million kilowatts this summer as supply lags behind demand growth, the China Electricity Council warned last week
The expected power shortage, however, brought good news to coal producers in the market. China Shenhua Energy Co, the country's biggest coal producer, edged up 0.54 percent to 29.81 yuan while Yanzhou Coal Mining Co climbed 0.79 percent to 35.68 yuan.
Power-station coal prices at the a benchmark Qinhuangdao port rose to a record in two and a half years of 805 yuan to 815 yuan a metric ton, according Shanghai Security News. Coal prices in China are still nearly 100 yuan cheaper than imported ones, the paper added.
Losses in financial plays kept a lid on gains on the benchmark today as inflation concerns still spooked jittery investors although an anticipated rise of banks' required reserves did not occur during the holiday.
China Construction Bank dipped 0.19 percent to 5.20 yuan.
Xia Lijun, an analyst with Hexun.com, China's leading financial analyst website, said a rise of the banks' required reserves is bound to happen early this month.
A total of 870 billion yuan in central bank bills and repos matured in April, and another 549 billion yuan comes due this month.
Plus, China's foreign reserve may add another 400 billion yuan last month, which means the central bank has to rely on the rise to drain excessive liquidity out of the market, Xia added.
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