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Shanghai index up on stronger ship makers and metal firms
By Feng Jianmin |
May 9, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S stocks market edged up slightly today, led by ship makers and metal producers.
The Shanghai Composite Index was up 0.3 percent, or 8.57 points, to close at 2872.46. Turnover fell to 94 billion yuan (US$8.1 billion).
"Investors are concerned that tighter policies have hurt industry expansion and performance of companies," said Zhou Yu, an analyst with Pacific Securities. "The central bank is not likely to increase interest rates seeing its harm to the economy, but it will continue to withdraw liquidity from the market though open market operations."
Ship makers rallied after Li Dong, an official with China's Ministry of Industry and Information Technology, said during the weekend that China has been the largest shipyard in the world in 2010 buoyed by rising orders.
Jiangnan Heavy Industry jumped 3 percent to 22.59 yuan. Guangzhou Shipyard International Co rose 2.9 percent to 27.31 yuan.
Metal and gold producers rebounded after commodity prices were stabling. Shandong Gold Mining Co added 1.4 percent to 20 yuan. Jiangxi Copper Co, China's largest producer of the metal, was up 0.5 percent to 33.83 yuan.
Banks were weak. Agricultural Bank of China fell 0.7 percent to 2.90 yuan. Industrial and Commercial Bank of China lost 0.4 percent to 4.56 yuan.
The Shanghai Composite Index was up 0.3 percent, or 8.57 points, to close at 2872.46. Turnover fell to 94 billion yuan (US$8.1 billion).
"Investors are concerned that tighter policies have hurt industry expansion and performance of companies," said Zhou Yu, an analyst with Pacific Securities. "The central bank is not likely to increase interest rates seeing its harm to the economy, but it will continue to withdraw liquidity from the market though open market operations."
Ship makers rallied after Li Dong, an official with China's Ministry of Industry and Information Technology, said during the weekend that China has been the largest shipyard in the world in 2010 buoyed by rising orders.
Jiangnan Heavy Industry jumped 3 percent to 22.59 yuan. Guangzhou Shipyard International Co rose 2.9 percent to 27.31 yuan.
Metal and gold producers rebounded after commodity prices were stabling. Shandong Gold Mining Co added 1.4 percent to 20 yuan. Jiangxi Copper Co, China's largest producer of the metal, was up 0.5 percent to 33.83 yuan.
Banks were weak. Agricultural Bank of China fell 0.7 percent to 2.90 yuan. Industrial and Commercial Bank of China lost 0.4 percent to 4.56 yuan.
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