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Shanghai index up on stronger steel and cement makers
By Feng Jianmin |
March 14, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for the first time in three days as sentiment improved after the Japanese central bank unveiled plans to pour 15 trillion yen (US$146 billion) to stabilize markets after the devastating quake.
The Shanghai Composite Index added 0.13 percent to 2,937.63 after losing as much as 0.6 percent in the morning. Turnover fell to 152.5 billion yuan (US$23.1 billion) from last Friday's 166 billion yuan.
The Shenzhen Component Index was up 0.86 percent to 12,958.29.
The Bank of Japan was pouring a record amount of cash into the financial system and doubled the size of its asset-purchase plan to shield the economy from the effects of the nation's strongest earthquake on record.
Steel makers and cement producers led the gainers on speculation that reconstruction projects in Japan may benefit Chinese construction material exporters.
Baoshan Iron & Steel Co rose 2 percent to 7.21 yuan. Inner Mongolian Baotou Steel Union Co jumped by daily limit of 10 percent to 5.27 yuan after the company announced plans to raise as much as 6 billion yuan through issuing new shares to buy iron mines in southwest China.
Xinjiang Tianshan Cement Co added 3.8 percent to 43.30 yuan. Jiangxi Wannianqing Cement Co rose 1.6 percent to 16.80 yuan.
Nuclear plant builders led the decliners. Sufa Technology Industry Co dropped 5.8 percent to 36.49 yuan. Shanghai Electric Group Co shed 3 percent to 8.58 yuan.
The Shanghai Composite Index added 0.13 percent to 2,937.63 after losing as much as 0.6 percent in the morning. Turnover fell to 152.5 billion yuan (US$23.1 billion) from last Friday's 166 billion yuan.
The Shenzhen Component Index was up 0.86 percent to 12,958.29.
The Bank of Japan was pouring a record amount of cash into the financial system and doubled the size of its asset-purchase plan to shield the economy from the effects of the nation's strongest earthquake on record.
Steel makers and cement producers led the gainers on speculation that reconstruction projects in Japan may benefit Chinese construction material exporters.
Baoshan Iron & Steel Co rose 2 percent to 7.21 yuan. Inner Mongolian Baotou Steel Union Co jumped by daily limit of 10 percent to 5.27 yuan after the company announced plans to raise as much as 6 billion yuan through issuing new shares to buy iron mines in southwest China.
Xinjiang Tianshan Cement Co added 3.8 percent to 43.30 yuan. Jiangxi Wannianqing Cement Co rose 1.6 percent to 16.80 yuan.
Nuclear plant builders led the decliners. Sufa Technology Industry Co dropped 5.8 percent to 36.49 yuan. Shanghai Electric Group Co shed 3 percent to 8.58 yuan.
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