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Shanghai market inches up in morning
By Feng Jianmin |
February 1, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock index closed slightly higher this morning as gains of commodity producers were offset by concerns for slower industry output and faster inflation.
The Shanghai Composite Index added 0.2 percent to 2,796.44. Turnover fell to 50.6 billion yuan (US$7.67 billion) from yesterday morning's 54 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was almost unchanged at 1,197.47.
China Federation of Logistics and Purchasing showed today that the Purchasing Managers' Index fell to 52.9 from 53.9 in December, the second consecutive declines. A measure for new orders fell while manufacturers' input costs rose.
Manufacturers led the decliners. China Shipbuilding Industry Co dropped 2 percent to 13.79 yuan. CNR, a major railcar builder, lost 2.6 percent to 9.35 yuan.
Commodity producers gained after oil and copper prices continue to rise in London. PetroChina Co, the largest heavy weight, rose 2.3 percent to 11.68 yuan. Jiangxi Copper Co, the largest producer of the metal, added 1.1 percent to 39.60 yuan.
The Shanghai Composite Index added 0.2 percent to 2,796.44. Turnover fell to 50.6 billion yuan (US$7.67 billion) from yesterday morning's 54 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was almost unchanged at 1,197.47.
China Federation of Logistics and Purchasing showed today that the Purchasing Managers' Index fell to 52.9 from 53.9 in December, the second consecutive declines. A measure for new orders fell while manufacturers' input costs rose.
Manufacturers led the decliners. China Shipbuilding Industry Co dropped 2 percent to 13.79 yuan. CNR, a major railcar builder, lost 2.6 percent to 9.35 yuan.
Commodity producers gained after oil and copper prices continue to rise in London. PetroChina Co, the largest heavy weight, rose 2.3 percent to 11.68 yuan. Jiangxi Copper Co, the largest producer of the metal, added 1.1 percent to 39.60 yuan.
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