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Shanghai market recovers from 4-month bottom
By Lydia Chen |
June 3, 2011, Friday
|
Online Edition
Online Edition
BARGAIN-HUNTING lifted Shanghai stock market from a four-month low today, with the benchmark index posting a small weekly gain.
The Shanghai Composite Index added 0.84 percent to 2,728.02. The index edged up 0.67 percent this week. Turnover fell to 78.27 billion yuan (US$12.08 billion) from yesterday's 94.28 billion yuan.
Mainland markets will be closed for a three-day holiday till Monday. Many investors stayed on the sidelines since the central bank is inclined to pick holidays or weekends to surprise the market with tightening steps, such as hikes in interest rate or banks' reserve requirement ratio.
Shares across the board all rose today as market players scooped up beaten-down stocks, in particular those of photovoltaic and automobile sectors as both rallied over policy and news incentives.
But Zuo Jianming, an analyst with Oriental Securities, cautioned that the market may still face "the hardest time" this June because it is expected to fluctuate around low levels "for some time" when inflation climbs to its peak.
Guizhou Changzheng Electric Co hiked by the daily cap of 10 percent to 21.13 yuan. Leshan Electric Power jumped 4.02 percent to 14.76 yuan.
China plans to double solar-power generation capacity to 10 gigawatts by the end of 2015, the China Securities Journal reported today, citing an unidentified person.
An industry development plan for the five years through 2015 has been submitted to the State Council for approval, the Beijing-based newspaper reported.
Auto makers jumped as China's car sales picked up growth again in May.
SAIC Motor Corp advanced 2.65 percent to 17.44 yuan.
China's passenger car sales grew 25 percent to 885,800 units in May from a year earlier, while they fell 11 percent from April, according to the China Automotive Technology & Research Center today.
Total vehicle sales gained 30 percent last month from a year ago to 1.19 million units while it fell 14 percent from April, the center said.
The Shanghai Composite Index added 0.84 percent to 2,728.02. The index edged up 0.67 percent this week. Turnover fell to 78.27 billion yuan (US$12.08 billion) from yesterday's 94.28 billion yuan.
Mainland markets will be closed for a three-day holiday till Monday. Many investors stayed on the sidelines since the central bank is inclined to pick holidays or weekends to surprise the market with tightening steps, such as hikes in interest rate or banks' reserve requirement ratio.
Shares across the board all rose today as market players scooped up beaten-down stocks, in particular those of photovoltaic and automobile sectors as both rallied over policy and news incentives.
But Zuo Jianming, an analyst with Oriental Securities, cautioned that the market may still face "the hardest time" this June because it is expected to fluctuate around low levels "for some time" when inflation climbs to its peak.
Guizhou Changzheng Electric Co hiked by the daily cap of 10 percent to 21.13 yuan. Leshan Electric Power jumped 4.02 percent to 14.76 yuan.
China plans to double solar-power generation capacity to 10 gigawatts by the end of 2015, the China Securities Journal reported today, citing an unidentified person.
An industry development plan for the five years through 2015 has been submitted to the State Council for approval, the Beijing-based newspaper reported.
Auto makers jumped as China's car sales picked up growth again in May.
SAIC Motor Corp advanced 2.65 percent to 17.44 yuan.
China's passenger car sales grew 25 percent to 885,800 units in May from a year earlier, while they fell 11 percent from April, according to the China Automotive Technology & Research Center today.
Total vehicle sales gained 30 percent last month from a year ago to 1.19 million units while it fell 14 percent from April, the center said.
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