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Shanghai shares inch up 1st in 3 days
By Hu Xiaocen |
July 27, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks edged up for the first time in three days after European Central Bank President Mario Draghi said policy makers will do whatever is needed to preserve the euro.
The Shanghai Composite Index added 0.06 percent to close at 2,127.26 points by the noon break.
China COSCO Holdings Co, Asia's biggest shipping liner, picked up 0.5 percent to 4.4 yuan (69 US cents) after the European Central Bank's pledge to preserve the euro boosted prospects for overseas shipments to the region.
Metal producers retreated after an index published today by Market News International, a unit of Deutsche Boerse Group, said Chinese business conditions appear to have worsened as companies wait for a government-engineered economic pickup.
"Key sub-indicators in the July MNI China Business Sentiment Indicator dropped to levels not seen since the height of the global financial crisis more than three years ago," the market researcher said in a note today.
Inner Mongolia Baotou Steel Rare-earth Group Hi-tech Co, tumbled 1.4 percent to 38.21 yuan. Xiamen Tungsten Co, plunged 3 percent to 37.91 yuan. Zijin Mining Group Co, the nation's biggest producer of gold, shed 0.3 percent to 3.72 yuan.
The Shanghai Composite Index added 0.06 percent to close at 2,127.26 points by the noon break.
China COSCO Holdings Co, Asia's biggest shipping liner, picked up 0.5 percent to 4.4 yuan (69 US cents) after the European Central Bank's pledge to preserve the euro boosted prospects for overseas shipments to the region.
Metal producers retreated after an index published today by Market News International, a unit of Deutsche Boerse Group, said Chinese business conditions appear to have worsened as companies wait for a government-engineered economic pickup.
"Key sub-indicators in the July MNI China Business Sentiment Indicator dropped to levels not seen since the height of the global financial crisis more than three years ago," the market researcher said in a note today.
Inner Mongolia Baotou Steel Rare-earth Group Hi-tech Co, tumbled 1.4 percent to 38.21 yuan. Xiamen Tungsten Co, plunged 3 percent to 37.91 yuan. Zijin Mining Group Co, the nation's biggest producer of gold, shed 0.3 percent to 3.72 yuan.
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