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Shanghai shares rally as rebound in the offing
By Ye Zhen |
August 7, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks closed a little higher today, boosted by commodity-related stocks as the market showed signs of rebound amid policy fine-tuning.
The key Shanghai Composite Index added 0.13 percent, or 2.70 points to settle at 2,157.62 points. Turnover was 61.9 billion yuan (US$9.7 billion) at the trading close.
The stock market may see a rebound this month as the benchmark index has fallen to a bottom where there is no room to fall any more, Cinda Securities said in a report today.
The central government has delivered a raft of stimulus measures this year, including interest rate cuts, lowering of reserve requirement ratio, and accelerated investment approvals, in an effort to shore up the nation's economy.
Gold miners surged as gold futures closed at their highest level in a week in New York yesterday on lower dollar. Zijin Mining Group Co, China's largest gold producer, jumped 6.1 percent to 4 yuan. Shandong Gold Mining Co rose 2.9 percent to 34.85 yuan. Zhongjin Gold Corp climbed 2 percent to 22.39 yuan.
Rare earth producers gained after the government issued a rule yesterday to shut down small-scale mines in a move to "protect rare earth resources and the environment and promote industry restructuring."
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co rose 3 percent to close at 42.72 yuan. Rising Nonferrous Metals Share Co added 1.2 percent to 63.63 yuan.
China Life Insurance, the country's biggest insurer, lost among financial stocks, falling 1.9 percent to 18.51 yuan as the company estimated its net profit would shrink. Ping An Insurance Co, China's second largest insurer, retreated 1.5 percent to 43.92 yuan. China Pacific Insurance (Group) Co slumped 2.3 percent to 21.47 yuan.
The key Shanghai Composite Index added 0.13 percent, or 2.70 points to settle at 2,157.62 points. Turnover was 61.9 billion yuan (US$9.7 billion) at the trading close.
The stock market may see a rebound this month as the benchmark index has fallen to a bottom where there is no room to fall any more, Cinda Securities said in a report today.
The central government has delivered a raft of stimulus measures this year, including interest rate cuts, lowering of reserve requirement ratio, and accelerated investment approvals, in an effort to shore up the nation's economy.
Gold miners surged as gold futures closed at their highest level in a week in New York yesterday on lower dollar. Zijin Mining Group Co, China's largest gold producer, jumped 6.1 percent to 4 yuan. Shandong Gold Mining Co rose 2.9 percent to 34.85 yuan. Zhongjin Gold Corp climbed 2 percent to 22.39 yuan.
Rare earth producers gained after the government issued a rule yesterday to shut down small-scale mines in a move to "protect rare earth resources and the environment and promote industry restructuring."
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co rose 3 percent to close at 42.72 yuan. Rising Nonferrous Metals Share Co added 1.2 percent to 63.63 yuan.
China Life Insurance, the country's biggest insurer, lost among financial stocks, falling 1.9 percent to 18.51 yuan as the company estimated its net profit would shrink. Ping An Insurance Co, China's second largest insurer, retreated 1.5 percent to 43.92 yuan. China Pacific Insurance (Group) Co slumped 2.3 percent to 21.47 yuan.
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