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Shanghai shares rise on stronger metal producers
By Ding Yining |
May 11, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended higher in the morning session with strong performance of steel makers and metal producers.
The benchmark Shanghai Composite Index edged up 0.43 percent, or 11.52 points, to close at 2,710.27 points. Turnover was 52.9 billion yuan (US$7.7 billion). Gainers outnumbered losers by 558 to 286 and 78 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.49 percent to close at 1,055.13 points.
China's consumer prices rose 2.8 percent in April, the fastest clip this year, and are expected to climb higher in the next three months with surging food prices, Yao Jingyuan, chief economist of the National Bureau of Statistics, told a press conference this morning.
New loans in April reached 774 billion yuan, 182.2 billion yuan more than those of last year.
The Reform and Development Commission of Guangdong Province announced yesterday Baoshan Iron & Steel's joint venture with two local steel makers is expected to kick off one of its most important production bases within three years. The Zhanjiang facility will have an annual capacity of 5 million tons and will make high-end carbon steel plates.
Baoshan Iron & Steel, China's biggest steel maker, advanced 2.78 percent to 6.66 yuan. Guangzhou Iron & Steel Co surged the daily limit of 10 percent to 8.65 yuan. SGIS Songshan Co also rallied 10 percent to 4.57 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, edged up 0.66 percent to 9.16 yuan. PetroChina, the biggest index component, added 0.90 percent to 11.18 yuan.
Jiangxi Copper added 1.11 percent to 30.95 yuan. Yunnan Copper jumped 2.85 percent to 62.80 yuan. Ningbo Fubang Jingye Group Co rallied 5.15 percent to 9.39 yuan. Shandong Gold Mining Co surged 5.24 percent to 79.71 yuan.
Banks and financial shares showed mixed results. Ping An Insurance (Group) Co lost 1.27 percent to 47.60 yuan. China Pacific Insurance (Group) Co Ltd dipped 0.61 percent to 24.46 yuan. Bank of Communications added 1.04 percent to 6.80 yuan. Shanghai Pudong Development Bank was up 0.84 percent to 19.14 yuan.
The benchmark Shanghai Composite Index edged up 0.43 percent, or 11.52 points, to close at 2,710.27 points. Turnover was 52.9 billion yuan (US$7.7 billion). Gainers outnumbered losers by 558 to 286 and 78 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.49 percent to close at 1,055.13 points.
China's consumer prices rose 2.8 percent in April, the fastest clip this year, and are expected to climb higher in the next three months with surging food prices, Yao Jingyuan, chief economist of the National Bureau of Statistics, told a press conference this morning.
New loans in April reached 774 billion yuan, 182.2 billion yuan more than those of last year.
The Reform and Development Commission of Guangdong Province announced yesterday Baoshan Iron & Steel's joint venture with two local steel makers is expected to kick off one of its most important production bases within three years. The Zhanjiang facility will have an annual capacity of 5 million tons and will make high-end carbon steel plates.
Baoshan Iron & Steel, China's biggest steel maker, advanced 2.78 percent to 6.66 yuan. Guangzhou Iron & Steel Co surged the daily limit of 10 percent to 8.65 yuan. SGIS Songshan Co also rallied 10 percent to 4.57 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, edged up 0.66 percent to 9.16 yuan. PetroChina, the biggest index component, added 0.90 percent to 11.18 yuan.
Jiangxi Copper added 1.11 percent to 30.95 yuan. Yunnan Copper jumped 2.85 percent to 62.80 yuan. Ningbo Fubang Jingye Group Co rallied 5.15 percent to 9.39 yuan. Shandong Gold Mining Co surged 5.24 percent to 79.71 yuan.
Banks and financial shares showed mixed results. Ping An Insurance (Group) Co lost 1.27 percent to 47.60 yuan. China Pacific Insurance (Group) Co Ltd dipped 0.61 percent to 24.46 yuan. Bank of Communications added 1.04 percent to 6.80 yuan. Shanghai Pudong Development Bank was up 0.84 percent to 19.14 yuan.
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