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Shanghai stock index seesaws after inflation data release
By Lydia Chen |
July 11, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI stocks remained flat in the morning session with the benchmark index seesawing between gaining and losing territories following China's report that the country's inflation hit a three-year high last month.
The Shanghai Composite Index edged up 0.09 percent to 2,800.18. Turnover was at 52.33 billion yuan (US$8.1 billion).
Financials and coal producers were among the biggest drags in the morning trading.
Banks paced the loss over investors concerns that more tightening may come out as inflation in June jumped to 6.4 percent.
Industrial & Commercial Bank of China, one of the heavyweights in the Shanghai market, lost 0.23 percent to 4.34 yuan. Ping An Insurance Group shed 1.32 percent to 47.85 yuan.
Yanzhou Coal Mining declined 1.98 percent to 35.10 yuan while China Shenhua Energy decreased 1.15 percent to 31.05 yuan.
On the positive territory, irrigation-related shares enjoyed a rally this morning after China pledged to intensify construction of water facilities, an urgent effort to enhance grain safety and fight drought and floods.
Anhui Water Resources Development Co hiked 5.11 percent to 15.85 yuan.
China will prioritize water projects in its infrastructure construction and take irrigation and water conservancy as a major task in rural infrastructure improvement, President Hu Jintao stressed at a meeting on the matter held in Beijing on Friday and Saturday.
Hu said China will establish a water system that can shield the nation from the impact of floods and drought, utilize water efficiently and protect water resources by 2020.
The Shanghai Composite Index edged up 0.09 percent to 2,800.18. Turnover was at 52.33 billion yuan (US$8.1 billion).
Financials and coal producers were among the biggest drags in the morning trading.
Banks paced the loss over investors concerns that more tightening may come out as inflation in June jumped to 6.4 percent.
Industrial & Commercial Bank of China, one of the heavyweights in the Shanghai market, lost 0.23 percent to 4.34 yuan. Ping An Insurance Group shed 1.32 percent to 47.85 yuan.
Yanzhou Coal Mining declined 1.98 percent to 35.10 yuan while China Shenhua Energy decreased 1.15 percent to 31.05 yuan.
On the positive territory, irrigation-related shares enjoyed a rally this morning after China pledged to intensify construction of water facilities, an urgent effort to enhance grain safety and fight drought and floods.
Anhui Water Resources Development Co hiked 5.11 percent to 15.85 yuan.
China will prioritize water projects in its infrastructure construction and take irrigation and water conservancy as a major task in rural infrastructure improvement, President Hu Jintao stressed at a meeting on the matter held in Beijing on Friday and Saturday.
Hu said China will establish a water system that can shield the nation from the impact of floods and drought, utilize water efficiently and protect water resources by 2020.
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