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Small caps lead Shanghai index up
By Lydia Chen |
May 3, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock market edged up in today's morning session thanks to active performance among small caps while blue chips were gloomy.
The Shanghai Composite Index added 0.18 percent 2,916.84. Turnover fell to 54.77 billion yuan (US$8.44 billion) by midday break.
Paper, petrochemical and electricity producers paced the gains in the market. Shanghai 3F New Materials Co, a manufacturer of fluorochemical materials, rallied 10 percent to 33.53 yuan. Huaneng Power International Co jumped 5.09 percent to 6.40 yuan. Fujian Qingshan Paper Indus climbed 7.13 percent to 5.41 yuan.
But heavyweights in financial, property and commodity sectors as data showed China's Purchasing Managers' Index fell last month while Premier Wen Jiabao reiterated his determination to bring down property prices.
The PMI data from the logistics federation and statistics bureau on May 1 posted a fall to 52.9 in April from 53.4 in March, inflaming worries economic growth may slow after repeated government tightening to rein in inflation.
The Shanghai Composite Index added 0.18 percent 2,916.84. Turnover fell to 54.77 billion yuan (US$8.44 billion) by midday break.
Paper, petrochemical and electricity producers paced the gains in the market. Shanghai 3F New Materials Co, a manufacturer of fluorochemical materials, rallied 10 percent to 33.53 yuan. Huaneng Power International Co jumped 5.09 percent to 6.40 yuan. Fujian Qingshan Paper Indus climbed 7.13 percent to 5.41 yuan.
But heavyweights in financial, property and commodity sectors as data showed China's Purchasing Managers' Index fell last month while Premier Wen Jiabao reiterated his determination to bring down property prices.
The PMI data from the logistics federation and statistics bureau on May 1 posted a fall to 52.9 in April from 53.4 in March, inflaming worries economic growth may slow after repeated government tightening to rein in inflation.
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