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Small caps rise in Shanghai while heavyweights drop
By Lydia Chen |
June 1, 2011, Wednesday
|
Online Edition
Online Edition
SHARES in Shanghai remained almost unchanged today as small caps and second-tier blue chips jumped while heavyweights countered the gains.
The Shanghai Composite Index added 0.10 point to 2,743.57 from yesterday's 2,743.47. Turnover also remained almost unchanged at 77.63 billion yuan (US$11.96 billion).
Agriculture sector was the best performer with a rise of 2.42 percent amid expectations that a worsening drought will push up food staples.
Hunan New Wellful Co jumped the daily cap of 10 percent to 12.54 yuan.
"The sliding trend may stop now," Zhou Xuesong, an analyst with Sealand Securities Co. "Shares on the small and medium sized enterprise board and the ChiNext board are also posting slower drops now. It's a sign of stabilization," Zhou said.
China's manufacturing growth is another factor Zhou said can indicate a more active market.
The Purchasing Managers' Index slowed to 52 from 52.9 in May, the China Federation of Logistics and Purchasing said today.
The reading was the slowest in nine months but still was above 50 percent, which indicates an expansion.
The Shanghai Composite Index added 0.10 point to 2,743.57 from yesterday's 2,743.47. Turnover also remained almost unchanged at 77.63 billion yuan (US$11.96 billion).
Agriculture sector was the best performer with a rise of 2.42 percent amid expectations that a worsening drought will push up food staples.
Hunan New Wellful Co jumped the daily cap of 10 percent to 12.54 yuan.
"The sliding trend may stop now," Zhou Xuesong, an analyst with Sealand Securities Co. "Shares on the small and medium sized enterprise board and the ChiNext board are also posting slower drops now. It's a sign of stabilization," Zhou said.
China's manufacturing growth is another factor Zhou said can indicate a more active market.
The Purchasing Managers' Index slowed to 52 from 52.9 in May, the China Federation of Logistics and Purchasing said today.
The reading was the slowest in nine months but still was above 50 percent, which indicates an expansion.
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