Steel, cement makers lead index higher
By Ding Yining |
July 30, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index edged up yesterday and closed at its highest level in two months after steel and cement makers gained.
The benchmark Shanghai Composite Index climbed 0.55 percent, or 14.45 points, to close at 2,648.12. Turnover rose to 131 billion yuan (US$19 billion) from Wednesday's 122 billion yuan.
Baoshan Iron and Steel Co, the country's largest steel maker, advanced 2.18 percent to 6.55 yuan. Wuhan Iron and Steel hiked 3.14 percent to 4.92 yuan. Xinjiang Bayi Iron and Steel Co jumped 5.85 percent to 11.76 yuan.
"The mild rebound will continue in early August with no macroeconomic policy pressure and the index will trade between 2,600 and 2,700 in the next few days," Guohai Securities wrote in its strategic investment report yesterday.
In the past week, market confidence has grown as investors believe the economy will grow the rest of the year after the central bank said it would look to implement stable macroeconomic policies.
Anhui Conch, the country's largest cement maker, advanced 3.27 percent to 20.22 yuan. Gansu Qilianshan Cement Group Co climbed 4.47 percent to 16.12 yuan.
Airlines dropped yesterday. China Eastern Airlines was down 1.11 percent to 8.05 yuan.
The benchmark Shanghai Composite Index climbed 0.55 percent, or 14.45 points, to close at 2,648.12. Turnover rose to 131 billion yuan (US$19 billion) from Wednesday's 122 billion yuan.
Baoshan Iron and Steel Co, the country's largest steel maker, advanced 2.18 percent to 6.55 yuan. Wuhan Iron and Steel hiked 3.14 percent to 4.92 yuan. Xinjiang Bayi Iron and Steel Co jumped 5.85 percent to 11.76 yuan.
"The mild rebound will continue in early August with no macroeconomic policy pressure and the index will trade between 2,600 and 2,700 in the next few days," Guohai Securities wrote in its strategic investment report yesterday.
In the past week, market confidence has grown as investors believe the economy will grow the rest of the year after the central bank said it would look to implement stable macroeconomic policies.
Anhui Conch, the country's largest cement maker, advanced 3.27 percent to 20.22 yuan. Gansu Qilianshan Cement Group Co climbed 4.47 percent to 16.12 yuan.
Airlines dropped yesterday. China Eastern Airlines was down 1.11 percent to 8.05 yuan.
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