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Steel firms drive Shanghai index up
By Feng Jianmin |
April 12, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session. Steel makers gained while gold miners declined.
The benchmark Shanghai Composite Index was up 0.36 percent, or 11.01 points, to close at 3033.76. Turnover dropped to 84.2 billion yuan (US$12.9 billion) from yesterday morning's 103.7 billion yuan.
Steel makers led the gainers on anticipation of stronger demand as steel exports in March more than doubled from last year, according to a Sinolink Securities report.
Baoshan Iron & Steel Co climbed 4 percent to 7.60 yuan. Wuhan Iron & Steel Co jumped 7.3 percent to 5.14 yuan.
Gold miners led the decliners after gold prices fell 0.4 percent to US$1,468 per ounce. It dropped another 0.7 percent to US$1,456 per ounce in after-hour tradings.
Shandong Gold Mining Group lost 2.2 percent to 51.85 yuan. Zijin Mining Group Co shed 1.5 percent to 7.94 yuan.
Oil producers were mixed after oil prices dropped more than 4 percent in New York overnight. PetroChina, China's largest oil producer, dipped 0.4 percent to 12.13 yuan. Sinopec, the largest refiner in Asia, rose 1 percent to 8.87 yuan.
The benchmark Shanghai Composite Index was up 0.36 percent, or 11.01 points, to close at 3033.76. Turnover dropped to 84.2 billion yuan (US$12.9 billion) from yesterday morning's 103.7 billion yuan.
Steel makers led the gainers on anticipation of stronger demand as steel exports in March more than doubled from last year, according to a Sinolink Securities report.
Baoshan Iron & Steel Co climbed 4 percent to 7.60 yuan. Wuhan Iron & Steel Co jumped 7.3 percent to 5.14 yuan.
Gold miners led the decliners after gold prices fell 0.4 percent to US$1,468 per ounce. It dropped another 0.7 percent to US$1,456 per ounce in after-hour tradings.
Shandong Gold Mining Group lost 2.2 percent to 51.85 yuan. Zijin Mining Group Co shed 1.5 percent to 7.94 yuan.
Oil producers were mixed after oil prices dropped more than 4 percent in New York overnight. PetroChina, China's largest oil producer, dipped 0.4 percent to 12.13 yuan. Sinopec, the largest refiner in Asia, rose 1 percent to 8.87 yuan.
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