Stocks reap biggest weekly increase
By Staff Reporter |
April 3, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index reaped the biggest weekly gain this year after shares rose for a second day yesterday, led by strong performances of coal miners and metal producers.
The Shanghai Composite Index added 0.33 percent, or 10.54 points, to close at 3,157.96, the highest since January 21. Turnover was 150 billion yuan (US$22 billion).
The benchmark gained 3.2 percent this week, the most in three months.
"The index may climb to 3,200 points in the next week as listed companies posted positive financial results and there is less concern of tightening monetary policies," said Wang Limin, an analyst at Shiji Investment.
Metal producers gained after gold prices rose 1 percent to US$1,126 an ounce. Shandong Gold Mining Co surged 4.6 percent to 74.97 yuan. Zijin Gold Mining Co added 1.93 percent to 8.44 yuan.
Property shares were generally flat on concerns mortgage policies might be tightened further. Shanghai Lujiazui Finance and Trade Zone Development Co lost 0.66 percent to 24.13 yuan, and Shanghai AJ Corp dipped 0.17 percent to 11.96 yuan. Shanghai Jielong Industry Group Co fell 0.8 percent to 14.79 yuan.
The Shanghai Composite Index added 0.33 percent, or 10.54 points, to close at 3,157.96, the highest since January 21. Turnover was 150 billion yuan (US$22 billion).
The benchmark gained 3.2 percent this week, the most in three months.
"The index may climb to 3,200 points in the next week as listed companies posted positive financial results and there is less concern of tightening monetary policies," said Wang Limin, an analyst at Shiji Investment.
Metal producers gained after gold prices rose 1 percent to US$1,126 an ounce. Shandong Gold Mining Co surged 4.6 percent to 74.97 yuan. Zijin Gold Mining Co added 1.93 percent to 8.44 yuan.
Property shares were generally flat on concerns mortgage policies might be tightened further. Shanghai Lujiazui Finance and Trade Zone Development Co lost 0.66 percent to 24.13 yuan, and Shanghai AJ Corp dipped 0.17 percent to 11.96 yuan. Shanghai Jielong Industry Group Co fell 0.8 percent to 14.79 yuan.
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