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Strong US market lifts Shanghai index
By Feng Jianmin |
January 4, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for the fourth day, taking cue from strong US market overnight, on expectation that economic growth may remain strong and inflation pressure may ease.
The Shanghai Composite Index added 1.27 percent, or 35.78 points, to 2,843.86. Turnover rose to 83.9 billion yuan (US$12.7 billion) from 51.2 billion yuan on Friday morning.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.1 percent at 1,304.97.
The official PMI, a comprehensive gauge of industrial activities across the country, was at 53.9 percent in December from November's 55.2 percent, the China Federation of Logistics and Purchasing said on January 1.
"Domestic demand was shrinking but strong economic output in Japan, Europe and the US may help lift domestic industrial expansion," said Northeast Securities Co in a note. "Prices for materials dropped significantly, but the price may go up if the US dollar weakens."
Commodity producers gained as copper prices rose in London and oil price remain above US$91 a barrel in New York. Jiangxi Copper Co jumped 4.1 percent to 47.03 yuan. PetroChina Co rose 1.2 percent to 11.35 yuan. Aluminum Corp of China grew 2.7 percent to 10.41 yuan.
Property developers rallied after media reported that the central government may further postpone the implement of property tax as it is studying to levy the new tax with a new focus on improving the tax system rather than curbing house prices. China Vanke jumped 6.8 percent to 8.78 yuan. Gemdale Corp, China's fourth largest developer, surged by the daily limit of 10 percent to 6.80 yuan.
The Shanghai Composite Index added 1.27 percent, or 35.78 points, to 2,843.86. Turnover rose to 83.9 billion yuan (US$12.7 billion) from 51.2 billion yuan on Friday morning.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.1 percent at 1,304.97.
The official PMI, a comprehensive gauge of industrial activities across the country, was at 53.9 percent in December from November's 55.2 percent, the China Federation of Logistics and Purchasing said on January 1.
"Domestic demand was shrinking but strong economic output in Japan, Europe and the US may help lift domestic industrial expansion," said Northeast Securities Co in a note. "Prices for materials dropped significantly, but the price may go up if the US dollar weakens."
Commodity producers gained as copper prices rose in London and oil price remain above US$91 a barrel in New York. Jiangxi Copper Co jumped 4.1 percent to 47.03 yuan. PetroChina Co rose 1.2 percent to 11.35 yuan. Aluminum Corp of China grew 2.7 percent to 10.41 yuan.
Property developers rallied after media reported that the central government may further postpone the implement of property tax as it is studying to levy the new tax with a new focus on improving the tax system rather than curbing house prices. China Vanke jumped 6.8 percent to 8.78 yuan. Gemdale Corp, China's fourth largest developer, surged by the daily limit of 10 percent to 6.80 yuan.
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