Strong rebound gives index a boost
By Lydia Chen |
January 28, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI stocks held onto their previous gains on Wednesday to close 1.5 percent higher yesterday as a strong rebound in almost all sectors offset the negative impact from declining developers.
The Shanghai Composite Index ended at 2,749.15, with turnover picking up to 115.25 billion yuan (US$108.67 billion) from Wednesday's 67.3 billion yuan - suggesting investors were buying into rallies.
Nearly 2.48 billion yuan were invested in machinery producers. Machinery producers have long been the apple in the eyes of investors after China listed the industry as one of the key sectors in its economic restructuring plan over the next five years.
Jinxi Axle Co added 7.6 percent to 19.10 yuan. Sany Heavy Industry Co climbed 3.5 percent to 20.28 yuan.
Drug makers also gained after China International Capital Corp suggested in a note yesterday there are more opportunities in the sector in the short term. Kunming Pharmaceutical Corp rose 1.9 percent to 11.41 yuan.
Poly Real Estate Group, China's second-biggest listed property developer, shed 4.3 percent to 13.24 yuan. Gemdale Corp, the fourth-largest, lost 3.5 percent to 6.98 yuan.
"Developers used to rise on surging housing prices but taming the property market will be on the government's agenda," said Yan Xu, vice chief investment officer of BNY Mellon Western FMC.
The Shanghai Composite Index ended at 2,749.15, with turnover picking up to 115.25 billion yuan (US$108.67 billion) from Wednesday's 67.3 billion yuan - suggesting investors were buying into rallies.
Nearly 2.48 billion yuan were invested in machinery producers. Machinery producers have long been the apple in the eyes of investors after China listed the industry as one of the key sectors in its economic restructuring plan over the next five years.
Jinxi Axle Co added 7.6 percent to 19.10 yuan. Sany Heavy Industry Co climbed 3.5 percent to 20.28 yuan.
Drug makers also gained after China International Capital Corp suggested in a note yesterday there are more opportunities in the sector in the short term. Kunming Pharmaceutical Corp rose 1.9 percent to 11.41 yuan.
Poly Real Estate Group, China's second-biggest listed property developer, shed 4.3 percent to 13.24 yuan. Gemdale Corp, the fourth-largest, lost 3.5 percent to 6.98 yuan.
"Developers used to rise on surging housing prices but taming the property market will be on the government's agenda," said Yan Xu, vice chief investment officer of BNY Mellon Western FMC.
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