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Water and metal firms power Shanghai index
By Feng Jianmin |
January 31, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock index rose this morning, led by water firms and metal producers.
The Shanghai Composite Index added 1 percent to 2,780.15. Turnover rose to 56.4 billion yuan (US$8.54 billion) from last Friday morning's 54 billion yuan.
China's central bank announced yesterday that the target for M2 growth, the broadest measure of money supply, was set at 16 percent in 2011. The figure was in line with market expectations and eased concerns about over-tightening, according to Shanghai Securities News.
Water firms rallied after China's State Council last Saturday announced plans to double its annual investment in water conservancy in the next 10 years. Market watchers said that a total of 4 trillion yuan will be invested in the sector in the next ten years.
Qianjiang Water Resources Development Co surged by the daily limit of 10 percent to 18.15 yuan. China Gezhouba Co, a dam builder, hiked by 6.4 percent to 15.19 yuan.
Metal producers gained after Jiangxi Copper Co, the largest producer of the metal in China, said that it expected 2010 profit to grow between 90 and 110 percent from last year. Its shares climbed 3.5 percent to 39.92 yuan. Yunnan Copper Co rose 2.6 percent to 27.13 yuan.
Gold miners rose after gold bullion prices rebounded from a four month low as more investors bought the metal to hedge against risks brought by the Egypt turmoil.
Zijin Mining Co, China's largest gold producer, went up 3.6 percent to 7.21 yuan. Shandong Gold Mining Co jumped 4.3 percent to 44.63 yuan.
The Shanghai Composite Index added 1 percent to 2,780.15. Turnover rose to 56.4 billion yuan (US$8.54 billion) from last Friday morning's 54 billion yuan.
China's central bank announced yesterday that the target for M2 growth, the broadest measure of money supply, was set at 16 percent in 2011. The figure was in line with market expectations and eased concerns about over-tightening, according to Shanghai Securities News.
Water firms rallied after China's State Council last Saturday announced plans to double its annual investment in water conservancy in the next 10 years. Market watchers said that a total of 4 trillion yuan will be invested in the sector in the next ten years.
Qianjiang Water Resources Development Co surged by the daily limit of 10 percent to 18.15 yuan. China Gezhouba Co, a dam builder, hiked by 6.4 percent to 15.19 yuan.
Metal producers gained after Jiangxi Copper Co, the largest producer of the metal in China, said that it expected 2010 profit to grow between 90 and 110 percent from last year. Its shares climbed 3.5 percent to 39.92 yuan. Yunnan Copper Co rose 2.6 percent to 27.13 yuan.
Gold miners rose after gold bullion prices rebounded from a four month low as more investors bought the metal to hedge against risks brought by the Egypt turmoil.
Zijin Mining Co, China's largest gold producer, went up 3.6 percent to 7.21 yuan. Shandong Gold Mining Co jumped 4.3 percent to 44.63 yuan.
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