BIZCHINA> Top Biz News
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BIZCHINA> Top Biz News
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Markets end flat, appliance makers up
(China Daily/Agencies)
Updated: 2009-11-13 08:57 Most mainland stocks rose as materials producers gained on higher commodity prices and appliance makers advanced on speculation increasing retail sales will boost earnings. Financial companies declined. About 10 stocks rose for every seven that dropped on the Shanghai Composite Index, which fell 2.25, or 0.1 percent, to 3,172.95 at close. The gauge has rallied 14 percent this quarter, the world's third-best performer, as the nation's economy rebounded. The CSI 300 Index gained 0.1 percent to 3,499.99. "Given the magnitude of the economic recovery, the market consensus is that corporate earnings will grow more than 20 percent next year and that will make valuations attractive," said Zheng Tuo, president of Good Hope Equity Investment Co in Shanghai. Shandong Gold Mining Co, China's third-largest bullion producer, rose 1.3 percent to 75.11 yuan ($11), after gold reached a record. Huludao Zinc Industry Co, China's second-largest zinc producer, added 1 percent to 6.30 yuan. Gold added 0.4 percent in New York to $1,119.50 an ounce yesterday, after surging earlier to a record $1,120.90. The Shanghai Composite has rallied 74 percent this year, rebounding from last year's 65-percent slump. Stocks traded on the measure trade at 33.66 times reported earnings, compared with an average 26.25 times in the past 12 months. Hang Seng down Hong Kong stocks retreated 1.01 percent yesterday, ending a four-day rally with banks leading losses and property issues under pressure.
The benchmark Hang Seng Index closed down 229.64 points at 22,397.57. The China Enterprises Index of top locally listed mainland stocks fell 1.01 percent to 13,324.99.
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