Markets

Agricultural producers' stocks up - Aug 4

(China Daily/Agencies)
Updated: 2010-08-05 10:53

SHANGHAI - Chinese mainland stocks rose as agriculture producers climbed on the prospect recent floods will boost food prices while alcoholic beverage makers rallied on speculation their earnings will be more resilient in an economic slowdown.

Related readings:  Chinese stocks rise, led by automakers, gold producers  China's stocks down, led by weak bank shares - Aug 3  China's stocks decline Friday

"It's wait-and-see now for most investors after last month's rally," said Li Jun, strategist at Central China Securities Holdings Co. "Inflationary pressures have strengthened and the external picture remains cloudy. People want to see evidence of a soft-landing."

The Shanghai Composite Index gained 0.4 percent to 2638.52 at the 3pm close, erasing a drop of as much as 1.4 percent in the last hour of trade. About three stocks rose for each that declined, with a gauge of property companies the only losers among the five industry groups.

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