Gold, healthcare lead market rebound
SHANGHAI - Stocks on the Chinese mainland rose, with the benchmark index climbing from the biggest loss in a month, as investors sought gold and healthcare companies as a hedge against inflation after violence escalated in Libya.
Zijin Mining Group Co surged the most in four months after bullion traded within 3 percent of a record. A gauge tracking healthcare companies registered the second-biggest gain among 10 industry groups on the CSI 300 Index on speculation that they will be more sheltered from tightening measures and the tensions in the Middle East. China Petroleum & Chemical Corp declined to the lowest in a month as oil traded near the highest level in two years.
"The sentiment in the market is to seek havens as the unrest in the Middle East may drag the indices down in the near term," said Wu Kan, a fund manager at Dazhong Insurance Co, which oversees $285 million. "Some investors may seek valuation opportunities after a big plunge, but the overall downward trend isn't changing."
