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September 8, 2009

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Home » Business » Finance

Key stock index rises on pledge by G20

SHANGHAI'S key stock index yesterday rose for a fifth day, boosted by news that G20 countries have pledged to continue their stimulus measures in an effort to consolidate the global economic recovery.

The Shanghai Composite Index added 0.68 percent, or 19.51 points, to close at 2,881.12 after hitting a high of 2,919.35. Turnover rose slightly to 146.74 billion yuan (US$21.58 billion) from 142.2 billion yuan.

Chinese Finance Minister Xie Xuren told the Group of 20 countries at the G20 meeting in London over the weekend that China would stick to the proactive fiscal policy to boost its economic growth.

The shares initially rose on his remarks but the gains narrowed in the afternoon when concerns arose that the pace of the global economic recovery fell short of expectations despite the various stimulus packages offered by governments, said Wan Bing, an analyst at GF Securities Co.

In yesterday's trading, healthcare companies led gainers after the Ministry of Industry and Information Technology was reported to have ordered 7.3 million shorts of swine flu vaccine.

Shenzhen Neptunnus Bioengineering Co and Guilin Layn Natural Ingredients Corp jumped by the 10 percent daily cap to 10.69 yuan and 44.26 yuan. Beijing Tiantan Biological Products Corp also surged 10 percent to 26.28 yuan.

Lenders climbed after Liu Mingkang, head of the China Banking Regulatory Commission, said lending growth will be more stable in the second half. CITIC Bank added 4.17 percent to 5.50 yuan. Bank of Beijing Co gained 4.32 percent to 17.13 yuan.


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