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Shanghai shares up on global market recovery
By Feng Jianmin |
August 12, 2011, Friday
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Online Edition
Online Edition
SHANGHAI'S key stock index rose for a third day in the morning session taking cue from strong market performance in the US and Europe.
The benchmark Shanghai Composite Index added 0.52 percent to 2,595.04 points. Turnover rose to 62 billion yuan (US$9.7 billion).
The Dow surged nearly 4 percent yesterday, bolstered by new data indicating that the US economy might not be headed into another recession. The government said the number of people filing for unemployment benefits for the first time fell to 395,000 last week, down 7,000 from a week earlier.
The European shares also gained yesterday led by financial shares after the Europe regulators take action to bolster the market by banning short-selling in the sector.
Meanwhile in China, liquidity improved for the third day after the central bank injected 70 billion yuan into the economy through open market operations this week. Liquidity has seen in net injection of a total 165 billion yuan in the past four weeks.
Oil producers led the gainers after crude oil price rose 3.4 percent in New York to US$85.72 per barrel, the highest in a week. China is keeping pump prices unchanged despite recent falls on the international markets.
PetroChina, the largest heavyweight on the market, added 0.7 percent to 9.99 yuan. Sinopec, the largest oil refiner in Asia, edged up 0.3 percent to 7.16 yuan.
The benchmark Shanghai Composite Index added 0.52 percent to 2,595.04 points. Turnover rose to 62 billion yuan (US$9.7 billion).
The Dow surged nearly 4 percent yesterday, bolstered by new data indicating that the US economy might not be headed into another recession. The government said the number of people filing for unemployment benefits for the first time fell to 395,000 last week, down 7,000 from a week earlier.
The European shares also gained yesterday led by financial shares after the Europe regulators take action to bolster the market by banning short-selling in the sector.
Meanwhile in China, liquidity improved for the third day after the central bank injected 70 billion yuan into the economy through open market operations this week. Liquidity has seen in net injection of a total 165 billion yuan in the past four weeks.
Oil producers led the gainers after crude oil price rose 3.4 percent in New York to US$85.72 per barrel, the highest in a week. China is keeping pump prices unchanged despite recent falls on the international markets.
PetroChina, the largest heavyweight on the market, added 0.7 percent to 9.99 yuan. Sinopec, the largest oil refiner in Asia, edged up 0.3 percent to 7.16 yuan.
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