Shares close out best week in four years
Print Edition
SHANGHAI stocks surged nearly 2 percent yesterday to close out its best week in four years.
The Shanghai Composite Index rose 1.99 percent to 2,682.84 points. The gauge posted a six-day winning streak and closed 7.9 percent higher for the week, the best since mid-October 2010.
Analysts believed the recent rally was mainly driven by the interest rate cut, which boosted market liquidity.
The People’s Bank of China held a meeting on Thursday to discuss establishing a deposit insurance system in January, which aims to help financial institutions improve their mechanism for disposing risks.
China Everbright Bank, the Bank of Communications and China Citic Bank all surged by the daily limit of 10 percent to 3.80 yuan (62 US cents), 5.34 yuan and 6.11 yuan respectively.
Airlines took off when global crude oil prices fell after the Organization of Petroleum Exporting Countries chose not to cut output.
China Eastern Airlines, China Southern Airlines and Hainan Airlines all rose by the daily limit of 10 percent to 5.27 yuan, 4.14 yuan and 2.86 yuan respectively.
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