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Bank and coal producers rise in Shanghai stock market
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SHANGHAI stocks rose 0.40 percent to 2317.02 points in midday trading, lifted by surging blue chips.
Media have reported China’s central bank will drain 10 billion yuan (US$1.63 billion) from money markets by issuing 14-day bond repurchase agreements. This may signal the advent of a new round of easing monetary.
The banking sector became popular among investors. China Citic Bank surged 5.25 percent to 4.61 yuan, while Bank of Communications rose 3.48 percent to 4.46 yuan.
The Ministry of Land and Resources resumed today the application for exploration rights in new coal mines, as a way to sustain growth in the coal market.
Sdic Xinji Energy was up 7.67 percent to 4.35 yuan, while Shanxi Antai gained 4.71 percent to 3.56 yuan.
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