Banks and blue chips lead index to end up
By Ding Yining |
February 11, 2010, Thursday
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Print Edition
Print Edition
SHANGHAI'S stock market closed more than 1 percent higher yesterday, lifted by banking shares and heavyweights, as January imports and exports surged in a further sign of an economic recovery.
The Shanghai Composite Index rose 1.14 percent, or 33.66 points, to close at 2,982.50. Turnover was 67 billion yuan (US$9.8 billion).
China's imports surged 85.5 percent to US$95.3 billion from a year ago, signaling stronger domestic demand while exports climbed 21 percent to US$204.8 billion in a second monthly rise, the National Bureau of Statistics said yesterday.
"January's macroeconomic statistics, which are set to be announced today, will have a large effect on how the market will perform in the last two days of trading ahead of the Lunar New Year holiday, and it's very likely the index will rebound after the holiday break with more positive statistics," Zhongyuan Securities' Zhang Gang wrote.
Central bank Governor Zhou Xiaochuan said during a bankers' meeting in Sydney on Tuesday that the People's Bank of China is keeping its rate steady and commercial banks should decide their own lending rates, easing concerns of an interest rate hike in the near future. He also added China must closely watch the inflation rate although it's still relatively low.
Shanghai Pudong Development Bank added 1.34 percent to 19.68 yuan, the Bank of Communications gained 0.74 percent to 8.19 yuan and China Merchants Bank rose 1.44 percent to 15.53 yuan.
Poly Real Estate Group rose 2.20 percent to 19.05 yuan and China Vanke Co gained 1.32 percent to 9.21 yuan.
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