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Banks drive index to biggest weekly gain
By Feng Jianmin |
July 23, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rose today, driving the benchmark index to the biggest weekly gain this year, after country leaders pledged again a "modestly loose" monetary policy.
The benchmark Shanghai Composite Index rose 0.38 percent, or 9.62 points, to close at 2,572.03. Turnover expanded to 101.2 billion yuan (US$ 15 billion) from yesterday's 95.8 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.31 percent to 1,039.02 points.
Chinese President Hu Jintao said recently in a conference held with non-Communist Party officials that China will increase the flexibility of its macroeconomic policies and implement a proactive fiscal policy, Xinhua news agency reported late yesterday.
Premier Wen Jiabao also emphasized the need to boost domestic demand for the second time this week.
Bank of China added 0.56 percent to 3.57 yuan. Bank of Communications was 0.63 percent higher to 6.39 yuan. Industrial and Commercial Bank of China gained 1.41 percent to 4.32 yuan. Agricultural Bank of China advanced 3 percent to 2.81 yuan.
Property developers were mixed after media reports said that experts of the Ministry of Finance denied rumors that a property tax won't be levied on a trial basis until 2012.
China Vanke edged up 0.63 percent to 8 yuan. Gemdale Corp lost 1.31 percent to 6.76 yuan. Poly Real Estate Group Co added 0.24 percent to 12.38 yuan.
The benchmark Shanghai Composite Index rose 0.38 percent, or 9.62 points, to close at 2,572.03. Turnover expanded to 101.2 billion yuan (US$ 15 billion) from yesterday's 95.8 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.31 percent to 1,039.02 points.
Chinese President Hu Jintao said recently in a conference held with non-Communist Party officials that China will increase the flexibility of its macroeconomic policies and implement a proactive fiscal policy, Xinhua news agency reported late yesterday.
Premier Wen Jiabao also emphasized the need to boost domestic demand for the second time this week.
Bank of China added 0.56 percent to 3.57 yuan. Bank of Communications was 0.63 percent higher to 6.39 yuan. Industrial and Commercial Bank of China gained 1.41 percent to 4.32 yuan. Agricultural Bank of China advanced 3 percent to 2.81 yuan.
Property developers were mixed after media reports said that experts of the Ministry of Finance denied rumors that a property tax won't be levied on a trial basis until 2012.
China Vanke edged up 0.63 percent to 8 yuan. Gemdale Corp lost 1.31 percent to 6.76 yuan. Poly Real Estate Group Co added 0.24 percent to 12.38 yuan.
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