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December 15, 2009

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Home » Business » Finance

Banks lift key stock index to nearly 2%

SHANGHAI'S key stock index rose nearly 2 percent to close above 3,300 points yesterday, led by a strong rebound of banking shares after Abu Dhabi provided US$10 billion to pay the debt of Dubai's Nakheel PJSC.

The index's climb helped to offset investor worries about a possible capital shortage due to a rise in share supplies.

The Shanghai Composite Index rose 1.71 percent, or 55.59 points, to 3,302.90. Turnover was 139.3 billion yuan (US$20.4 billion).

Dubai said yesterday it has received the massive inflow of funds from fellow United Arab Emirates member Abu Dhabi to repay a US$4.1-billion bond, avoiding a potential debt default.

Despite the index's rise, GF Securities analyst advised investors in a note to be cautious as short-term risks increase.

The Industrial and Commercial Bank of China, the nation's biggest lender, rose 1.72 percent to 5.32 yuan, and Shanghai Pudong Development Bank gained 1.63 percent to 22.47 yuan. China Construction Bank added 1.82 percent to 6.14 yuan while the Bank of Communications advanced 2 percent to 8.68 yuan.

Zijin Mining Co rose 1.55 percent to 10.45 yuan, and Jiangxi Copper gained 1.2 percent to 42.08 yuan.


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