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July 31, 2009

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Home » Business » Finance

Banks sparkle as key stock index rebounds

SHANGHAI'S key stock index rebounded yesterday from the biggest single-day drop in eight months, as banks advanced after the central government reiterated it will stick to its moderately loose monetary policy.

The Shanghai Composite Index rose 1.69 percent, or 55.13 points, to close at 3,321.56 points. Turnover fell to 219.8 billion yuan (US$32.32 billion) from Wednesday's record 296.9 billion yuan.

China's central bank will maintain the proactive fiscal and loose monetary policy to consolidate the country's economic recovery as it is still vital that the economic situation be stable, said Su Ning, vice governor of the People's Bank of China.

Wu Ling, an analyst at S&E Securities Brokerage Co, said: "The market's volatility rose as investors swung from concerns of asset price bubbles to upbeat market sentiment under the loose monetary policy."

Shanghai Pudong Development Bank Co surged 7.52 percent to 26.89 yuan. The Industrial and Commercial Bank of China added 3.29 percent to 5.34 yuan, China Construction Bank rose 6.02 percent to 6.52 yuan, and the Bank of China climbed 3.81 percent to end at 4.63 yuan.


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