Continued rebound by brokerages leads stocks to end at 7-week high
By Hu Xiaocen |
May 4, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks edged up yesterday to close at a seven-week high, led by brokerages which were still cheered by the new measures aimed at boosting the capital market.
The Shanghai Composite Index added 0.07 percent to finish at 2,440.08 points, the highest level since March 13.
Brokerages continued to rally on renewed market confidence after the China Securities Regulatory Commission unveiled new measures designed to prime the capital market.
Haitong Securities Co added 2 percent to 10.32 yuan (US$1.64), Sinolink Securities Co soared 8.4 percent to 15.04 yuan, and Founder Securities Co rose 3.2 percent to 5.50 yuan.
Meanwhile, an index tracking China's non-manufacturing activities shed 1.9 points from March to 56.1 in April, indicating a slower pace in growth, the National Bureau of Statistics said on its website yesterday. A reading above 50 means expansion.
"Non-manufacturing activities slowed due to a weakened consumer sector on seasonal effects," said Du Zhengzheng, an analyst at China Development Bank Securities. "The turnover in the property market remained low, signaling a contraction in the sector. The two sectors dragged the index lower in April."
By April 25, China's four biggest banks - the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of China - lent 260 billion yuan in new loans last month, a lower pace compared with March, the 21st Century Business Herald reported yesterday.
ICBC shed 1.1 percent to 4.36 yuan, CCB lost 0.8 percent to 4.73 yuan, and BOC slid 0.3 percent to 3.06 yuan.
The Shanghai Composite Index added 0.07 percent to finish at 2,440.08 points, the highest level since March 13.
Brokerages continued to rally on renewed market confidence after the China Securities Regulatory Commission unveiled new measures designed to prime the capital market.
Haitong Securities Co added 2 percent to 10.32 yuan (US$1.64), Sinolink Securities Co soared 8.4 percent to 15.04 yuan, and Founder Securities Co rose 3.2 percent to 5.50 yuan.
Meanwhile, an index tracking China's non-manufacturing activities shed 1.9 points from March to 56.1 in April, indicating a slower pace in growth, the National Bureau of Statistics said on its website yesterday. A reading above 50 means expansion.
"Non-manufacturing activities slowed due to a weakened consumer sector on seasonal effects," said Du Zhengzheng, an analyst at China Development Bank Securities. "The turnover in the property market remained low, signaling a contraction in the sector. The two sectors dragged the index lower in April."
By April 25, China's four biggest banks - the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of China - lent 260 billion yuan in new loans last month, a lower pace compared with March, the 21st Century Business Herald reported yesterday.
ICBC shed 1.1 percent to 4.36 yuan, CCB lost 0.8 percent to 4.73 yuan, and BOC slid 0.3 percent to 3.06 yuan.
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