Expectation on Central Bank move fuels market confidence

By Joyce Pan | May 8, 2009, Friday |

Online Edition

SHANGHAI'S key stock index ended the week in an upbeat mood after weeklong fluctuations and hit a record high since August, led by lenders and property developers.

The benchmark Shanghai Composite Index rose 1.09 percent, or 28.20 points, to close at 2,625.65 points. Gainers outnumbered losers 435 to 388 while 20 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.2 percent to close at 879.93 points.

The local benchmark index closed lower at the morning break following tumbles in US markets. But lenders and property developers led shares up on expectations China's central bank would further lower the reserve requirement to ensure the stable growth of bank loans and smooth economic recovery.

Poly Real Estate Group Co surged 4.77 percent to 21.73 yuan. Shanghai-based Shimao climbed 1.99 percent to 13.3 yuan. Shanghai Lujiazui Finance & Trade Zone inched up 0.31 percent.

China Merchants Bank Co jumped 6.07 percent to 17.29 yuan. China Construction Bank Corp advanced 2.17 percent to 4.71 yuan. Shanghai Pudong Development Bank Co increased 0.89 percent to 24.82 yuan. Industrial and Commercial Bank of China gained 1.87 percent to 4.36 yuan.

Finance

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Expectation on Central Bank move fuels market confidence

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