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Financials, developers drive stock market rally
By Lydia Chen |
October 12, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI shares posted a strong rebound in the morning session today, powered by financials and developers, on speculation that the government may reveal more market-saving measures.
The Shanghai Composite Index jumped 2.16 percent to 2,399.18. Turnover rose to nearly 40 billion yuan (US$6.29 billion) in the morning session.
Banks extended yesterday's climb after Central Huijin Investment Ltd, a state-run investment arm, began buying shares of the top four financial institutions.
The Industrial & Commercial Bank of China, the nation's largest lender, added 1.48 percent to 4.11 yuan. Bank of China climbed 1.37 percent to 2.97 yuan.
Train makers CSR Corp jumped almost 4 percent in the early trading and China CNR Corp rallied 5.15 percent. The nation's two biggest train makers advanced after the 21st Century Business Herald reported their parent companies may each receive a 2 billion yuan cash injection from the government.
The Shanghai Composite Index jumped 2.16 percent to 2,399.18. Turnover rose to nearly 40 billion yuan (US$6.29 billion) in the morning session.
Banks extended yesterday's climb after Central Huijin Investment Ltd, a state-run investment arm, began buying shares of the top four financial institutions.
The Industrial & Commercial Bank of China, the nation's largest lender, added 1.48 percent to 4.11 yuan. Bank of China climbed 1.37 percent to 2.97 yuan.
Train makers CSR Corp jumped almost 4 percent in the early trading and China CNR Corp rallied 5.15 percent. The nation's two biggest train makers advanced after the 21st Century Business Herald reported their parent companies may each receive a 2 billion yuan cash injection from the government.
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