Fresh aid plan for Greece lifts shares
By Feng Jianmin |
July 23, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock gauge yesterday rose for the first time in five days as a new aid plan for Greece eased worries Europe's debt crisis will spread.
The Shanghai Composite Index edged up 0.2 percent to 2,770.79. The gauge fell 1.8 percent this week, its first weekly decline in five weeks, due to tight liquidity and data showing manufacturing may have contracted this month.
"The increasing aid to Greece will help boost investors' confidence in the global economy and may lead to a short-term rebound in the stock market," said Mei Luwu, a fund manager at Lion Fund Management Co, which oversees more than US$7.8 billion.
Qin Haiyan, a fund manager with China Nature Asset Management Co, said the overall economic situation is fine and she expects the market to rise slowly in the short term.
China Shenhua Energy Co climbed 2 percent to 29.98 yuan (US$4.65) after the company said its commercial coal production in June rose 40 percent from a year earlier to 24.8 million tons. Sales jumped 25 percent to 32.8 million tons in June, it said.
The cement sector posted a 1.6 percent gain.
Anhui Conch Cement Co, China's biggest cement maker, gained 1.3 percent to 27.40 yuan. Fujian Cement Co jumped 7.4 percent to 13.87 yuan.
Gansu Jiu Steel Group Hongxing Iron and Steel Co jumped 4.1 percent to 5.90 yuan after the company said net income for the January-June period more than doubled from a year earlier to 902 million yuan.
The Shanghai Composite Index edged up 0.2 percent to 2,770.79. The gauge fell 1.8 percent this week, its first weekly decline in five weeks, due to tight liquidity and data showing manufacturing may have contracted this month.
"The increasing aid to Greece will help boost investors' confidence in the global economy and may lead to a short-term rebound in the stock market," said Mei Luwu, a fund manager at Lion Fund Management Co, which oversees more than US$7.8 billion.
Qin Haiyan, a fund manager with China Nature Asset Management Co, said the overall economic situation is fine and she expects the market to rise slowly in the short term.
China Shenhua Energy Co climbed 2 percent to 29.98 yuan (US$4.65) after the company said its commercial coal production in June rose 40 percent from a year earlier to 24.8 million tons. Sales jumped 25 percent to 32.8 million tons in June, it said.
The cement sector posted a 1.6 percent gain.
Anhui Conch Cement Co, China's biggest cement maker, gained 1.3 percent to 27.40 yuan. Fujian Cement Co jumped 7.4 percent to 13.87 yuan.
Gansu Jiu Steel Group Hongxing Iron and Steel Co jumped 4.1 percent to 5.90 yuan after the company said net income for the January-June period more than doubled from a year earlier to 902 million yuan.
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