Hopes over ECB moves help index rise
By Feng Jianmin |
December 3, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index edged up yesterday after commodity prices rose on expectations the European debt crisis may ease with a possible United States investment, but worries over an interest hike lingered.
The Shanghai Composite Index rose 0.7 percent, or 20.16 points to finish at 2,843.6. Turnover grew to 133.8 billion yuan (US$20.1 billion) from Wednesday's 104.2 billion yuan.
Investors expected the European Central Bank would adopt a more aggressive approach to deal with the debt crisis at a meeting yesterday, market watchers said. Measures that the ECB may unveil could include a fund injection from the US to address the problem.
Meanwhile, Li Daokui, adviser to the People's Bank of China, told People's Daily that China needs to "expand the stock market" by shifting more bank deposits to the market.
"Turnover remained low because investors are cautious about the market outlook," said Yang Jianbo, an analyst at Sinolink Securities.
Investors were also still worried about possible tighter monetary measures such as an interest rate rise, Yang said.
Commodity producers gained after product prices rose. Oil prices climbed to a nearly three-week high of above US$86 a barrel on the New York market, and copper rebounded to a two-week high of around US$8700 a ton in London. Prices of copper and aluminum futures also rose in Shanghai.
Jiangxi Copper Co rose 2.1 percent to 35.51 yuan. PetroChina Co was 1.2 percent higher at 11.10 yuan. Aluminum Corp of China added 0.7 percent to close at 10.24 yuan.
The Shanghai Composite Index rose 0.7 percent, or 20.16 points to finish at 2,843.6. Turnover grew to 133.8 billion yuan (US$20.1 billion) from Wednesday's 104.2 billion yuan.
Investors expected the European Central Bank would adopt a more aggressive approach to deal with the debt crisis at a meeting yesterday, market watchers said. Measures that the ECB may unveil could include a fund injection from the US to address the problem.
Meanwhile, Li Daokui, adviser to the People's Bank of China, told People's Daily that China needs to "expand the stock market" by shifting more bank deposits to the market.
"Turnover remained low because investors are cautious about the market outlook," said Yang Jianbo, an analyst at Sinolink Securities.
Investors were also still worried about possible tighter monetary measures such as an interest rate rise, Yang said.
Commodity producers gained after product prices rose. Oil prices climbed to a nearly three-week high of above US$86 a barrel on the New York market, and copper rebounded to a two-week high of around US$8700 a ton in London. Prices of copper and aluminum futures also rose in Shanghai.
Jiangxi Copper Co rose 2.1 percent to 35.51 yuan. PetroChina Co was 1.2 percent higher at 11.10 yuan. Aluminum Corp of China added 0.7 percent to close at 10.24 yuan.
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