Index gains, still posts weekly loss
By Ding Yining |
March 6, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S market edged up on the last trading day of the week after Thursday's fall as brokerages boosted the bourse on news that index futures trading may start in April.
The benchmark Shanghai Composite Index edged up 0.25 percent, or 7.69 points, to close at 3,031.07. Turnover was 105.8 billion yuan(US$15.5 billion).
The gauge lost 0.68 percent this week.
"The market still remains unstable after today's (yesterday) mild rebound since specific policies to curb surging housing prices haven't been released," GF Securities Wan Bin wrote in a research note.
China expects its economy to grow 8 percent in 2010, and Premier Wen Jiabao told the National People's Congress in Beijing yesterday that this year will be crucial and complicated for economic recovery.
Brokerages were strong after China Securities Regulatory Commission Chairman Shang Fulin told China Securities Journal that index futures may launch in the middle of April. Haitong Securities added 1.62 percent to 16.94 yuan. Everbright Securities advanced 3.92 percent to 27.31 yuan.
Banks showed mixed results. The Industrial and Commercial Bank of China, the nation's biggest lender, rose 0.41 percent to 4.84 yuan. China Construction Bank edged up 0.54 percent to 5.62 yuan. The Bank of Communications was down 0.37 percent to 8.12 yuan.
The benchmark Shanghai Composite Index edged up 0.25 percent, or 7.69 points, to close at 3,031.07. Turnover was 105.8 billion yuan(US$15.5 billion).
The gauge lost 0.68 percent this week.
"The market still remains unstable after today's (yesterday) mild rebound since specific policies to curb surging housing prices haven't been released," GF Securities Wan Bin wrote in a research note.
China expects its economy to grow 8 percent in 2010, and Premier Wen Jiabao told the National People's Congress in Beijing yesterday that this year will be crucial and complicated for economic recovery.
Brokerages were strong after China Securities Regulatory Commission Chairman Shang Fulin told China Securities Journal that index futures may launch in the middle of April. Haitong Securities added 1.62 percent to 16.94 yuan. Everbright Securities advanced 3.92 percent to 27.31 yuan.
Banks showed mixed results. The Industrial and Commercial Bank of China, the nation's biggest lender, rose 0.41 percent to 4.84 yuan. China Construction Bank edged up 0.54 percent to 5.62 yuan. The Bank of Communications was down 0.37 percent to 8.12 yuan.
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