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Index rebounds to end week 5.3% higher
By Ding Yining |
July 9, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S market rebounded more than 2 percent on the last trading day of the week after the central bank pledged relatively loose monetary policy, easing previous liquidity concern.
The benchmark Shanghai Composite Index climbed 2.31 percent, or 55.77 points, to close at 2,470.92 points. Turnover was rose to 82 billion yuan (US$12 billion) from yesterday's 50.4 billion yuan. The weekly gain stood at 5.3 percent, the biggest since the beginning of this year.
The Shenzhen Composite Index, which tracks the smaller domestic market, jumped 2.93 percent to close at 984.32 points.
The People' s Bank of China said in an online statement on late Thursday that China will continue its relatively loose monetary policy during the latter half of the year to maintain the consistency and stability of macro economic policies.
"The announcement of the central bank is regarded by investors as a confirmation that there will be no major tightening measures in the second half and optimistic market sentiments pushed up the index," Huatai Securities wrote in a research note.
Bank of Communications jumped 2.51 percent to 6.12 yuan. Shanghai Pudong Development Bank advanced 3.19 percent to 14.23 yuan. Bank of China rose 2.02 percent to 3.54 yuan.
Metal companies rebounded. Yunnan Copper added 2.08 percent to 18.12 yuan. Zijin Mining Co rose 1.87 percent to 5.98 yuan. Aluminum Corp of China jumped 2.36 percent to 9.10 yuan.
Property developers also led the rebound. China Vanke Co, the country' biggest listed property developer, advanced 2.40 percent to 7.24 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd jumped 3.12 percent to 17.50 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd added 4.04 percent 11.58 yuan.
Energy companies and steel makers also closed higher after crude oil added 1.85 percent to US$75.44 per barrel on Thursday. PetroChina added 1.45 percent to 10.53 yuan. Yanzhou Coal Mining Co rose 6.48 percent to 16.93 yuan. Gansu Jingyuan Coal Industry and Electricity Power Co surged 6.38 percent to 11.50 yuan. Baoshan Iron & Steel Co rose 2.84 percent to 6.15 yuan.
The benchmark Shanghai Composite Index climbed 2.31 percent, or 55.77 points, to close at 2,470.92 points. Turnover was rose to 82 billion yuan (US$12 billion) from yesterday's 50.4 billion yuan. The weekly gain stood at 5.3 percent, the biggest since the beginning of this year.
The Shenzhen Composite Index, which tracks the smaller domestic market, jumped 2.93 percent to close at 984.32 points.
The People' s Bank of China said in an online statement on late Thursday that China will continue its relatively loose monetary policy during the latter half of the year to maintain the consistency and stability of macro economic policies.
"The announcement of the central bank is regarded by investors as a confirmation that there will be no major tightening measures in the second half and optimistic market sentiments pushed up the index," Huatai Securities wrote in a research note.
Bank of Communications jumped 2.51 percent to 6.12 yuan. Shanghai Pudong Development Bank advanced 3.19 percent to 14.23 yuan. Bank of China rose 2.02 percent to 3.54 yuan.
Metal companies rebounded. Yunnan Copper added 2.08 percent to 18.12 yuan. Zijin Mining Co rose 1.87 percent to 5.98 yuan. Aluminum Corp of China jumped 2.36 percent to 9.10 yuan.
Property developers also led the rebound. China Vanke Co, the country' biggest listed property developer, advanced 2.40 percent to 7.24 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd jumped 3.12 percent to 17.50 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd added 4.04 percent 11.58 yuan.
Energy companies and steel makers also closed higher after crude oil added 1.85 percent to US$75.44 per barrel on Thursday. PetroChina added 1.45 percent to 10.53 yuan. Yanzhou Coal Mining Co rose 6.48 percent to 16.93 yuan. Gansu Jingyuan Coal Industry and Electricity Power Co surged 6.38 percent to 11.50 yuan. Baoshan Iron & Steel Co rose 2.84 percent to 6.15 yuan.
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