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Index rises 2% on positive outlook
By Ding Yining |
July 28, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market jumped more than 2 percent today as airlines and property shares rebounded after the central bank released optimistic outlook on economic recovery and reiterated its relatively loose monetary policy.
The benchmark Shanghai Composite Index jumped 2.26 percent, or 58.30 points, to close at 2,633.66 points. Turnover was 122 billion yuan (US$17.9 billion). The gauge has rebounded 11 percent from this year's lowest level on July 5.
The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.15 percent to close at 1,071.95 points.
Airlines led the rebound in the morning trading among expectations their earnings will be boosted among surging local tourism demand. China Southern Airlines rose 4.10 percent to 7.37 yuan. China Eastern Airlines advanced 5.58 percent to 8.14 yuan. The carrier will invest 2.38 billion yuan to set up an airline joint venture with the Yunnan provincial government. Air China rose 2.20 percent to 12.57 yuan.
Banks also lifted the index. Bank of Communications jumped 2.83 percent to 6.53 yuan. Shanghai Pudong Development Bank rose 3.15 percent to 15.07 yuan. China Merchants Bank added 2.55 percent to 14.47 yuan.
The central bank said on its website that China's "economic fundamentals remain good and not likely to face double dip." The country's decreasing dependence on exports also means the European debt crisis is unlikely to have a large impact, the central bank said in its second quarter report yesterday.
Real estate developers rebounded from earlier losses. Shanghai Shimao Co rose 4.78 percent to 14.48 yuan. China Vanke Co jumped 2.85 percent to 8.31 yuan. Gemdale Corporation advanced 6.89 percent to 7.14 yuan.
Beijing Zhongke Sanhuan High-Tech Co said it may set up a joint venture with China Minmetals Nonferrous Metals Co to produce rare-earth materials. The stock rose 1.33 percent to 13.71 yuan.
Metal companies are also among the gainers. Yunnan Copper rose 2.79 percent to 20.29 yuan. Metallurgical Corporation of China added 1.92 percent to 4.25 yuan. Ningbo Fubang Jingye Group lifted 2.07 percent to 7.89 yuan.
The benchmark Shanghai Composite Index jumped 2.26 percent, or 58.30 points, to close at 2,633.66 points. Turnover was 122 billion yuan (US$17.9 billion). The gauge has rebounded 11 percent from this year's lowest level on July 5.
The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.15 percent to close at 1,071.95 points.
Airlines led the rebound in the morning trading among expectations their earnings will be boosted among surging local tourism demand. China Southern Airlines rose 4.10 percent to 7.37 yuan. China Eastern Airlines advanced 5.58 percent to 8.14 yuan. The carrier will invest 2.38 billion yuan to set up an airline joint venture with the Yunnan provincial government. Air China rose 2.20 percent to 12.57 yuan.
Banks also lifted the index. Bank of Communications jumped 2.83 percent to 6.53 yuan. Shanghai Pudong Development Bank rose 3.15 percent to 15.07 yuan. China Merchants Bank added 2.55 percent to 14.47 yuan.
The central bank said on its website that China's "economic fundamentals remain good and not likely to face double dip." The country's decreasing dependence on exports also means the European debt crisis is unlikely to have a large impact, the central bank said in its second quarter report yesterday.
Real estate developers rebounded from earlier losses. Shanghai Shimao Co rose 4.78 percent to 14.48 yuan. China Vanke Co jumped 2.85 percent to 8.31 yuan. Gemdale Corporation advanced 6.89 percent to 7.14 yuan.
Beijing Zhongke Sanhuan High-Tech Co said it may set up a joint venture with China Minmetals Nonferrous Metals Co to produce rare-earth materials. The stock rose 1.33 percent to 13.71 yuan.
Metal companies are also among the gainers. Yunnan Copper rose 2.79 percent to 20.29 yuan. Metallurgical Corporation of China added 1.92 percent to 4.25 yuan. Ningbo Fubang Jingye Group lifted 2.07 percent to 7.89 yuan.
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