Index rises after Fed's pledge
By Ding Yining and Pan Xiaoyi |
August 31, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rose the most in two weeks after the United States Federal Reserve pledged to "do all that it can" to help the US economy recover, which boosted investor confidence that a double-dip recession would not occur.
The Shanghai Composite Index rose 1.61 percent, or 41.92 points, to close at 2,652.66, the biggest increase since August 16. Turnover totaled 120.9 billion yuan (US$17.78 billion) yesterday.
Fed Chairman Ben Bernanke last Friday said the US central bank would "do all that it can" to ensure economic recovery, even unveiling additional stimulus measures, if needed, to boost the US economy.
"The fine-tuning in the US policy may increase speculation China will follow suit," said Wang Fan, an analyst at Donghai Securities Co. "Investors are turning positive on expectations that (Chinese) stimulus packages will remain in place despite some curbs targeted at the overheated property market."
Commodity producers led gains on the prospect of higher raw materials demand.
Jiangxi Copper Co, China's biggest producer of the metal, surged 5.4 percent to 30.60 yuan. Zijin Mining Co jumped 3.4 percent to 6.43 yuan, and Shandong Gold Mining Co rose 2 percent to 42.08 yuan. Aluminum Corp of China Ltd added 1.5 percent to 10.20 yuan.
China Shenhua Energy Co, the country's biggest coal producer, rose 2.8 percent to 24.39 yuan after saying its first-half profit gained 13.9 percent to 19.3 billion yuan. Huaneng Power International added 0.7 percent to 6.16 yuan.
Shanghai New World Co rose 4.4 percent to 15.29 yuan on hopes strong holiday spending during the mid-Autumn festival and National Day holiday will boost its earnings. Hefei Department Store Group jumped 2.5 percent to 19.25 yuan.
The Shanghai Composite Index rose 1.61 percent, or 41.92 points, to close at 2,652.66, the biggest increase since August 16. Turnover totaled 120.9 billion yuan (US$17.78 billion) yesterday.
Fed Chairman Ben Bernanke last Friday said the US central bank would "do all that it can" to ensure economic recovery, even unveiling additional stimulus measures, if needed, to boost the US economy.
"The fine-tuning in the US policy may increase speculation China will follow suit," said Wang Fan, an analyst at Donghai Securities Co. "Investors are turning positive on expectations that (Chinese) stimulus packages will remain in place despite some curbs targeted at the overheated property market."
Commodity producers led gains on the prospect of higher raw materials demand.
Jiangxi Copper Co, China's biggest producer of the metal, surged 5.4 percent to 30.60 yuan. Zijin Mining Co jumped 3.4 percent to 6.43 yuan, and Shandong Gold Mining Co rose 2 percent to 42.08 yuan. Aluminum Corp of China Ltd added 1.5 percent to 10.20 yuan.
China Shenhua Energy Co, the country's biggest coal producer, rose 2.8 percent to 24.39 yuan after saying its first-half profit gained 13.9 percent to 19.3 billion yuan. Huaneng Power International added 0.7 percent to 6.16 yuan.
Shanghai New World Co rose 4.4 percent to 15.29 yuan on hopes strong holiday spending during the mid-Autumn festival and National Day holiday will boost its earnings. Hefei Department Store Group jumped 2.5 percent to 19.25 yuan.
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