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Index rises after Wen's forecast
By Ding Yining |
March 1, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index added more than 1 percent today, as Chinese Premier Wen Jiabao reiterated a pro-active monetary policy and pledged to strengthen management of inflation.
The benchmark Shanghai Composite Index rose 1.18 percent, or 35.90 points, to close at 3,087.84 points. Turnover was 131.3 billion yuan (US$19.2 billion). Gainers outnumbered losers 720 to 150 while 40 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 1.07 percent to close at 1,184.88 points.
Premier Wen told an online chat organized by two major state-owned portals on Saturday that the government still needs an appropriately loose monetary policy to keep stable and relatively fast economic growth while it will also keep an eye on inflationary pressure.
China's Purchasing Manager's Index remained in the expansionary range for the 12th month, the China Federation of Logistics & Purchasing said today. The figure fell to a seasonally adjusted 52 in February, lower from 55.8 in January, easing the risk of an overheating in the fast-growing economy.
Heavily weighted steel makers and oil producers were among the gainers. Baoshan Iron and Steel Co, China's biggest steel maker, advanced 1.99 percent to 8.20 yuan. PetroChina edged up 0.46 percent to 13.06 yuan. Wuhan Iron & Steel jumped 1.47 percent to 6.91 yuan.
Copper suppliers were strong on concerns that the metal's output might be disrupted by the Chilean earthquake, lifting commodity prices.
Yunnan Copper Co surged by 10 percent to 28.05 yuan. Jiangxi Copper also rallied 10 percent to 38.54 yuan.
Banks also lifted the index. Bank of Communications added 1.59 percent to 8.33 yuan. China Merchants Bank rose 2.52 percent to 16.30 yuan.
The benchmark Shanghai Composite Index rose 1.18 percent, or 35.90 points, to close at 3,087.84 points. Turnover was 131.3 billion yuan (US$19.2 billion). Gainers outnumbered losers 720 to 150 while 40 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 1.07 percent to close at 1,184.88 points.
Premier Wen told an online chat organized by two major state-owned portals on Saturday that the government still needs an appropriately loose monetary policy to keep stable and relatively fast economic growth while it will also keep an eye on inflationary pressure.
China's Purchasing Manager's Index remained in the expansionary range for the 12th month, the China Federation of Logistics & Purchasing said today. The figure fell to a seasonally adjusted 52 in February, lower from 55.8 in January, easing the risk of an overheating in the fast-growing economy.
Heavily weighted steel makers and oil producers were among the gainers. Baoshan Iron and Steel Co, China's biggest steel maker, advanced 1.99 percent to 8.20 yuan. PetroChina edged up 0.46 percent to 13.06 yuan. Wuhan Iron & Steel jumped 1.47 percent to 6.91 yuan.
Copper suppliers were strong on concerns that the metal's output might be disrupted by the Chilean earthquake, lifting commodity prices.
Yunnan Copper Co surged by 10 percent to 28.05 yuan. Jiangxi Copper also rallied 10 percent to 38.54 yuan.
Banks also lifted the index. Bank of Communications added 1.59 percent to 8.33 yuan. China Merchants Bank rose 2.52 percent to 16.30 yuan.
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