Index soars on EU moves
By Ye Zhen |
June 30, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI shares rebounded from a five-month low yesterday after European Union leaders meeting in Brussels took steps to ease the prolonged eurozone debt crisis, upending expectation that no progress would be made at the summit.
The Shanghai Composite Index rose 1.35 percent to 2,225.43 points, snapping its seven-day losing streak. The index fell 1.57 percent for the week and 6.19 percent for the month.
The leaders of the 17-nation eurozone agreed on an emergency measure to lower borrowing costs for Spain and Italy.
Li Daxiao of Yingda Securities said the moves will help alleviate the crisis and stabilize the global markets, including Shanghai's A shares.
Banks rose after Shang Fulin, chairman of the China Banking Regulatory Commission, said: "China is working on measures to expand financing channels for banks, including raising funds through overseas markets and encouraging private investment in the sector." The Industrial and Commercial Bank of China, the nation's biggest lender, added 0.8 percent to 3.95 yuan (62 US cents).
The Shanghai Composite Index rose 1.35 percent to 2,225.43 points, snapping its seven-day losing streak. The index fell 1.57 percent for the week and 6.19 percent for the month.
The leaders of the 17-nation eurozone agreed on an emergency measure to lower borrowing costs for Spain and Italy.
Li Daxiao of Yingda Securities said the moves will help alleviate the crisis and stabilize the global markets, including Shanghai's A shares.
Banks rose after Shang Fulin, chairman of the China Banking Regulatory Commission, said: "China is working on measures to expand financing channels for banks, including raising funds through overseas markets and encouraging private investment in the sector." The Industrial and Commercial Bank of China, the nation's biggest lender, added 0.8 percent to 3.95 yuan (62 US cents).
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