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Key index climbs above 1%
By Ding Yining and Pan Xiaoyi |
November 26, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S stock market gained more than 1 percent yesterday, boosted by a rise in the United States share market that was helped by better jobless data as well as a pledge by China's central bank to beef up policy tools to fight inflation.
The Shanghai Composite Index rose 1.34 percent, or 38.32 points, to close at 2,898.26. Turnover climbed to 167.2 billion yuan (US$25 billion) from 116 billion yuan on Wednesday.
The US Labor Department said jobless claims fell to a lower-than-expected 407,000 last week, sending the Standard & Poor's 500 Index to a 1.5 percent gain overnight, the most in four days.
The People's Bank of China said it will strengthen liquidity management and normalize monetary conditions after raising banks' reserve ratio twice in November to rein in inflation, according to its statement on Wednesday.
''A tighter monetary policy is necessary as international speculative investment and record credit have sparked inflationary pressure and excessive market liquidity,'' said Tang Yunfei, an analyst at TX Investment Consulting Co.
Brokers gained after a third batch of 14 brokerages got approval to carry out margin trading and short-selling. It is estimated that about 21 billion yuan will be pumped into the market from trading in them. Guoyuan Securities Co jumped 1.9 percent to 13.11 yuan. Changjiang Securities Co rose 1 percent to 12.88 yuan.
Commodity producers surged on rising prices. PetroChina, the index's biggest component, added 2.1 percent to 11.18 yuan while China Petroleum and Chemical Corp rose 1.1 percent to 8.25 yuan. Jiangxi Copper climbed 2.6 percent to 35.94 yuan and Zhuzhou Smelter Group Co rose 8.7 percent to 17.31 yuan.
The Shanghai Composite Index rose 1.34 percent, or 38.32 points, to close at 2,898.26. Turnover climbed to 167.2 billion yuan (US$25 billion) from 116 billion yuan on Wednesday.
The US Labor Department said jobless claims fell to a lower-than-expected 407,000 last week, sending the Standard & Poor's 500 Index to a 1.5 percent gain overnight, the most in four days.
The People's Bank of China said it will strengthen liquidity management and normalize monetary conditions after raising banks' reserve ratio twice in November to rein in inflation, according to its statement on Wednesday.
''A tighter monetary policy is necessary as international speculative investment and record credit have sparked inflationary pressure and excessive market liquidity,'' said Tang Yunfei, an analyst at TX Investment Consulting Co.
Brokers gained after a third batch of 14 brokerages got approval to carry out margin trading and short-selling. It is estimated that about 21 billion yuan will be pumped into the market from trading in them. Guoyuan Securities Co jumped 1.9 percent to 13.11 yuan. Changjiang Securities Co rose 1 percent to 12.88 yuan.
Commodity producers surged on rising prices. PetroChina, the index's biggest component, added 2.1 percent to 11.18 yuan while China Petroleum and Chemical Corp rose 1.1 percent to 8.25 yuan. Jiangxi Copper climbed 2.6 percent to 35.94 yuan and Zhuzhou Smelter Group Co rose 8.7 percent to 17.31 yuan.
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