Key index climbs the most in over 2 weeks to end at 2.78%
By Feng Jianmin and Ding Yining |
June 10, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks jumped the most in more than two weeks on a report which said that China's exports grew higher than expected and also after banks rose on a central bank's pledge to ensure enough liquidity.
The Shanghai Composite Index jumped 2.78 percent to close at 2,583.87. Turnover climbed to 102.7 billion yuan (US$15.1 billion) from Tuesday's 69.3 billion yuan.
Chinese exports in May surged about 50 percent from a year earlier, higher than the previously estimates of around 30 percent, Reuters said yesterday, citing sources.
China is set to unveil May's Consumer Price Index and other economic data on Friday.
The People's Bank of China said it will still keep a relatively loose monetary policy for stable economic growth to ensure no negative impact from the European debt crisis, according to its 2009 financial report released on Tuesday.
The index's rise was also boosted by the inflow of capital as large institutional investors tried to stabilize the market ahead of the Agricultural Bank of China's initial public offering, observers said.
But this kind of strong rebound was not sustainable, said Chen Wenjun, an analyst at Lianxun Securities.
Banks rebounded, with China CITIC Bank Co leading the way as it rose by the daily limit of 10 percent to 5.51 yuan. China Merchants Bank gained 4.07 percent to 13.03 yuan and the Bank of China jumped 3.42 percent to 3.63 yuan.
The Shanghai Composite Index jumped 2.78 percent to close at 2,583.87. Turnover climbed to 102.7 billion yuan (US$15.1 billion) from Tuesday's 69.3 billion yuan.
Chinese exports in May surged about 50 percent from a year earlier, higher than the previously estimates of around 30 percent, Reuters said yesterday, citing sources.
China is set to unveil May's Consumer Price Index and other economic data on Friday.
The People's Bank of China said it will still keep a relatively loose monetary policy for stable economic growth to ensure no negative impact from the European debt crisis, according to its 2009 financial report released on Tuesday.
The index's rise was also boosted by the inflow of capital as large institutional investors tried to stabilize the market ahead of the Agricultural Bank of China's initial public offering, observers said.
But this kind of strong rebound was not sustainable, said Chen Wenjun, an analyst at Lianxun Securities.
Banks rebounded, with China CITIC Bank Co leading the way as it rose by the daily limit of 10 percent to 5.51 yuan. China Merchants Bank gained 4.07 percent to 13.03 yuan and the Bank of China jumped 3.42 percent to 3.63 yuan.
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