Key index rebounds to close nearly 1% higher after tumble
By Cathy Ding |
November 20, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market closed nearly 1 percent higher yesterday after it staged a rebound in the afternoon session following a tumble of more than 2 percent earlier, with losses in financial shares erased by gains of property developers.
The Shanghai Composite Index added 0.81 percent, or 23.11 points, to close at 2,888.57. Turnover was 155.8 billion yuan (US$23.6 billion).
The gauge lost 3.24 percent this week.
Observers sounded a note of caution because of low market sentiment that was influenced by previous media reports which suggested the central bank might raise interest rates over the weekend.
The State Information Center, a research agency under the National Development and Reform Commission, said in a latest report that China's Consumer Price Index, a gauge of inflation, will rise 3.8 percent in the fourth quarter, the highest quarterly gain this year. It also suggested that the government may shift from the current moderately easy monetary policy to a more neutral one, the China Securities Journal reported yesterday.
The property sector rebounded from earlier losses. Poly Real Estate, China's second-largest listed property developer, edged up 0.16 percent to 12.40 yuan, and Shanghai Waigaoqiao Free Trade Zone Development surged 8.44 percent to 15.29 yuan.
Their gains helped offset declines by banks and insurers. China Merchants Bank shed 0.88 percent to 13.56 yuan. China Life Insurance lost 0.17 percent to 23.25 yuan.
SAIC Motor, the nation's largest auto maker, rose 1.17 percent to 18.21 yuan. The Shanghai-based company said it has agreed to pay US$5 million for a 0.97 percent stake in General Motors' IPO.
The Shanghai Composite Index added 0.81 percent, or 23.11 points, to close at 2,888.57. Turnover was 155.8 billion yuan (US$23.6 billion).
The gauge lost 3.24 percent this week.
Observers sounded a note of caution because of low market sentiment that was influenced by previous media reports which suggested the central bank might raise interest rates over the weekend.
The State Information Center, a research agency under the National Development and Reform Commission, said in a latest report that China's Consumer Price Index, a gauge of inflation, will rise 3.8 percent in the fourth quarter, the highest quarterly gain this year. It also suggested that the government may shift from the current moderately easy monetary policy to a more neutral one, the China Securities Journal reported yesterday.
The property sector rebounded from earlier losses. Poly Real Estate, China's second-largest listed property developer, edged up 0.16 percent to 12.40 yuan, and Shanghai Waigaoqiao Free Trade Zone Development surged 8.44 percent to 15.29 yuan.
Their gains helped offset declines by banks and insurers. China Merchants Bank shed 0.88 percent to 13.56 yuan. China Life Insurance lost 0.17 percent to 23.25 yuan.
SAIC Motor, the nation's largest auto maker, rose 1.17 percent to 18.21 yuan. The Shanghai-based company said it has agreed to pay US$5 million for a 0.97 percent stake in General Motors' IPO.
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