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August 4, 2009

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Key stock index closes nearly 1.5% up

SHANGHAI'S key stock index closed nearly 1.5 percent higher yesterday as the central government will continue to maintain its relatively loose monetary policy.

The Shanghai Composite Index jumped 1.48 percent, or 50.53 points, to close at 3,462.59 points. Turnover was 236.3 billion yuan (US$34.6 billion). Gainers outnumbered losers 712 to 149 and 47 stocks were flat.

Vice Premier Li Keqiang said in a statement yesterday that the Chinese economy is heading toward recovery and it is at a critical moment. The country will continue its positive fiscal policy and relatively loose monetary policy this year, he said.

"Although a short period of adjustment may appear, the upward trend will continue in the long run with the support of macroeconomic policy and the liquid capital supply," Guoyuan Securities wrote in a report.

The Purchasing Managers' Index rose to its 12-month high of 52.8 in July, the Hong Kong brokerage CLSA Asia Pacific Markets said yesterday. The figure was up from June's 51.8 on a 100-point scale. Numbers above 50 suggest an economic expansion.

China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, jumped 4.45 percent to 15.03 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, rose 1.59 percent to 15.98 yuan. Huadian Power International Co Ltd surged 6.73 percent to 6.66 yuan.

Baoshan Iron and Steel Co, China's biggest steel maker, added 4.88 percent to 10.10 yuan and Angang Steel Co Ltd surged 8.93 percent to close at 18.90 yuan.


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