Lenders help share index to close up
Print Edition
SHANGHAI stocks edged up yesterday, helped by banks while transport and property shares sank as uncertainty over monetary policy clouded trading sentiment.
The Shanghai Composite Index added 0.05 percent, or 1.4 points, to close at 2,822.45 points.
China Everbright Bank Co rallied 1.41 percent to 3.60 yuan (55 US cents) and China Merchants Bank added 1.02 percent to 17.84 yuan.
Transport shares fell as shrinking demand curbed shipping freight. China Cosco Holdings Co Ltd sank 1.16 percent to 5.11 yuan while China Shipping Development Co lost 1.15 percent to 6 yuan.
Gemdale Corporation shed 0.18 percent to 10.89 yuan and COFCO Property (Group) Co lost 1.08 percent to 9.13 yuan.
Investment consultant Fan Bo at AVIC Securities said in a note yesterday the key index may rise after the release of macroeconomic data this week.
The People’s Bank of China yesterday cut the daily fixing by 0.45 percent to 6.5784 per dollar, the weakest since February 2011.
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