Liquidity vow lifts key index slightly up
By Pan Xiaoyi |
March 9, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose nearly 1 percent yesterday cheered by reports that the central government pledged sufficient market liquidity this year.
The Shanghai Composite Index added 0.73 percent, or 22.17 points, to close at 3,053.23. But turnover shrank to 92.8 billion yuan (US$13.65 billion) from 105.8 billion yuan.
In a work report released at the annual session of the National People's Congress, the government planned a 17 percent increase in money supply and targeted new yuan loans at 7.5 trillion yuan this year, which analysts considered as a relatively loose monetary policy to shore up a stable economic recovery.
"The target could ensure a sustainable development of the financial markets," said Kang Hongtao, a Guoyuan Securities Co analyst. "It eased concerns over the tight market liquidity and the possibility that tightened monetary policies would be announced in a short time seems slim."
Property developers led gainers after UBS SDIC Funds Management Co launched a fund based on the financial and real estate sectors. Shanghai Lujiazui Finance & Trade Zone surged 7.1 percent to 24.41 yuan and Shanghai-based Shimao Co rose 2.9 percent to 14.79 yuan. Poly Real Estate Group gained 1.6 percent to 19.43 yuan and Gemdale Corp added 4 percent to 12.88 yuan.
Commodity producers gained on higher prices. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, rose 0.8 percent to 12.55 yuan and Jiangxi Copper Co added 0.1 percent to 35.95 yuan.
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