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Market gains 1.6% in morning
By Feng Jianmin |
December 2, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key index rallied today following strong growth of the European and US market overnight on news that the US may pump in money to the International Monetary Fund to help ease the European debt crisis.
The benchmark Shanghai Composite Index rose 1.6 percent, or 45 points, to 2,868.5. Turnover grew to 75 billion (US$11.2 billion) from yesterday morning's 55.6 billion yuan. The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.4 percent to 1,322 points.
Investors are expecting that the European Central Bank would adopt a more aggressive approach to deal with the debt crisis on a meeting today, market watchers said. Measures may include a fund injection from the US to address the problem.
Car producers rose on news that growth of new energy car industry is accelerating and the government will invest "significant amount" of money to boost development of core technologies, reported Shanghai Securities Journal today. Saic Motor Corp grew 1.2 percent to 17.13 yuan. Faw Car Co rose 2.2 percent to 18.35 yuan. Dongfeng Automobile Co was up 1.3 percent to 5.38 yuan.
Brokerages rebounded after media reported China Securities Regulatory Commission indicated to launch a trial program for yuan funds to raise money in Hong Kong to invest in the mainland's A share market. GF Securities Co climbed 3.2 percent to 46.47 yuan. CITIC Securities Co gained 2.7 percent to 13.20 yuan. Changjiang Securities Co rose 2.4 percent to 12.17 yuan.
Blue chips also gained. Jiangxi Copper Co rose 3.7 percent to 36.08 yuan. Baoshan Iron & Steel Co went up 1.6 percent to 6.39 yuan. China Shenhua Energy Co added 1.5 percent to 24.50 yuan. China Vanke was up 1.2 percent to 8.32 yuan.
The benchmark Shanghai Composite Index rose 1.6 percent, or 45 points, to 2,868.5. Turnover grew to 75 billion (US$11.2 billion) from yesterday morning's 55.6 billion yuan. The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.4 percent to 1,322 points.
Investors are expecting that the European Central Bank would adopt a more aggressive approach to deal with the debt crisis on a meeting today, market watchers said. Measures may include a fund injection from the US to address the problem.
Car producers rose on news that growth of new energy car industry is accelerating and the government will invest "significant amount" of money to boost development of core technologies, reported Shanghai Securities Journal today. Saic Motor Corp grew 1.2 percent to 17.13 yuan. Faw Car Co rose 2.2 percent to 18.35 yuan. Dongfeng Automobile Co was up 1.3 percent to 5.38 yuan.
Brokerages rebounded after media reported China Securities Regulatory Commission indicated to launch a trial program for yuan funds to raise money in Hong Kong to invest in the mainland's A share market. GF Securities Co climbed 3.2 percent to 46.47 yuan. CITIC Securities Co gained 2.7 percent to 13.20 yuan. Changjiang Securities Co rose 2.4 percent to 12.17 yuan.
Blue chips also gained. Jiangxi Copper Co rose 3.7 percent to 36.08 yuan. Baoshan Iron & Steel Co went up 1.6 percent to 6.39 yuan. China Shenhua Energy Co added 1.5 percent to 24.50 yuan. China Vanke was up 1.2 percent to 8.32 yuan.
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