Market rebounds after policy statement
By Staff Reporter |
July 10, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks jumped yesterday, sending the benchmark index to its biggest weekly gain this year, after the central bank's pledge of a relatively loose monetary policy, easing liquidity concern.
The Shanghai Composite Index climbed 2.31 percent to close at 2,470.92. Turnover rose to 82 billion yuan (US$12 billion) from Thursday's 50.4 billion yuan. The 3.7 percent weekly gain is the most since the final week of 2009, when the gauge surged 4.3 percent.
The People's Bank of China said on Thursday that China would continue its relatively loose monetary policy and said money and loan growth was "reasonable" in the first six months and liquidity in the banking system "basically appropriate."
China Eastern Airlines, the nation's second-largest carrier, led gains by carriers after China Business News reported the airline's passenger numbers increased 70 percent last month from a year ago.
China Eastern advanced 5.6 percent to 6.77 yuan, the most since April 10. China Southern Airlines, the nation's biggest carrier by fleet size, added 4.1 percent to 6.29 yuan. Air China rose 3.9 percent to 10.79 yuan.
The Shanghai Composite Index climbed 2.31 percent to close at 2,470.92. Turnover rose to 82 billion yuan (US$12 billion) from Thursday's 50.4 billion yuan. The 3.7 percent weekly gain is the most since the final week of 2009, when the gauge surged 4.3 percent.
The People's Bank of China said on Thursday that China would continue its relatively loose monetary policy and said money and loan growth was "reasonable" in the first six months and liquidity in the banking system "basically appropriate."
China Eastern Airlines, the nation's second-largest carrier, led gains by carriers after China Business News reported the airline's passenger numbers increased 70 percent last month from a year ago.
China Eastern advanced 5.6 percent to 6.77 yuan, the most since April 10. China Southern Airlines, the nation's biggest carrier by fleet size, added 4.1 percent to 6.29 yuan. Air China rose 3.9 percent to 10.79 yuan.
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