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Market rises on liquidity announcement
By Joyce Pan |
March 8, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose nearly 1 percent today after the government pledged to maintain market liquidity this year.
The benchmark Shanghai Composite Index added 0.73 percent, or 22.17 points, to close at 3,053.23 points. Turnover stood at 92.8 billion yuan (US$13.65 billion). Gainers outnumbered losers 710 to 157 and 24 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed up 0.98 percent at 1,172.8 points.
In the government work report released at the annual session of the National People's Congress, the government planned a 17-percent increase of broad money supply in 2010 and has set a target of new yuan loans of 7.5 trillion yuan for this year, which was considered by analysts as a relatively loose monetary policy to shore up a stable economic recovery.
Property developers led the gainers. Shanghai Lujiazui Finance & Trade Zone surged 7.1 percent to 24.41 yuan. Shanghai-based Shimao Co rose 2.9 percent to 14.79 yuan. Poly Real Estate Group was up 1.6 percent to 19.43 yuan. Gemdale Corp advanced 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, jumped 0.8 percent to 12.55 yuan. Jiangxi Copper Co increased 0.1 percent to 35.95 yuan. Yunnan Chihong Zinc & Germanium Co edged up 0.2 percent to 22.23 yuan.
The benchmark Shanghai Composite Index added 0.73 percent, or 22.17 points, to close at 3,053.23 points. Turnover stood at 92.8 billion yuan (US$13.65 billion). Gainers outnumbered losers 710 to 157 and 24 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed up 0.98 percent at 1,172.8 points.
In the government work report released at the annual session of the National People's Congress, the government planned a 17-percent increase of broad money supply in 2010 and has set a target of new yuan loans of 7.5 trillion yuan for this year, which was considered by analysts as a relatively loose monetary policy to shore up a stable economic recovery.
Property developers led the gainers. Shanghai Lujiazui Finance & Trade Zone surged 7.1 percent to 24.41 yuan. Shanghai-based Shimao Co rose 2.9 percent to 14.79 yuan. Poly Real Estate Group was up 1.6 percent to 19.43 yuan. Gemdale Corp advanced 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, jumped 0.8 percent to 12.55 yuan. Jiangxi Copper Co increased 0.1 percent to 35.95 yuan. Yunnan Chihong Zinc & Germanium Co edged up 0.2 percent to 22.23 yuan.
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