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Premier's remarks stabilize share index
By Ding Yining and Feng Jianmin |
July 16, 2010, Friday
|
Online Edition
Online Edition
THE Shanghai market almost remained unchanged as financial shares and steel producers rebounded from morning losses after Premier Wen Jiabao pledged continuity of macroeconomic policy.
The benchmark Shanghai Composite Index dipped 0.03 points to close at 2,424.27 points. Turnover shrank to 56 billion (US$ 8.26 billion) from yesterday's 72.2 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 0.59 percent to 969.47 points.
"China's economy is consistent with the government's macro-economic regulation and control," Premier Wen said during a press conference with German Chancellor Angela Merkel.
"The theme of regulation in the second half is to maintain stability in policy," he added.
Banks showed mixed results as investors remained cautious about a slowdown in economic growth after China's top statistics bureau yesterday reported a 10.3 percent growth of gross domestic product in the second quarter from a year earlier, down from 11.9 percent in the first quarter.
Bank of China was down 0.58 percent to 3.43 yuan. Industrial and Commercial Bank of China lost 0.72 percent to 4.15 yuan. Shanghai Pudong Development Bank edged up 0.35 percent to 14.15 yuan.
Wuhan Iron & Steel Co added 0.69 percent to 20.78 yuan. Maanshan Iron & Steel rose 2.30 percent to 7.57 yuan.
Oil producers closed lower. PetroChina, the biggest index component, lost 0.68 percent to 10.21 yuan. China Petroleum & Chemical Corp fell 1.26 percent to 7.85 yuan.
Metal producers were among the gainers. Jiangxi Copper added 2.01 percent to 25.43 yuan. Aluminum Corporation of China Ltd was up 0.56 percent to 8.98 yuan.
China Shenhua Energy Co, the nation's largest coal producer, edged up 0.14 percent to 21.70 yuan. Datong Coal Industry Co added 1.70 percent to 27.57 yuan.
The benchmark Shanghai Composite Index dipped 0.03 points to close at 2,424.27 points. Turnover shrank to 56 billion (US$ 8.26 billion) from yesterday's 72.2 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 0.59 percent to 969.47 points.
"China's economy is consistent with the government's macro-economic regulation and control," Premier Wen said during a press conference with German Chancellor Angela Merkel.
"The theme of regulation in the second half is to maintain stability in policy," he added.
Banks showed mixed results as investors remained cautious about a slowdown in economic growth after China's top statistics bureau yesterday reported a 10.3 percent growth of gross domestic product in the second quarter from a year earlier, down from 11.9 percent in the first quarter.
Bank of China was down 0.58 percent to 3.43 yuan. Industrial and Commercial Bank of China lost 0.72 percent to 4.15 yuan. Shanghai Pudong Development Bank edged up 0.35 percent to 14.15 yuan.
Wuhan Iron & Steel Co added 0.69 percent to 20.78 yuan. Maanshan Iron & Steel rose 2.30 percent to 7.57 yuan.
Oil producers closed lower. PetroChina, the biggest index component, lost 0.68 percent to 10.21 yuan. China Petroleum & Chemical Corp fell 1.26 percent to 7.85 yuan.
Metal producers were among the gainers. Jiangxi Copper added 2.01 percent to 25.43 yuan. Aluminum Corporation of China Ltd was up 0.56 percent to 8.98 yuan.
China Shenhua Energy Co, the nation's largest coal producer, edged up 0.14 percent to 21.70 yuan. Datong Coal Industry Co added 1.70 percent to 27.57 yuan.
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