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Property leads index in rally
By Ding Yining |
May 24, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S market posted the largest single day gain in more than seven months today with a rebound of property shares among anticipation that macroeconomic policies will remain basically stable in the near future.
The benchmark Shanghai Composite Index rose 3.48 percent, or 89.90 points, to close at 2,673.42 points. Turnover was 121.8 billion yuan (US$17.8 billion). A total of 884 shares added value while only 1 dropped and 38 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rallied 4.28 percent to close at 1,051.62 points.
China Vanke Co, the biggest listed domestic real estate developer, rallied 4.19 percent to 7.70 yuan. Gemdale Corporation hiked 6.94 percent to 7.09 yuan. Poly Real Estate Group surged 8.87 percent to 12.15 yuan.
Finance Minister Xie Xuren said on the ministry's Website over the weekend that China and the United States must "protect macro-economic stability and strengthen macro-economic policy coordination" to consolidate the trend towards global economic recovery.
He also noted that risks from European sovereign debt have increased factors of instability in the course of global economic recovery.
US Treasury Secretary Franz Geithner also said that the global economy was in a much stronger position to withstand coming pressure from Europe. He made the comments during an interview with Xinhua News Agency ahead of the two-day annual Strategic and Economic Dialogue between China and the US, beginning today.
Baoshan Iron & Steel, China's biggest steel maker, rose 2.60 percent to 6.71 yuan. Guangzhou Iron & Steel Co jumped 4.11 percent to 6.33 yuan. Beijing Shougang Co Ltd jumped 3.87 percent to 4.03 yuan.
Other metal producers and financial shares were also strong. Jiangxi Copper rallied 4.82 percent to 29.77 yuan. Yunnan Copper hiked 6.38 percent to 22.50 yuan. Aluminum Corporation of China Ltd advanced 3.68 percent to 10.42 yuan.
Ping An Insurance (Group) Co rose 3.78 percent to 46.89 yuan. China Pacific Insurance (Group) Co Ltd jumped 3.06 percent to 22.93 yuan. Bank of Communications rose 2.96 percent to 6.95 yuan. Shanghai Pudong Development Bank was up 2.65 percent to 19.74 yuan.
The benchmark Shanghai Composite Index rose 3.48 percent, or 89.90 points, to close at 2,673.42 points. Turnover was 121.8 billion yuan (US$17.8 billion). A total of 884 shares added value while only 1 dropped and 38 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rallied 4.28 percent to close at 1,051.62 points.
China Vanke Co, the biggest listed domestic real estate developer, rallied 4.19 percent to 7.70 yuan. Gemdale Corporation hiked 6.94 percent to 7.09 yuan. Poly Real Estate Group surged 8.87 percent to 12.15 yuan.
Finance Minister Xie Xuren said on the ministry's Website over the weekend that China and the United States must "protect macro-economic stability and strengthen macro-economic policy coordination" to consolidate the trend towards global economic recovery.
He also noted that risks from European sovereign debt have increased factors of instability in the course of global economic recovery.
US Treasury Secretary Franz Geithner also said that the global economy was in a much stronger position to withstand coming pressure from Europe. He made the comments during an interview with Xinhua News Agency ahead of the two-day annual Strategic and Economic Dialogue between China and the US, beginning today.
Baoshan Iron & Steel, China's biggest steel maker, rose 2.60 percent to 6.71 yuan. Guangzhou Iron & Steel Co jumped 4.11 percent to 6.33 yuan. Beijing Shougang Co Ltd jumped 3.87 percent to 4.03 yuan.
Other metal producers and financial shares were also strong. Jiangxi Copper rallied 4.82 percent to 29.77 yuan. Yunnan Copper hiked 6.38 percent to 22.50 yuan. Aluminum Corporation of China Ltd advanced 3.68 percent to 10.42 yuan.
Ping An Insurance (Group) Co rose 3.78 percent to 46.89 yuan. China Pacific Insurance (Group) Co Ltd jumped 3.06 percent to 22.93 yuan. Bank of Communications rose 2.96 percent to 6.95 yuan. Shanghai Pudong Development Bank was up 2.65 percent to 19.74 yuan.
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