Shanghai index caps five-week win streak
By Lu Nengneng |
February 18, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index inched up yesterday, capping a five-week winning streak, which is the longest since November 2010.
The Shanghai Composite Index edged up 0.01 percent to 2,357.18 points, bringing the weekly gain to 0.22 percent.
The market was volatile this week amid concerns over a liquidity shortage. The central bank withdrew 6 billion yuan (US$953 million) from the market through bill repurchases on Thursday, leaving less room for the expected monetary policy fine-tuning.
And the worsening European debt crisis, featuring the delayed rescue package for Greece, left investors worried about the future of China, which is the continent's largest trading partner.
Blue chips finally rallied yesterday after Guo Shuqing, head of the China Securities Regulatory Commission, recently encouraged bullish investors to hunt for undervalued heavyweights.
Banks recovered from the previous overselling. The Agricultural Bank of China was up 0.37 percent to 2.70 yuan. China Construction Bank gained 0.62 percent to 4.87 yuan.
Shipping companies also rose after the Ministry of Commerce said it is working on a plan to help exporters pull through difficult times, with China COSCO Holdings, Asia's largest shipping line, adding 1.27 percent to close the day at 5.58 yuan.
The Shanghai Composite Index edged up 0.01 percent to 2,357.18 points, bringing the weekly gain to 0.22 percent.
The market was volatile this week amid concerns over a liquidity shortage. The central bank withdrew 6 billion yuan (US$953 million) from the market through bill repurchases on Thursday, leaving less room for the expected monetary policy fine-tuning.
And the worsening European debt crisis, featuring the delayed rescue package for Greece, left investors worried about the future of China, which is the continent's largest trading partner.
Blue chips finally rallied yesterday after Guo Shuqing, head of the China Securities Regulatory Commission, recently encouraged bullish investors to hunt for undervalued heavyweights.
Banks recovered from the previous overselling. The Agricultural Bank of China was up 0.37 percent to 2.70 yuan. China Construction Bank gained 0.62 percent to 4.87 yuan.
Shipping companies also rose after the Ministry of Commerce said it is working on a plan to help exporters pull through difficult times, with China COSCO Holdings, Asia's largest shipping line, adding 1.27 percent to close the day at 5.58 yuan.
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