Shanghai index rises on Greek eurozone relief
By Hu Xiaocen |
June 19, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday as concerns eased about Greece's exit from the eurozone and on cheerful market sentiment triggered by better-than-expected economic data in May.
The Shanghai Composite Index picked up 0.4 percent to 2,316.05 points.
"The A-share market is likely to rebound this week on a chain reaction delivered by the Greek election results to the European and the US markets, as well as the effects accumulated from the recent stimuli," Galaxy Securities wrote in a note yesterday.
Greek pro-bailout conservative New Democracy party defeated the anti-bailout leftist Syriza party in the general election on Sunday. New Democracy leader Antonis Samaras said it was a victory for all of Europe and pledged to work together with European partners during a time of deep crisis.
Investors welcomed the temporary relief for the eurozone. Cargo shippers gained on improved market outlook due to stabilizing situation in China's biggest trade partner.
China COSCO Holdings Co, the world's largest operator of dry-bulk ships, rose 0.4 percent to 4.85 yuan (77 US cents). China Shipping Container Lines Co added 0.7 percent to 2.75 yuan.
China posted a series of improved economic data last week. In May, new lending rebounded to 793.2 billion yuan, exports and imports picked up at a rate of double digits, and inbound investment rose for the first time in six months.
Energy and material producers climbed on renewed hopes the nation's economy was bottoming out and may rebound soon.
PetroChina Co, the nation's second-biggest oil producer, gained 0.33 percent to 9.24 yuan. The biggest coal producer, China Shenhua Energy Co, advanced 1.1 percent to 24.06 yuan.
The Shanghai Composite Index picked up 0.4 percent to 2,316.05 points.
"The A-share market is likely to rebound this week on a chain reaction delivered by the Greek election results to the European and the US markets, as well as the effects accumulated from the recent stimuli," Galaxy Securities wrote in a note yesterday.
Greek pro-bailout conservative New Democracy party defeated the anti-bailout leftist Syriza party in the general election on Sunday. New Democracy leader Antonis Samaras said it was a victory for all of Europe and pledged to work together with European partners during a time of deep crisis.
Investors welcomed the temporary relief for the eurozone. Cargo shippers gained on improved market outlook due to stabilizing situation in China's biggest trade partner.
China COSCO Holdings Co, the world's largest operator of dry-bulk ships, rose 0.4 percent to 4.85 yuan (77 US cents). China Shipping Container Lines Co added 0.7 percent to 2.75 yuan.
China posted a series of improved economic data last week. In May, new lending rebounded to 793.2 billion yuan, exports and imports picked up at a rate of double digits, and inbound investment rose for the first time in six months.
Energy and material producers climbed on renewed hopes the nation's economy was bottoming out and may rebound soon.
PetroChina Co, the nation's second-biggest oil producer, gained 0.33 percent to 9.24 yuan. The biggest coal producer, China Shenhua Energy Co, advanced 1.1 percent to 24.06 yuan.
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