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Shanghai index rises to end week with 1.1% gain
By Ye Zhen |
June 15, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ended higher today, boosted by speculation that the central banks of major economies may step up efforts to boost liquidity.
The benchmark Shanghai Composite Index rose 0.47 percent, or 10.90 points to end at 2,306.85 points. Turnover was 67.8 billion yuan (US$10.8 billion) at the trading close. The index gained 1.1 percent for the week.
A senior G20 official said central banks across the world are preparing for coordinated action to inject liquidity and prevent a credit squeeze in case the Greek election results in financial turmoil, Reuters reported yesterday.
Greece is scheduled to hold a parliamentary election on Sunday. Athens' main stock index surged 10.1 percent yesterday as a public opinion poll indicated that New Democracy, the conservative party that tends to adhere to the bailout pledges, may win the election.
Pharmaceutical companies in Shanghai gained as the government unveiled more preferential policies for the sector. Guangxi Wuzhou Zhongheng Group Co soared 5.8 percent to close at 11.56 yuan. Shanghai Pharmaceuticals Holding Co jumped 4 percent to 10.76 yuan. Zhejiang Conba Pharmaceutical Co gained 3 percent to 10.10 yuan.
The environmental protection industry continued its recent strong performance. Beijing Capital Co, a company specializing in wastewater disposal, gained 3 percent to 5.22 yuan. Tianjin Capital Environmental Protection Group Co rose 3.2 percent to end at 5.89 yuan.
Most property developers sank after the People's Bank of China denied speculation the government plans to ease home purchase restrictions. China Vanke, the nation's biggest developer, dropped 1.8 percent to 9.11 yuan. Poly Real Estate, the second largest developer, lost 2.3 percent to 14.37 yuan.
The benchmark Shanghai Composite Index rose 0.47 percent, or 10.90 points to end at 2,306.85 points. Turnover was 67.8 billion yuan (US$10.8 billion) at the trading close. The index gained 1.1 percent for the week.
A senior G20 official said central banks across the world are preparing for coordinated action to inject liquidity and prevent a credit squeeze in case the Greek election results in financial turmoil, Reuters reported yesterday.
Greece is scheduled to hold a parliamentary election on Sunday. Athens' main stock index surged 10.1 percent yesterday as a public opinion poll indicated that New Democracy, the conservative party that tends to adhere to the bailout pledges, may win the election.
Pharmaceutical companies in Shanghai gained as the government unveiled more preferential policies for the sector. Guangxi Wuzhou Zhongheng Group Co soared 5.8 percent to close at 11.56 yuan. Shanghai Pharmaceuticals Holding Co jumped 4 percent to 10.76 yuan. Zhejiang Conba Pharmaceutical Co gained 3 percent to 10.10 yuan.
The environmental protection industry continued its recent strong performance. Beijing Capital Co, a company specializing in wastewater disposal, gained 3 percent to 5.22 yuan. Tianjin Capital Environmental Protection Group Co rose 3.2 percent to end at 5.89 yuan.
Most property developers sank after the People's Bank of China denied speculation the government plans to ease home purchase restrictions. China Vanke, the nation's biggest developer, dropped 1.8 percent to 9.11 yuan. Poly Real Estate, the second largest developer, lost 2.3 percent to 14.37 yuan.
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