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Shanghai index up 0.41% in morning trading
By Ye Zhen |
August 6, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning amid intensifying government effort to boost market confidence and shore up economic growth.
The key Shanghai Composite Index added 0.41 percent, or 8.64 points to 2,141.43 points. Turnover stood at 25.5 billion yuan (US$4 billion) by midday.
China will continue to fine-tune its monetary policy and relax its credit control in the second half of this year to support the development of real economy, China's central bank said in a two-day meeting ending yesterday.
China's top securities regulator on Thursday announced to lower the transaction fees by 20 percent for stock trading in an effort to boost investor confidence and revive the sluggish market.
Development zones advanced this morning after the government extended over-the-counter equity trading to three more technology development zones in Shanghai, Wuhan and Tianjin in a bid to broaden fundraising channels for emerging firms.
Shanghai Zhangjiang Hi-Tech Park Development Co surged 7.7 percent to 7.98 yuan. Suzhou New District Hi-Tech Industrial Co climbed 6.5 percent to 4.95 yuan.
Non-ferrous metals producers posted a strong run in the morning trading. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, a producer of rare earth materials, increased 4.4 percent to 39.59 yuan. Xiamen Tungsten Co jumped the day limit of 10 percent to 41.85 yuan.
Most oil-related stocks gained as global oil prices surged on Friday on strong US jobs report. China Oilfield Services Limited edged up 0.7 percent to 16.83 yuan. China Petroleum and Chemical Co, China's largest oil refiner, added 0.5 percent to 6.11 yuan.
The key Shanghai Composite Index added 0.41 percent, or 8.64 points to 2,141.43 points. Turnover stood at 25.5 billion yuan (US$4 billion) by midday.
China will continue to fine-tune its monetary policy and relax its credit control in the second half of this year to support the development of real economy, China's central bank said in a two-day meeting ending yesterday.
China's top securities regulator on Thursday announced to lower the transaction fees by 20 percent for stock trading in an effort to boost investor confidence and revive the sluggish market.
Development zones advanced this morning after the government extended over-the-counter equity trading to three more technology development zones in Shanghai, Wuhan and Tianjin in a bid to broaden fundraising channels for emerging firms.
Shanghai Zhangjiang Hi-Tech Park Development Co surged 7.7 percent to 7.98 yuan. Suzhou New District Hi-Tech Industrial Co climbed 6.5 percent to 4.95 yuan.
Non-ferrous metals producers posted a strong run in the morning trading. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, a producer of rare earth materials, increased 4.4 percent to 39.59 yuan. Xiamen Tungsten Co jumped the day limit of 10 percent to 41.85 yuan.
Most oil-related stocks gained as global oil prices surged on Friday on strong US jobs report. China Oilfield Services Limited edged up 0.7 percent to 16.83 yuan. China Petroleum and Chemical Co, China's largest oil refiner, added 0.5 percent to 6.11 yuan.
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