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Shanghai index up 1.35% on eurozone bail-out deal
By Ye Zhen |
June 29, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI shares rose for the first time in eight days after European leaders agreed to emergency measures to ease debt crisis that is threatening Spain and Italy.
The Shanghai Composite Index gained 1.35 percent, or 29.59 points, to close at 2,225.43 points. Turnover was 56 billion yuan (US$8.9 billion).
The leaders of 17 eurozone nations reached an agreement in Brussels today to lower borrowing costs for Spain and Italy, which have surged to levels that would not be sustainable for long.
The leaders also agreed to offer bailout fund to struggling banks without adding it to the sovereign debt of governments. A supervisory body for the region's banks will also be set up by the end of this year.
Insurers led the market gains in Shanghai trading. China Life Insurance, the country's biggest insurer, soared 3.9 percent to close at 18.30 yuan. Ping An Insurance Co, China's second largest insurer, climbed 2.4 percent to 45.74 yuan. China Pacific Insurance (Group) Co jumped 4.4 percent to 22.18 yuan.
Pharmaceutical companies also rose as the Ministry of Health said the government will allocate 115 billion yuan in the 2011-2020 period to support the research and development of new drugs.
Beijing Tongrentang Co, a producer of Chinese medicine, gained 4.2 percent to close at 17.45 yuan. Guangzhou Pharmaceutical Co added 2.8 percent to 22.92 yuan.
Property developers traded mixed. China Vanke, the nation's biggest developer, rose 0.7 percent to 8.91 yuan. Poly Real Estate, the second largest developer, edged up 0.4 percent to 11.34 yuan. Gemdale Corporation fell 1 percent to 6.48 yuan.
The Shanghai Composite Index gained 1.35 percent, or 29.59 points, to close at 2,225.43 points. Turnover was 56 billion yuan (US$8.9 billion).
The leaders of 17 eurozone nations reached an agreement in Brussels today to lower borrowing costs for Spain and Italy, which have surged to levels that would not be sustainable for long.
The leaders also agreed to offer bailout fund to struggling banks without adding it to the sovereign debt of governments. A supervisory body for the region's banks will also be set up by the end of this year.
Insurers led the market gains in Shanghai trading. China Life Insurance, the country's biggest insurer, soared 3.9 percent to close at 18.30 yuan. Ping An Insurance Co, China's second largest insurer, climbed 2.4 percent to 45.74 yuan. China Pacific Insurance (Group) Co jumped 4.4 percent to 22.18 yuan.
Pharmaceutical companies also rose as the Ministry of Health said the government will allocate 115 billion yuan in the 2011-2020 period to support the research and development of new drugs.
Beijing Tongrentang Co, a producer of Chinese medicine, gained 4.2 percent to close at 17.45 yuan. Guangzhou Pharmaceutical Co added 2.8 percent to 22.92 yuan.
Property developers traded mixed. China Vanke, the nation's biggest developer, rose 0.7 percent to 8.91 yuan. Poly Real Estate, the second largest developer, edged up 0.4 percent to 11.34 yuan. Gemdale Corporation fell 1 percent to 6.48 yuan.
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