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Shanghai index up as concerns about tightening ease
By Ding Yining |
April 18, 2011, Monday
|
Online Edition
Online Edition
THE Shanghai stock market edged up during the morning session as concerns about further tightening measures eased.
The benchmark Shanghai Composite Index was up 0.27 percent, or 8.30 points, to 3,058.83. Turnover was 90.4 billion yuan(US$13.7 billion).
The People's Bank of China said yesterday that reserve ratios will rise 0.5 percentage point from Thursday, which came less than two weeks of the latest interest rate hike.
Oil producers pushed up the index after reports said measures to support the exploration of gas resources during the twelfth five-year plan will be approved by the Cabinet in the near future.
PetroChina, the largest oil producer and biggest heavyweight in the market, added 1.25 percent to 12.17 yuan. Sinopec advanced 2.36 percent to 9.10 yuan.
Property developers were also among the gainers. Shanghai Shimao Co Ltd jumped 4.21 percent to 15.69 yuan. China Merchant Property Development Co advanced 2.81 percent to 19.02 yuan.
The benchmark Shanghai Composite Index was up 0.27 percent, or 8.30 points, to 3,058.83. Turnover was 90.4 billion yuan(US$13.7 billion).
The People's Bank of China said yesterday that reserve ratios will rise 0.5 percentage point from Thursday, which came less than two weeks of the latest interest rate hike.
Oil producers pushed up the index after reports said measures to support the exploration of gas resources during the twelfth five-year plan will be approved by the Cabinet in the near future.
PetroChina, the largest oil producer and biggest heavyweight in the market, added 1.25 percent to 12.17 yuan. Sinopec advanced 2.36 percent to 9.10 yuan.
Property developers were also among the gainers. Shanghai Shimao Co Ltd jumped 4.21 percent to 15.69 yuan. China Merchant Property Development Co advanced 2.81 percent to 19.02 yuan.
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