Related News

Home » Business » Finance

Shanghai key index rises almost 3%

SHANGHAI'S key stock index climbed nearly 3 percent yesterday to an eight-month high on the back of strong performance by heavyweight stocks and positive economic data.

The benchmark Shanghai Composite Index climbed 2.84 percent, or 69.47 points, to close at 2,513.70 points. Turnover rose to 187.7 billion yuan (US$27.4 billion) from Friday's 155.5 billion yuan. Winners outnumbered losers 616 to 222 while 70 stocks remained unchanged.

New yuan loans surged to a record 1.89 trillion yuan in March, as banks continued to increase credit as part of government efforts to boost the economy, the People's Bank of China said on Saturday.

M2, the broadest measure of money supply, grew 25.5 percent last month, up from 20.5 percent in February.

Bank of China climbed 1.43 percent to 3.55 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.23 percent to 4.12 yuan.

Premier Wen Jiabao told reporters in Thailand that China's economy showed signs of better-than-expected recovery in the first quarter, as investment in fixed assets and consumer demand rose, Xinhua News Agency reported Saturday.

Financial shares also performed well yesterday. China Life Insurance Co Ltd, the country's largest life-insurance company, grew 3.85 percent to 25.34 yuan.

China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, jumped 5.34 percent to 9.47 yuan with a stimulus package for petrochemical industry expected to be unveiled in the near future.

PetroChina Co Ltd, the largest component index, rose 4.01 percent to 11.94 yuan. China Oilfield Service Ltd surged the daily cap of 10 percent to 15.74 yuan.

China Shenhua Energy Co, the nation's largest coal producer, leapt the daily limit of 10 percent to 25.09 yuan on speculation coal price would rise. Datong Coal Industry Co Ltd also jumped 10 percent to close at 25.63 yuan. Real estate developers also did well.

"The market now is quite optimistic about the economic outlook but the risk of adjustment of the index after three days of gains is high and investors should be cautious about stocks that have been rising for a long time," according to a research note by GF Securities.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend