Shanghai market ends week on a high
By Feng Jianmin |
November 5, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday rose for a fourth day as global markets strengthened after Greece signaled it will not hold a referendum on a bailout package.
The Shanghai Composite Index rose 0.8 percent to 2,528.29. The index climbed 2.2 percent this week, the second consecutive weekly gain, on improved market conditions after Premier Wen Jiabao pledged fine-tuning of China's macro-economic policies.
Concerns over the worsening economic situation in Europe eased after the European Central Bank cut its benchmark interest rate by 25 basis points to 1.25 percent on Thursday and Greek Prime Minister George Papandreou said he will scrap a referendum on his country's bailout lifeline if opposition politicians agree to back the package in parliament.
Zhou Xuejun, a fund manager assistant at China Nature Asset Management, said: "The market is dominated by a series of fine-tuning of policies in the past month, including structural adjustment of monetary policies and reduction of tax. China's economic growth is still moderating, but the generally low valuation of Chinese stocks can to some extent absorb the negative impact."
Commodity producers led the gains when prices rose on the improved news from Europe. Jiangxi Copper added 1.8 percent to 28.68 yuan (US$4.52).
The Shanghai Composite Index rose 0.8 percent to 2,528.29. The index climbed 2.2 percent this week, the second consecutive weekly gain, on improved market conditions after Premier Wen Jiabao pledged fine-tuning of China's macro-economic policies.
Concerns over the worsening economic situation in Europe eased after the European Central Bank cut its benchmark interest rate by 25 basis points to 1.25 percent on Thursday and Greek Prime Minister George Papandreou said he will scrap a referendum on his country's bailout lifeline if opposition politicians agree to back the package in parliament.
Zhou Xuejun, a fund manager assistant at China Nature Asset Management, said: "The market is dominated by a series of fine-tuning of policies in the past month, including structural adjustment of monetary policies and reduction of tax. China's economic growth is still moderating, but the generally low valuation of Chinese stocks can to some extent absorb the negative impact."
Commodity producers led the gains when prices rose on the improved news from Europe. Jiangxi Copper added 1.8 percent to 28.68 yuan (US$4.52).
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