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Shanghai market moves northward
By Ding Yining and Pan Xiaoyi |
November 25, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S market added more than 1 percent today following the upbeat performance of the US market and China central bank's vow to step up more policy tools to fight inflation.
The benchmark Shanghai Composite Index rose 1.34 percent, or 38.32 points, to close at 2,898.26 points. Turnover was 167.2 billion yuan (US$25 billion) from 116 billion yuan yesterday.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.31 percent at 1,337.94 points.
The central bank said it will strengthen liquidity management and normalize monetary conditions after raising banks' reserve ratio twice in November to rein inflation, according to a statement on the People's Bank of China's Website yesterday.
The US Labor Department said jobless claim fell to a lower-than-expected 407,000 last week, sending the Standard & Poor's 500 Index to a 1.5-percent gain yesterday, the most in four days.
Banks and insurers rebounded from previous losses. Everbright Bank hiked 4.5 percent to 3.96 yuan. Bank of China added 0.9 percent to 3.32 yuan. China Life Insurance Co rose 1.6 percent to 23.09 yuan.
Commodity shares closed mixed. Shandong Gold Mining Co lost 0.8 percent to 55.48 yuan. Jiangxi Copper edged up 2.6 percent to 35.94 yuan. Zhuzhou Smelter Group Co advanced 8.7 percent to 17.31 yuan.
Property sector also pushed up the index. Poly Real Estate Group hiked 5.8 percent to 12.87 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd rose 2.2 percent to 18.72 yuan. Gemdale Corporation jumped 3.7 percent to 6.13 yuan.
The benchmark Shanghai Composite Index rose 1.34 percent, or 38.32 points, to close at 2,898.26 points. Turnover was 167.2 billion yuan (US$25 billion) from 116 billion yuan yesterday.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.31 percent at 1,337.94 points.
The central bank said it will strengthen liquidity management and normalize monetary conditions after raising banks' reserve ratio twice in November to rein inflation, according to a statement on the People's Bank of China's Website yesterday.
The US Labor Department said jobless claim fell to a lower-than-expected 407,000 last week, sending the Standard & Poor's 500 Index to a 1.5-percent gain yesterday, the most in four days.
Banks and insurers rebounded from previous losses. Everbright Bank hiked 4.5 percent to 3.96 yuan. Bank of China added 0.9 percent to 3.32 yuan. China Life Insurance Co rose 1.6 percent to 23.09 yuan.
Commodity shares closed mixed. Shandong Gold Mining Co lost 0.8 percent to 55.48 yuan. Jiangxi Copper edged up 2.6 percent to 35.94 yuan. Zhuzhou Smelter Group Co advanced 8.7 percent to 17.31 yuan.
Property sector also pushed up the index. Poly Real Estate Group hiked 5.8 percent to 12.87 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd rose 2.2 percent to 18.72 yuan. Gemdale Corporation jumped 3.7 percent to 6.13 yuan.
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