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Shanghai market rises despite rate hike
By Feng Jianmin |
July 7, 2011, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session despite China's central bank raised the benchmark interest rates by 0.25 percentage point yesterday evening.
Shanghai Composite Index edged up 0.24 percent to 2,817.32 points. Turnover was 75.7 billion yuan (US$11.7 billion).
China yesterday raised interest rates for the third time this year as it tries to dampen high inflation. The benchmark one-year lending rate rises to 6.56 percent and the one-year deposit rate increases by the same extent to 3.5 percent.
"The increase has been expected for long and will not have much impact on the market," said Li Xunlei, a chief economist with Guotai Junan Securities.
He said another interest rate hike may take place within this quarter.
Banks were mixed. Industrial and Commercial Bank of China dipped 0.7 percent to 4.34 yuan. China Construction Bank rose 0.4 percent to 4.85 yuan.
Media firms rallied after a 20 billion yuan national investment fund for culture industries was launched. The fund was spearheaded by China's Ministry of Finance, which injected the initial 500 million yuan. The fund aimed to support the growth of firms in the culture, entertainment and sports sectors. Hunan TV & Broadcast Intermediary Co jumped by the daily limit of 10 percent to 29.52 yuan. China Television Media rose 2.9 percent to 13.11 yuan.
Shanghai Composite Index edged up 0.24 percent to 2,817.32 points. Turnover was 75.7 billion yuan (US$11.7 billion).
China yesterday raised interest rates for the third time this year as it tries to dampen high inflation. The benchmark one-year lending rate rises to 6.56 percent and the one-year deposit rate increases by the same extent to 3.5 percent.
"The increase has been expected for long and will not have much impact on the market," said Li Xunlei, a chief economist with Guotai Junan Securities.
He said another interest rate hike may take place within this quarter.
Banks were mixed. Industrial and Commercial Bank of China dipped 0.7 percent to 4.34 yuan. China Construction Bank rose 0.4 percent to 4.85 yuan.
Media firms rallied after a 20 billion yuan national investment fund for culture industries was launched. The fund was spearheaded by China's Ministry of Finance, which injected the initial 500 million yuan. The fund aimed to support the growth of firms in the culture, entertainment and sports sectors. Hunan TV & Broadcast Intermediary Co jumped by the daily limit of 10 percent to 29.52 yuan. China Television Media rose 2.9 percent to 13.11 yuan.
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