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Shanghai shares advance on central bank data
By Ye Zhen |
March 6, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning as data showed accelerated capital inflows in January.
The key Shanghai Composite Index added 0.35 percent to 2,334 points. Turnover was 75.1 billion yuan (US$12.1 billion) by midday.
China's central bank and commercial banks bought 683.7 billion yuan worth of foreign exchange on a net basis in January, topping the amount of 494.6 billion yuan in 2012, according to data released by the People's Bank of China yesterday. Large inflows suggest the recovery of the world's second largest economy is picking up.
Shanghai shares trailed the surge of US stocks as the Dow Jones Industrial Average soared to an all-time high overnight.
Development zone operators are among the big gainers. Shanghai Waigaoqiao Free Trade Zone Development Co surged by the daily limit of 10 percent to 12.20 yuan. Shanghai Jinqiao Export Processing Zone Development Co advanced 3.7 percent to 8.80 yuan.
Property developers were mixed. Poly Real Estate, China's second largest developer, added 0.8 percent to 11.34 yuan while Gemdale Corporation shed 0.2 percent to 6.35 yuan.
China International Capital Corp Ltd said in a report today that A shares may enter a second phrase of rebound as market liquidity stabilizes and economic condition keeps improving.
The key Shanghai Composite Index added 0.35 percent to 2,334 points. Turnover was 75.1 billion yuan (US$12.1 billion) by midday.
China's central bank and commercial banks bought 683.7 billion yuan worth of foreign exchange on a net basis in January, topping the amount of 494.6 billion yuan in 2012, according to data released by the People's Bank of China yesterday. Large inflows suggest the recovery of the world's second largest economy is picking up.
Shanghai shares trailed the surge of US stocks as the Dow Jones Industrial Average soared to an all-time high overnight.
Development zone operators are among the big gainers. Shanghai Waigaoqiao Free Trade Zone Development Co surged by the daily limit of 10 percent to 12.20 yuan. Shanghai Jinqiao Export Processing Zone Development Co advanced 3.7 percent to 8.80 yuan.
Property developers were mixed. Poly Real Estate, China's second largest developer, added 0.8 percent to 11.34 yuan while Gemdale Corporation shed 0.2 percent to 6.35 yuan.
China International Capital Corp Ltd said in a report today that A shares may enter a second phrase of rebound as market liquidity stabilizes and economic condition keeps improving.
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