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Shanghai shares rise as inflation concern eases
By Feng Jianmin |
November 22, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended higher in the morning session as concerns about more tightening monetary policies eased after China told banks to put aside more money from lending.
The benchmark Shanghai Composite Index added 0.5 percent, or 13.7 points, to close at 2,902.3 points. Turnover rose to 88.6 billion yuan (US$13.32 billion) from last Friday morning's 55.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was up 2 percent to 1,323.8 points.
The central bank announced last Friday that the reserve requirement ratio for banks will be raised 0.5 percentage point, the second raise in a month. Previous worries on more tightening measures eased on consideration that an interest rate hike is unlikely in a short term.
The technology sector led the gainers after government officials said last week that the country may invest as much as 4 trillion yuan in the next 10 years to develop the Internet of Things.
Fujian Newland Computer Co jumped by a daily limit of 10 percent to 23.12 yuan. Eastcompeace Smart Card Co surged 9.2 percent to 29 yuan. Xiamen Xindeco Co jumped 7.5 percent to 14.13 yuan.
Banks lead the decliners. Bank of China lost 1.2 percent to 3.28 yuan. China Construction Bank fell 1.3 percent to 4.72 yuan. China Merchants Bank went down 1.3 percent to 13.38 yuan.
Miners were weak. Jiangxi Copper Co fell 1.2 percent to 35.95 yuan. Aluminum Corp of China lost 0.8 percent to 10.59 yaun. Datong Coal Industry Co dipped 0.2 percent to 21.45 yuan.
The benchmark Shanghai Composite Index added 0.5 percent, or 13.7 points, to close at 2,902.3 points. Turnover rose to 88.6 billion yuan (US$13.32 billion) from last Friday morning's 55.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was up 2 percent to 1,323.8 points.
The central bank announced last Friday that the reserve requirement ratio for banks will be raised 0.5 percentage point, the second raise in a month. Previous worries on more tightening measures eased on consideration that an interest rate hike is unlikely in a short term.
The technology sector led the gainers after government officials said last week that the country may invest as much as 4 trillion yuan in the next 10 years to develop the Internet of Things.
Fujian Newland Computer Co jumped by a daily limit of 10 percent to 23.12 yuan. Eastcompeace Smart Card Co surged 9.2 percent to 29 yuan. Xiamen Xindeco Co jumped 7.5 percent to 14.13 yuan.
Banks lead the decliners. Bank of China lost 1.2 percent to 3.28 yuan. China Construction Bank fell 1.3 percent to 4.72 yuan. China Merchants Bank went down 1.3 percent to 13.38 yuan.
Miners were weak. Jiangxi Copper Co fell 1.2 percent to 35.95 yuan. Aluminum Corp of China lost 0.8 percent to 10.59 yaun. Datong Coal Industry Co dipped 0.2 percent to 21.45 yuan.
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