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Shanghai shares rise as worries about interest rate hike ease
By Ding Yining |
February 10, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market ended higher in the morning session, lifted by the banking sector after central bank governor said interest rate is at a stable level, easing previous concerns of an imminent rate hike.
The benchmark Shanghai Composite Index was up 0.62 percent, or 18.18 points, to close at 2,967.03 points. Turnover dropped to 33.8 billion yuan(US$5 billion) from yesterday's 39 billion yuan. Gainers outnumbered losers 582 to 262, and 72 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.06 percent to close at 1,098.46 points.
Central bank governor Zhou Xiaochuan said during a bankers' meeting in Sydney yesterday that the People's Bank of China is keeping its rate steady and commercial banks should decide their own lending rates. He also added China must closely watch the inflation rate although currently it's still relatively low.
Shanghai Pudong Development Bank added 1.03 percent to 19.62 yuan. Bank of Communications edged up 0.37 percent to 8.16 yuan. China Merchants Bank rose 1.18 percent to 15.49 yuan.
Real estate developers also recovered from earlier losses. Poly Real Estate Group edged up 0.59 percent to 18.75 yuan. China Vanke Co, the biggest listed domestic real estate developer, was up 0.33 percent to 9.12 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd added 0.90 percent to 22.35 yuan.
Car makers sold 1.66 million vehicles in China last month, a 124 percent jump from a year earlier, the China Association of Automobile Manufacturers said yesterday. SAIC Motor Corp, the country's largest auto maker, advanced 2.60 percent to 20.51 yuan.
Metal producers also helped lift the index. Yunnan Copper Co advanced 1.70 percent to 25.12 yuan. Aluminum Corporation of China Ltd rose 0.65 percent to 12.38 yuan. Zhongjin Gold Mining Co was up 0.60 percent to 48.80 yuan.
PetroChina was up 0.24 percent to 12.79 yuan after crude oil added 2.6 percent to US$73.75 a barrel in New York yesterday. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, edged up 0.28 percent to 10.90 yuan.
The benchmark Shanghai Composite Index was up 0.62 percent, or 18.18 points, to close at 2,967.03 points. Turnover dropped to 33.8 billion yuan(US$5 billion) from yesterday's 39 billion yuan. Gainers outnumbered losers 582 to 262, and 72 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.06 percent to close at 1,098.46 points.
Central bank governor Zhou Xiaochuan said during a bankers' meeting in Sydney yesterday that the People's Bank of China is keeping its rate steady and commercial banks should decide their own lending rates. He also added China must closely watch the inflation rate although currently it's still relatively low.
Shanghai Pudong Development Bank added 1.03 percent to 19.62 yuan. Bank of Communications edged up 0.37 percent to 8.16 yuan. China Merchants Bank rose 1.18 percent to 15.49 yuan.
Real estate developers also recovered from earlier losses. Poly Real Estate Group edged up 0.59 percent to 18.75 yuan. China Vanke Co, the biggest listed domestic real estate developer, was up 0.33 percent to 9.12 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd added 0.90 percent to 22.35 yuan.
Car makers sold 1.66 million vehicles in China last month, a 124 percent jump from a year earlier, the China Association of Automobile Manufacturers said yesterday. SAIC Motor Corp, the country's largest auto maker, advanced 2.60 percent to 20.51 yuan.
Metal producers also helped lift the index. Yunnan Copper Co advanced 1.70 percent to 25.12 yuan. Aluminum Corporation of China Ltd rose 0.65 percent to 12.38 yuan. Zhongjin Gold Mining Co was up 0.60 percent to 48.80 yuan.
PetroChina was up 0.24 percent to 12.79 yuan after crude oil added 2.6 percent to US$73.75 a barrel in New York yesterday. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, edged up 0.28 percent to 10.90 yuan.
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