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Shanghai shares rise on Fed's low interest pledge
By Lydia Chen |
August 10, 2011, Wednesday
|
Online Edition
Online Edition
SHARES in Shanghai rebounded for the first time in four days on strength of a cross-board rally as analysts said the tumbling in previous trading over debt crisis in the United States and Europe may be too much.
Rebounds in overseas markets also cemented the local rally. The Federal Reserve made an unprecedented pledge to keep interest rates near zero for at least two years, stemming a global equity rout for the time being.
The Shanghai Composite Index climbed 1.87 percent to 2,573.38 in the morning trading session.
Real estate and cement firms were among the strongest counters this morning.
China Vanke jumped 3.13 percent to 8.56 yuan (US$1.33). Poly Real Estate Co added 1.66 percent to 11.02 yuan. Xinjiang Qingsong Building Materials and Chemicals Group Co buoyed 4.53 percent to 19.15 yuan.
The US Federal Reserve announced yesterday that it will keep the historic low level of federal funds rate at least through mid-2013 to stimulate the slower than expected economic recovery.
China urged relevant nations to take concrete and responsible fiscal and monetary policies to trim fiscal deficits and resolve debt problems to maintain global investors' confidence.
Rebounds in overseas markets also cemented the local rally. The Federal Reserve made an unprecedented pledge to keep interest rates near zero for at least two years, stemming a global equity rout for the time being.
The Shanghai Composite Index climbed 1.87 percent to 2,573.38 in the morning trading session.
Real estate and cement firms were among the strongest counters this morning.
China Vanke jumped 3.13 percent to 8.56 yuan (US$1.33). Poly Real Estate Co added 1.66 percent to 11.02 yuan. Xinjiang Qingsong Building Materials and Chemicals Group Co buoyed 4.53 percent to 19.15 yuan.
The US Federal Reserve announced yesterday that it will keep the historic low level of federal funds rate at least through mid-2013 to stimulate the slower than expected economic recovery.
China urged relevant nations to take concrete and responsible fiscal and monetary policies to trim fiscal deficits and resolve debt problems to maintain global investors' confidence.
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