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Shanghai shares rise on hope of policy easing
By Ye Zhen |
July 23, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks leaped in the morning session, led up by heavyweights in the financial sector, non-ferrous metal producers and railway firms.
The key Shanghai Composite Index increased 43.43 points, or 2.17 percent, to 2,048.19. Turnover stood at 55. 1 billion yuan (US$9 billion) by the noon break.
Financial institutions paced the market gains amid mounting expectations that China's may have to ease monetary policies in the second half of the year after data showed foreign exchange purchases declined for the first time in six months.
China Minsheng Banking Corp gained 3.8 percent to 8.74 yuan. Industrial Bank Co jumped 4.6 percent to 9.73 yuan. China Merchants Bank rose 3.9 percent to 11.27 yuan.
Gold producers gained among non-ferrous metal producers after gold price rose to above US$1,300 an ounce to the highest in one month.
Shandong Gold Mining Co rose 3.5 percent to 22.81 yuan. Zhongjin Gold Corp increased 2.9 percent to 9.67 yuan.
Railway shares surged amid speculation the government may resume investment in the sector to spur economic growth.
China CNR Corp Ltd jumped 7.3 percent 4.44 yuan. Jinxi Axle Company Limited surged 7.2 percent to 13.02 yuan.
The key Shanghai Composite Index increased 43.43 points, or 2.17 percent, to 2,048.19. Turnover stood at 55. 1 billion yuan (US$9 billion) by the noon break.
Financial institutions paced the market gains amid mounting expectations that China's may have to ease monetary policies in the second half of the year after data showed foreign exchange purchases declined for the first time in six months.
China Minsheng Banking Corp gained 3.8 percent to 8.74 yuan. Industrial Bank Co jumped 4.6 percent to 9.73 yuan. China Merchants Bank rose 3.9 percent to 11.27 yuan.
Gold producers gained among non-ferrous metal producers after gold price rose to above US$1,300 an ounce to the highest in one month.
Shandong Gold Mining Co rose 3.5 percent to 22.81 yuan. Zhongjin Gold Corp increased 2.9 percent to 9.67 yuan.
Railway shares surged amid speculation the government may resume investment in the sector to spur economic growth.
China CNR Corp Ltd jumped 7.3 percent 4.44 yuan. Jinxi Axle Company Limited surged 7.2 percent to 13.02 yuan.
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