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Shanghai shares rise on more liquidity
By Feng Jianmin |
August 4, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session as China's central bank added cash to the economy.
The benchmark Shanghai Composite Index added 0.33 percent to 2,687.42 points. Turnover fell to 39.3 billion yuan (US$6.1 billion) from yesterday's 41.6 billion yuan.
China's central bank issued 1 billion yuan's three-month note today, after issuing 1 billion yuan's one-year note on Tuesday. A total of 46 billion yuan's notes are maturing this week. It means the People's Bank of China pumped a net 44 billion yuan into the economy this week, the most since the week ending July 1.
The benchmark money rate fell for the fourth consecutive day to 3.2666 percent today, 83.26 basic points lower from yesterday.
Gold miners extended previous gains after bullion price hit a record US$1,670 per ounce yesterday. Shandong Gold Mining Co added 0.5 percent to 49.70 yuan. Zhongjin Mining Co edged up 0.4 percent to 29 yuan.
Banks were flat. Industrial and Commercial Bank of China, the world's biggest bank in terms of market value, was unchanged at 4.18 yuan. Bank of China, the country's flagship foreign-currency bank, rose 0.3 percent to 3.03 yuan.
The benchmark Shanghai Composite Index added 0.33 percent to 2,687.42 points. Turnover fell to 39.3 billion yuan (US$6.1 billion) from yesterday's 41.6 billion yuan.
China's central bank issued 1 billion yuan's three-month note today, after issuing 1 billion yuan's one-year note on Tuesday. A total of 46 billion yuan's notes are maturing this week. It means the People's Bank of China pumped a net 44 billion yuan into the economy this week, the most since the week ending July 1.
The benchmark money rate fell for the fourth consecutive day to 3.2666 percent today, 83.26 basic points lower from yesterday.
Gold miners extended previous gains after bullion price hit a record US$1,670 per ounce yesterday. Shandong Gold Mining Co added 0.5 percent to 49.70 yuan. Zhongjin Mining Co edged up 0.4 percent to 29 yuan.
Banks were flat. Industrial and Commercial Bank of China, the world's biggest bank in terms of market value, was unchanged at 4.18 yuan. Bank of China, the country's flagship foreign-currency bank, rose 0.3 percent to 3.03 yuan.
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