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Shanghai shares rise on pledges to keep loose policy
By Feng Jianmin |
July 23, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rose in the morning session, led by banks, after country leaders pledged again a "modestly loose" monetary policy.
The benchmark Shanghai Composite Index went up 0.38 percent, or 9.85 points, to close at 2,572.26. Turnover expanded to 56.6 billion yuan (US$ 8.3 billion) from yesterday morning's 42.5 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.67 percent to 1,036.45 points.
Chinese President Hu Jintao said recently on a conference held with non-Communist Party officials that China will increase the flexibility of its macroeconomic policies and implement a proactive fiscal policy, the Xinhua news agency reported late yesterday.
He also highlighted the need to adjust the economic structure, to boost new industries, to improve the service industry and to develop the country's western regions.
Premier Wen Jiabao emphasized on encouraging domestic demand and boosting consumption.
Bank of China added 0.85 percent to 3.58 yuan. Bank of Communications was 1.42 percent higher to 6.44 yuan. Industrial and Commercial Bank of China gained 1.41 percent to 4.32 yuan. China Construction Bank went up 1 percent to 4.92 yuan.
Property developers went mixed after media reports said that experts of the Ministry of Finance denied rumors that a property tax won't be levied on a trial basis until 2012.
China Vanke edged up 0.63 percent to 8 yuan. Gemdale Corp lost 1.17 percent to 6.77 yuan. Poly Real Estate Group Co added 0.08 percent to 12.36 yuan.
The benchmark Shanghai Composite Index went up 0.38 percent, or 9.85 points, to close at 2,572.26. Turnover expanded to 56.6 billion yuan (US$ 8.3 billion) from yesterday morning's 42.5 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 0.67 percent to 1,036.45 points.
Chinese President Hu Jintao said recently on a conference held with non-Communist Party officials that China will increase the flexibility of its macroeconomic policies and implement a proactive fiscal policy, the Xinhua news agency reported late yesterday.
He also highlighted the need to adjust the economic structure, to boost new industries, to improve the service industry and to develop the country's western regions.
Premier Wen Jiabao emphasized on encouraging domestic demand and boosting consumption.
Bank of China added 0.85 percent to 3.58 yuan. Bank of Communications was 1.42 percent higher to 6.44 yuan. Industrial and Commercial Bank of China gained 1.41 percent to 4.32 yuan. China Construction Bank went up 1 percent to 4.92 yuan.
Property developers went mixed after media reports said that experts of the Ministry of Finance denied rumors that a property tax won't be levied on a trial basis until 2012.
China Vanke edged up 0.63 percent to 8 yuan. Gemdale Corp lost 1.17 percent to 6.77 yuan. Poly Real Estate Group Co added 0.08 percent to 12.36 yuan.
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