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Shanghai shares rise on promise of ample liquidity
By Joyce Pan |
March 8, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose nearly 1 percent in the morning session after the central government pledged affluent market liquidity this year.
The benchmark Shanghai Composite Index added 0.82 percent, or 24.93 points, to close at 3,056 points. Turnover stood at 49.2 billion yuan (US$7.23 billion). Gainers outnumbered losers 745 to 121 and 25 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.01 percent to close at 1,173.15 points.
In the work report released at the annual session of the National People's Congress, the government planned a 17-percent increase of broad money supply in 2010 and targets new yuan loans at 7.5 trillion yuan for this year, which was considered by analysts as a relatively loose monetary policy to shore up a stable economic recovery.
Property developers led the gainers. Shanghai Lujiazui Finance & Trade Zone surged 9 percent to 24.85 yuan. Shanghai-based Shimao Co rose 3 percent to 14.81 yuan. Poly Real Estate Group was up 1.6 percent to 19.43 yuan. Gemdale Corp advanced 3.5 percent to 12.82 yuan.
Commodity producers gained on higher prices. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, jumped 1.2 percent to 12.6 yuan. Jiangxi Copper Co increased 0.6 percent to 36.11 yuan. Yunnan Chihong Zinc & Germanium Co edged up 0.6 percent to 22.33 yuan.
The benchmark Shanghai Composite Index added 0.82 percent, or 24.93 points, to close at 3,056 points. Turnover stood at 49.2 billion yuan (US$7.23 billion). Gainers outnumbered losers 745 to 121 and 25 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.01 percent to close at 1,173.15 points.
In the work report released at the annual session of the National People's Congress, the government planned a 17-percent increase of broad money supply in 2010 and targets new yuan loans at 7.5 trillion yuan for this year, which was considered by analysts as a relatively loose monetary policy to shore up a stable economic recovery.
Property developers led the gainers. Shanghai Lujiazui Finance & Trade Zone surged 9 percent to 24.85 yuan. Shanghai-based Shimao Co rose 3 percent to 14.81 yuan. Poly Real Estate Group was up 1.6 percent to 19.43 yuan. Gemdale Corp advanced 3.5 percent to 12.82 yuan.
Commodity producers gained on higher prices. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, jumped 1.2 percent to 12.6 yuan. Jiangxi Copper Co increased 0.6 percent to 36.11 yuan. Yunnan Chihong Zinc & Germanium Co edged up 0.6 percent to 22.33 yuan.
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