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Shanghai shares soar on stronger developers
By Ding Yining |
May 24, 2010, Monday
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Online Edition
Online Edition
SHANGHAI'S stock market jumped more than 3 percent in the morning session with a rebound of property shares among anticipation that macroeconomic policies will remain stable in the near future.
The benchmark Shanghai Composite Index advanced 3.14 percent, or 81.12 points, to close at 2,664.65 points. Turnover was 75.1 billion yuan (US$11 billion). A total of 883 shares added while only 2 dropped and 38 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, jumped 3.98 percent to close at 1,048.64 points.
China Vanke Co, the biggest listed domestic real estate developer, advanced 4.47 percent to 7.72 yuan. Gemdale Corporation hiked 6.33 percent to 7.05 yuan. Poly Real Estate Group surged 7.71 percent to 12.02 yuan.
Finance Minister Xie Xuren said in a statement on the ministry's Website over the weekend that China and the United States must "protect macro-economic stability and strengthen macro-economic policy coordination" to consolidate the trend towards global economic recovery.
He also noted that risks from European sovereign debt have increased factors of instability in the course of global economic recovery.
US Treasury Secretary Geithner also said that the global economy was in a much stronger position to withstand upcoming pressure from Europe. He made the comments during an interview with the Xinhua news agency ahead of the two-day Strategic and Economic Dialogue between China and the US, which begins today.
Baoshan Iron & Steel, China's biggest steel maker, advanced 2.60 percent to 6.71 yuan. Guangzhou Iron & Steel Co rose 3.29 percent to 6.28 yuan. Beijing Shougang Co Ltd jumped 3.09 percent to 4 yuan.
Other metal producers and financial shares were also strong. Jiangxi Copper rallied 4.58 percent to 29.70 yuan. Yunnan Copper jumped 4.73 percent to 22.15 yuan. Aluminum Corporation of China Ltd advanced 3.88 percent to 10.44 yuan.
Ping An Insurance (Group) Co rose 3.78 percent to 46.89 yuan. China Pacific Insurance (Group) Co Ltd jumped 3.15 percent to 22.95 yuan. Bank of Communications added 2.81 percent to 6.95 yuan. Shanghai Pudong Development Bank hiked 3.12 percent to 19.83 yuan.
The benchmark Shanghai Composite Index advanced 3.14 percent, or 81.12 points, to close at 2,664.65 points. Turnover was 75.1 billion yuan (US$11 billion). A total of 883 shares added while only 2 dropped and 38 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, jumped 3.98 percent to close at 1,048.64 points.
China Vanke Co, the biggest listed domestic real estate developer, advanced 4.47 percent to 7.72 yuan. Gemdale Corporation hiked 6.33 percent to 7.05 yuan. Poly Real Estate Group surged 7.71 percent to 12.02 yuan.
Finance Minister Xie Xuren said in a statement on the ministry's Website over the weekend that China and the United States must "protect macro-economic stability and strengthen macro-economic policy coordination" to consolidate the trend towards global economic recovery.
He also noted that risks from European sovereign debt have increased factors of instability in the course of global economic recovery.
US Treasury Secretary Geithner also said that the global economy was in a much stronger position to withstand upcoming pressure from Europe. He made the comments during an interview with the Xinhua news agency ahead of the two-day Strategic and Economic Dialogue between China and the US, which begins today.
Baoshan Iron & Steel, China's biggest steel maker, advanced 2.60 percent to 6.71 yuan. Guangzhou Iron & Steel Co rose 3.29 percent to 6.28 yuan. Beijing Shougang Co Ltd jumped 3.09 percent to 4 yuan.
Other metal producers and financial shares were also strong. Jiangxi Copper rallied 4.58 percent to 29.70 yuan. Yunnan Copper jumped 4.73 percent to 22.15 yuan. Aluminum Corporation of China Ltd advanced 3.88 percent to 10.44 yuan.
Ping An Insurance (Group) Co rose 3.78 percent to 46.89 yuan. China Pacific Insurance (Group) Co Ltd jumped 3.15 percent to 22.95 yuan. Bank of Communications added 2.81 percent to 6.95 yuan. Shanghai Pudong Development Bank hiked 3.12 percent to 19.83 yuan.
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