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Shanghai stocks climb at midday on worldwide rally
By Ye Zhen |
June 7, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks joined a worldwide rally this morning on speculation that a new round of easing measures by central banks is on the way.
The benchmark Shanghai Composite Index edged up 0.17 percent, or 3.99 points to 2,313.55 points. Turnover stood at 32.6 billion yuan (US$5.2 billion) in morning trading.
US stocks yesterday posted their biggest daily gains this year after policy makers signaled more stimulus measures. The Standard & Poor's 500 Index surged 2.3 percent to 1,315.13 points, while the Dow Jones Industrial Average gained 2.4 percent to 12,414.79 points.
US Federal Reserve vice Chair Janet Yellen yesterday called for more easing monetary policies as downside risks to the economic outlook were mounting.
The European Central Bank held its key interest rate unchanged at 1 percent yesterday, while President Mario Draghi said policy makers stand ready to act as the growth outlook has worsened.
In Shanghai, environmental protection companies led the market gains on policy stimulus. Beijing Capital Co, a company specializing in wastewater disposal, added 0.4 percent to 5.19 yuan. Tianjin Capital Environmental Protection Group Co gained 1.4 percent to 5.61 yuan.
Property developers advanced. China Vanke, the nation's biggest developer, rose 2.1 percent to 9.17 yuan. Poly Real Estate, the second largest developer, soared 3.3 percent to 13.97 yuan. Gemdale Corporation gained 3.1 percent to 6.95 yuan.
The benchmark Shanghai Composite Index edged up 0.17 percent, or 3.99 points to 2,313.55 points. Turnover stood at 32.6 billion yuan (US$5.2 billion) in morning trading.
US stocks yesterday posted their biggest daily gains this year after policy makers signaled more stimulus measures. The Standard & Poor's 500 Index surged 2.3 percent to 1,315.13 points, while the Dow Jones Industrial Average gained 2.4 percent to 12,414.79 points.
US Federal Reserve vice Chair Janet Yellen yesterday called for more easing monetary policies as downside risks to the economic outlook were mounting.
The European Central Bank held its key interest rate unchanged at 1 percent yesterday, while President Mario Draghi said policy makers stand ready to act as the growth outlook has worsened.
In Shanghai, environmental protection companies led the market gains on policy stimulus. Beijing Capital Co, a company specializing in wastewater disposal, added 0.4 percent to 5.19 yuan. Tianjin Capital Environmental Protection Group Co gained 1.4 percent to 5.61 yuan.
Property developers advanced. China Vanke, the nation's biggest developer, rose 2.1 percent to 9.17 yuan. Poly Real Estate, the second largest developer, soared 3.3 percent to 13.97 yuan. Gemdale Corporation gained 3.1 percent to 6.95 yuan.
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